Portland Real Estate Market Update- August 2020

August has been another busy month in real estate with more closed sales in August of this year than August of 2019.  There were fewer closed sales than there were in July, but high pending sales in August tells us that September is shaping up to be another very strong month for closings.  Inventory increased just slightly from July to August.  July and August of 2020 have seen more closed home sales than any other month since 2016 showing us that not only has the market recovered, we’re surpassing previous peak sales.  Most notably, both the average and median price have increased nearly 5% since the same time last year.  Despite higher home prices, the super low interest rates are resulting in better overall home affordability (in terms of your monthly payment) than any time in the last four years!  Are you wondering what the most affordable areas are in the Porltand Metro area?  The areas highlighted below still have a median price under $400,000.