May 2023 Market Action Report

Real Estate Statistics

May 2023 Market Action Report

RMLS Market Action Report – Portland Real Estate Statistics

May Residential Highlights

New listings (3,240) decreased 15.9% from the 3,853 listed in May 2022, and increased 22.1% from the 2,653 listed in April 2023.

Pending sales (2,379) decreased 23.8% from the 3,122 offers accepted in May 2022, and increased 9.9% from the 2,164 offers accepted in April 2023.

Closed sales (2,008) decreased 31.1% from the 2,916 closings in May 2022, and increased 17.6% from the 1,707 closings in April 2023.

Inventory and Total Market Time

Inventory held steady at 1.9 months in May. Total market time decreased to 40 days.

Year to Date Summary

Comparing the first five months of 2023 to the same period in 2022, new listings (12,398) decreased 23.5%, pending sales (9,649) decreased 29.0%, and closed sales (8,177) decreased 34.0%.

Average and Median Sale Prices

Comparing 2023 to 2022 through May, the average sale price has decreased 4.5% from $615,600 to $588,200. In the same comparison, the median sale price has decreased 4.4% from $549,000 to $525,000.

Read all of the latest Portland real estate market statistics in this month’s RMLS Market Action Report.

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