Portland-Metro Market Report - 2020 review
Year-to-Date Summary- Comparing the first eleven months of 2020 to the same period in 2019, new listings (36,619) decreased 6.7%, pending sales (30,933) increased 7.5%, and closed sales (29,159) increased 6.5%.
Average and Median Sale Prices- Comparing 2020 to 2019 through November, the average sale price has increased 7.1% from $459,300 to $492,000. In the same comparison, the median sale price has increased by 6.8% from $410,000 to $438,000.
Mortgage rates in 2020 have dropped due to the Federal Reserve lowering rates in response to COVID-19. As of this writing in November 2020, the average 30-year fixed mortgage rate with a 20% down payment had just hit fresh record lows at 2.72% according to Freddie Mac.