Portland home prices up at the end of 2016

By: Chuck Slothower//January 27, 2017//

Portland home prices up at the end of 2016

Chuck Slothower//January 27, 2017//

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The median sale price of a Portland home jumped 12.7 percent to $347,000 in 2016 amid tight inventory and strong demand.

Residential transaction activity cooled in the face of higher prices and tight inventory. Closed sales declined by 1.5 percent. The year-end data comes from RMLS, a regional real estate listing service.

Active listings in 2016 consistently tracked below the prior two years. By December, the Portland-metro area had 4,731 active listings, down from 4,785 in December 2015 and 6,839 in December 2014.

The metro area’s most expensive homes were in Lake Oswego-West Linn, where the median sales price was $525,000. Northwest Washington County came in second at $475,000.

The most affordable homes were in Columbia County ($240,000) and the Mount Hood area ($244,000).

Inventory at the end of December was 1.3 months. There were 3,511 active residential listings.

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