A big city with small town charm? This is how some locals describe Portland, Oregon, the City of Roses.
The city is seeing a neutral market at this time, with an average market time of 55 days, and a 5.8 months supply of homes for sale. The appreciation rate is still above national averages -- at 8.9 percent -- bringing the average sales price to around $350,000.
But with inventory on the rise, market favor could soon shift towards the buyers. Experts remain optimistic, however, that prices will not falter, even if the market swings to buyer favor. "We have not seen and do not anticipate seeing any significant drop in home values for Portland as a whole," notes local professional Mike Burright.
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Published: August 8, 2007
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