Like much of the country, the market for real estate in Portland has suffered over the past two years as a result of the greater fluctuations in the national housing market brought on by the global recession. There has been a rise in foreclosures and home prices have fallen.
Recently, trends show Portland is still treading water, but significantly below pre-crash levels. According to an article in the Portland Business Journal at the end of October, the most recent statistics show Portland real estate still down. Prices improved in August compared with July, but only by 0.3%. Additionally, those price levels, though higher than July, were 12.5% lower than prices from 2008, quoting the Standard & Poor’s Case-Shiller index.
Still, figures show the market for homes for sale in Portland is besting the Seattle market to the north. Additionally, further information from the Case-Shiller report covering September sales showed prices still down year over year by 12.5% versus 9.4% nationally, making it seventh worst among the 20 large cities Case-Shiller analyzed.
The Oregon Association of Realtors reports that the median sales price for a home in the area was $260,000 in August, down from $290,000 in 2008, a drop in price of 10.3%. It also reported, however, the sales volume was up in Portland by 27.3%, much higher than the region's average of just 7.1% and the national average of just 2.5%, a promising sign that many are looking to take advantage and buy during the down market.