6 Hot Portland Homes That Went For Way Over Asking Price
It’s no secret that Portland’s housing market is overheated, with limited supply driving up prices. But so far, the era of widespread intentional underpricing, which is particularly prevalent in the pricey Bay Area, hasn’t seemed to catch on broadly here, local realtors say.
Underpricing is when listings come on to the market at too-good-to-be-true prices, in order to drum up bidding wars. In the Bay Area, particularly in hot markets like Berkeley, listings routinely sell for nearly 20 percent over asking price, per the New York Times. In Portland, by contrast, only about 19 percent of homes sold in April went for more than 15 percent above their asking price, per stats compiled by estately.com. By contrast, 30 percent of homes sold at or just below the asking price.
Still, there are always exceptions—each month, like clockwork, there are homes in the Portland region that sell for far above asking price. Here’s a look at six homes in the metro area that sold for the highest percentage over the original asking price in April of 2022, according to the Regional Multiple Listing Service.
This 4,400 square foot contemporary on Alameda Ridge just missed the $1.5 million cut-off. The four bedroom home went on the market in late March for $1,095,000 and was pending less than two weeks later at a price of $1,465,000. That’s a jump of 34 percent.
Super modern, with a low-maintenance backyard and a covered patio for year-round entertaining, this four bedroom home very close to the Adidas USA headquarters in North Portland hit the market in mid-March for $975,000. It went pending five days later; the final sale price was $1,325,000, a jump of 38 percent over the asking price.
A storybook cottage on a quiet Colonial Hills street, this is only the second time in nearly 100 years that this home has made it to market. Unusually for the neighborhood, there’s a two-car garage, plus a decked-out yard with an outdoor fireplace. It went on the market in late March at $945,000 and was sold just four days later. The final price was $1,300,000, or 38 percent over list price.
The only home outside Portland proper to make the under $1.5 million list, this 1950s-era daylight ranch is in need of upgrades (the kitchen’s last remodel was in 1973, so you do the math), but boasts relatively rare frontage on the Willamette River. The home was listed in late March for $1,050,000 and went pending in five days. The sale closed a week later at $1,400,000, a 33 percent jump.
A sprawling home in Portland’s toniest suburb, this 4-bedroom, 4.5-bathroom in Atherton Heights was built in 2002, and got a fresh paint job in time for the sale. It was offered at $1,999,500 on April 7 and went pending just three days later, with a final sales price of $2,360,000. That’s 18 percent over the original asking price.
From the perch of this four bedroom Tudor home in the West Hills, you can see three mountains on a clear day, plus the city and the river spread out below. This was another very quick sale: It went on the market in mid-March at $1,650,000 and was pending just four days later. The final sale price was $2,010,000 or a jump of 22 percent over asking price.