Portland's real estate market experienced growth in May 2024, with average home prices increasing by 1.6% to $629,000. The median sale price also rose by 1.5% to $558,500. The market saw a 12.4% surge in activity with 3,508 new listings. However, affordability is a concern, with families earning $116,900 only able to afford 88% of a median-priced home's monthly mortgage. Inventory levels are tight, with only 2.3 months of supply. Varied trends are observed in different areas, with higher prices in Lake Oswego and West Linn, and more affordable options in Gresham/Troutdale.
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