Portland · Market Guide
What the numbers in a Portland housing report mean, which ones to trust, and where the official data lives.
How to read the Portland market
Read Portland housing data one property type and one area at a time, over several months, never a single month. Median price tells you what a typical sale looked like; total market time and months of inventory tell you who has the leverage. The standard monthly figures come from RMLS, the regional MLS, in its Market Action reports; the Oregon Office of Economic Analysis publishes the state's economic forecasts and housing needs analysis; and the Multnomah County assessor holds values for individual properties.
The core metrics, defined
What each number measures and how to read it
| Metric | What it measures | How to read it |
|---|---|---|
| Median sale price | The middle sale price of homes that closed in the period: half sold for more, half for less. | Shifts with the mix of homes that sold, not only with value. Best read year over year, by property type. |
| Average sale price | Total sale prices divided by the number of sales. | Pulled up by a few expensive sales. RMLS also compares a rolling twelve-month average with the twelve months before, which smooths the noise. |
| Total market time | In RMLS reports, the days from listing to an accepted offer. If a home is re-listed within 31 days, the count continues. | Rising market time points to more buyer leverage; falling, to more seller leverage. Other sources may count to closing, so check the definition. |
| New listings | Homes that came on the market during the period. | The flow of fresh choice for buyers. Strongly seasonal, so compare to the same month last year. |
| Pending sales | Listings that went under contract during the period. | The earliest read on demand, since closings lag contracts by weeks. |
| Closed sales | Sales that closed during the period. | Low counts make every other figure jumpier. The smaller the area, the longer the window you need. |
| Months of inventory | Active listings divided by the recent monthly pace of closed sales. | How long current supply would last at the current pace. Fewer months favors sellers; more months favors buyers. |
None of these numbers means much alone. A rising median with rising market time is a different story from a rising median with homes going under contract in a weekend. Read price, pace and supply together, and always ask what property type and what area the figure covers.
Closed sales also lag the market. A sale that closes this month usually went under contract weeks earlier, so the latest closed figures describe decisions made a month or two ago. Pending sales are the closer read.
Why Portland has to be read in pieces
The comparisons that matter
| Split | Why it matters | What to do |
|---|---|---|
| Detached vs attached | Houses and condominiums sell to different buyers at different price points, and condos carry association dues. | Never combine them. Use reports that separate property types. |
| Area of the city | RMLS breaks the region into areas, including North, Northeast and Southeast Portland, and the east side, west side and central city behave differently. | Use the area report closest to the home, not the metro figure. |
| Neighborhood and era | An Irvington foursquare, a Pearl District loft and a West Hills modern house are different products. | Narrow to the neighborhood, then to similar age, style and size. |
| City vs metro | The City of Portland spans parts of three counties, and the Portland metro reports also take in suburbs that are separate cities. | Check whether a figure covers the metro, a county, the city or an area. |
A metro-wide median blends everything from suburban new construction to inner-city bungalows. It is useful for direction and almost useless for judging a specific house. The closer the comparison is to the home in type, location and condition, the more it tells you.
Assessed value is not market value
Oregon property tax statements show two figures, and neither is a sale price. Real market value is the assessor's estimate of what the property would sell for. Assessed value, the figure taxes are based on, is the lower of real market value and a maximum assessed value that, since Measure 50 in 1997, generally grows no more than 3 percent a year. Because values are tied to the property rather than the owner, a long-held house can carry an assessed value far below its market value, so use tax records for history, not for pricing.
Where the official data lives
Public sources for Portland housing figures
| Source | What it publishes | Where |
|---|---|---|
| RMLS (Regional Multiple Listing Service) | Monthly Market Action reports for Portland Metro and other Oregon and Southwest Washington areas: new listings, pending and closed sales, prices, total market time and months of inventory, with area breakdowns. | RMLS |
| Oregon Office of Economic Analysis | The quarterly Oregon economic and revenue forecast, and the annual Oregon Housing Needs Analysis with housing production targets for the state, regions and cities. | OEA forecasts |
| Multnomah County Assessment and Taxation | Real market value, assessed value, tax statements and property records for individual properties in Multnomah County. | County assessment and taxation |
| PortlandMaps | The City's lookup for zoning, property details and council district for a Portland address. | PortlandMaps |
Price, pace and supply, one property type and one place at a time.
Where can I find official Portland housing statistics?
RMLS, the regional multiple listing service, publishes monthly Market Action reports for Portland Metro and other areas, with new listings, pending and closed sales, prices, total market time and months of inventory. The Oregon Office of Economic Analysis publishes the quarterly state economic forecast and the annual Oregon Housing Needs Analysis. For a specific property, Multnomah County Assessment and Taxation holds assessed and real market values.
What does total market time mean in a Portland market report?
In RMLS Market Action reports, total market time is the number of days from when a property is listed to when an offer is accepted. If the property is re-listed within 31 days, the count continues, but time off the market is not included. Other sources may measure days on market differently, so check the definition.
Is the assessed value on my Oregon tax statement what my home is worth?
No. Oregon tax statements show real market value, the assessor's estimate of market value, and assessed value, the lower of real market value and a maximum assessed value that generally grows no more than 3 percent a year under Measure 50. Neither is an appraisal, and assessed value is often well below what a home would sell for.
Why do Portland condos and houses need to be read separately?
Condominiums and detached houses sell to different buyers at different price points, and condos carry association dues that affect what a buyer can pay. Combining them into one median hides both trends, so a useful Portland report separates them.
Moving to or from Portland
Need a broker who knows the numbers?
Moving to Portland, or leaving it? One call to Debbie gets you a licensed Oregon broker who knows the neighborhood.
Reach DebbieDebbie Pisaro, California real estate agent, DRE #01369110. Coastline 840 is a brand of Side, Inc., CA DRE #02014153, responsible broker. Debbie is not licensed in Oregon; Portland buyers and sellers are referred to licensed Oregon brokers. A 24-year California real estate veteran and Inman Luxury Leader. This page explains how to read housing data; it does not report current figures. More at debbiepisaro.com and coastline840.com, and in the Portland housing guide and selling a Portland home: what to know. CA DRE #01369110 · Coastline 840 · Side, Inc. CA DRE #02014153 · Not licensed in Oregon