Portland-area home prices increase for first time since May 2022

PORTLAND, Ore. (KOIN) – After almost a year of home prices falling in the Portland area, the median sale price increased in February for the first time since May 2022. 

According to the Regional Multiple Listing Services February 2023 Market Action Report, the median sale price jumped to $512,900, up 4.8% from the median sale price of $489,500 in January. 

Closed sales also increased for the first time since August 2022 and housing inventory fell below two months for the first time since September.  

Another number that stands out in the report is the total market time. In February, homes spent an average of 71 days on the market. That’s higher than it’s been since before the pandemic. The last time the total market time was that high was in January 2020 at 74 days. Total market time in the Portland area has been increasing since June 2022. 

Although the median sale price went up in February, it’s still 2.3% lower than it was a year ago. 

The number of closed sales in February 2023 was 1,434, a 26% decrease from the closings in February 2022. 

In the Oregon portion of the Portland metro area, the region with the lowest median home sale price in February 2023 was Columbia County at $411,900. 

In Southwest Washington, the lowest median home price was in Vancouver Heights at $310,000.