Portland condo prices keep falling

Portland buyers have a bit more power in the condo market as prices fall and single-family homes sit on the market slightly longer than in previous years.

Why it matters: With mortgage rates inching closer to 8%, buyers need to squeeze every ounce of buying power they can.

Driving the news: Younger buyers are looking for more affordable homes as costs surge due to low inventory, and many empty-nesters want to downsize to a maintenance-free lifestyle, real estate experts told Axios.

Zoom in: Condo prices in Portland's metro area fell slightly more than those of single-family homes within the last year, per the latest Zillow data provided to Axios.

• In May, a typical Portland-area condo sold for $333,509, down 3.8% year over year.
• A typical single-family home cost $568,728, down 2.3%.

Meanwhile, the number of listings for condos in the region rose 24% between May 2022 and May 2023, giving potential buyers more options.