Feb 25, 2025 - Real Estate
Portland home prices tick up amid national rise
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In the Portland area, the median home sale price ticked up 1.7% in December compared to a year ago, according to Redfin data.
Why it matters: Home prices climbed in every one of the 50 largest U.S. metro areas in December — a first since May 2022, per Redfin's analysis.
The big picture: A persistent shortage of homes for sale nationwide is keeping prices high, though inventory rose recently.
- U.S. housing inventory jumped nearly 17% in January from a year earlier, National Association of Realtors data shows.
Zoom in: Home prices grew at a steadier rate in Portland last year — a big change from the frenzied markets at the height of the pandemic — as sales slowed due to high mortgage rates.
- While median home prices still grew, nearly half the houses on the market in 2024 saw price cuts as a result.