Portland home prices appear to still be rising. The median sales price of a home in the Portland area rose nearly 15 percent between February 2012 and February 2013.
In February 2013, the cost of the average home was about $279,000. A year later, it’s up to $314,000. That’s according to the Regional Multiple Listings Service.
Hilary Bourassa is a principal broker with PDX Green Team Urban Nest Realty. She says there’s a combination of reasons that home prices are rising.
“There’s not a lot of listings on the market. The interest rates are low right now, and there’s a lot of people moving to Portland,” Bourassa says. “And so that creates this climate where there’s a huge demand and not a big supply.”
Bourassa says sale prices are the best since the housing crash. She says it’s a good time to sell if people already have a place to move to.
The average time a house was on the Portland market in February rose to 100 days.