Where Are Million Dollar Listings Selling in the Portland Metro?
Sales of homes priced at $1 million or more in the Portland metro area saw a significant increase in the second and third quarters of this year, though they remained below the levels recorded in the second quarter of 2022, when mortgage rates were already on the rise. Recently declining rates have likely attracted more buyers to a market where prices have remained stable, despite a decrease in listings and sales throughout 2023.
According to data from the Regional Multiple Listing Service (RMLS), over the past four quarters ending in September, more than 2,000 homes sold for $1 million or more, reflecting a 7.1% increase compared to the previous year.
Clackamas County led the region in high-end sales with 572 transactions, an increase of 8.1%. Multnomah County followed with 472 sales but experienced an 8.1% decrease from the prior year. Nearby Washington County and Clark County in Washington reported 470 and 453 sales, marking increases of 7.3% and 25.1%, respectively.
Within Portland city limits, the Northwest Heights/Cedar Mill/Bethany area (97229) had the highest number of million-dollar sales, totaling 195 for the year ending in September. Lake Oswego/Rivergrove (97034) ranked second with 175 sales, while Lake Oswego/Lake Grove (97035) and Camas, WA (98607) each recorded 104 sales, tying for third. West Linn/Lake Oswego (97068) rounded out the top five with 93 sales.
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