Sep 21, 2023 - Real Estate

Homes in Portland metro still selling fast

Share of homes that go off-market within two weeks, by metro division

More than half of Portland-area homes listed in July were snapped up in two weeks or less, according to Redfin data shared with Axios.

  • That's above the national average, which saw roughly 41% of listings marked pending, contingent or sold within that window, Redfin found.

Why it matters: Houses that stay on the market for more than a month are usually overpriced or in need of major work, according to Redfin deputy chief economist Taylor Marr.

  • Portland homeowners looking to sell for top-dollar should have one thought before putting a house on the market: renovations.

Driving the news: Portland-area homes go off-market after a median of 13 days, up just three days from last year.

  • Listings advertised as "recently remodeled" comprised nearly a quarter of sales here in the first half of 2023, per Zillow data, and tend to sell faster.

State of play: In Portland's increasingly expensive housing market, where homebuyers are also restricted by high mortgage rates, many aren't going to shell out for a place that looks like an HGTV "before" photo.

The bottom line: "Most home buyers right now simply don't have enough money left over to invest in major repairs or remodeling," Marr told The Wall Street Journal.

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