Greater Portland Metro Area

The Q4 2022 Greater Portland Metro Area market was noticeably slower – longer days on market and fewer transactions – than the prior year. However, the market continues to be inventory starved ending the year with just 2.3 months of inventory as new listings shrunk 33% compared to December 2021.

Days On Market

Days on market unanimously increased throughout Greater Portland, with Sherwood’s average jumping the most: 136% year-over-year to end Q4 2022 at 33 days. Yamhill/Carlton posted the smallest percentage growth from last year’s figures, up just 11% to an average of 41 days this quarter.

Average Sales Price

In the Greater Portland Metro Area, prices were up in Clackamas, Clark, and Washington Counties, while remaining flat compared with last year’s figures in Multnomah County. At $1,051,791, Lake Oswego posted the highest average price in the region, though this average sales price represented a 2% decline from year-ago figures.

Closed Transactions

Closed units were down everywhere in the Greater Portland Metro except Sherwood, where closed units (89) increased 1% from the same time period last year.