Hey everyone, Shawn Yu here from Portland, Oregon. If you’re into real estate or thinking about investing in multifamily properties, you’re in the right place. In this blog post, I’m diving into the latest trends in the Tri-County multifamily market—covering duplexes, triplexes, fourplexes, and even larger apartment buildings with more than four units. We’ll focus on what’s happened in the last two weeks and why this could be an prime time to make a move if you’re selling.
Current Market Snapshot: Fast-Paced and Competitive
Right now, there are only 28 active listings in the multifamily category across the Tri-County area. That’s a tight inventory! Over the last two weeks, we’ve seen 26 contracts accepted and 25 properties sold. It’s basically a one-for-one scenario: for every new listing that hits the market, one goes under contract, and another closes around the same time. This is a very fast-moving market—bordering on crazy, in the best way possible. If you’re a seller with a multifamily property, this low supply and high demand mean it’s a great time to list. I experienced this firsthand last summer when I sold a duplex property in Rock Creek. The demand was incredibly strong, and it moved quickly.
Breaking Down the Numbers
Let’s get into the details. I’ve pulled some key stats to give you a clearer picture of what’s going on.
- Sold Price vs. Original List Price: Coming in at 83%. This is lower than what we’re seeing in other markets (like single-family homes, which are selling at 92-96% of list). Why? Often, sellers start with prices that are a bit too ambitious, leading to adjustments. Once tweaked, they attract solid offers that still work for everyone involved.
- Sold Price vs. List Price at Offer Time: A healthier 94.28%. This reflects the price after one, two, or even three reductions—showing that with the right pricing strategy, deals close strong.
- Median Sold Price: $750,000.
- Lowest sold: $445,000
- Highest sold: $1.7 million (think larger complexes)
- Time on Market: The average days to accept an offer is around 100 days, but the median is just 3 days. That tells you some properties are flying off the shelves—getting offers the same day they list!
- Median List Price: $662,000.
- Highest recent under-contract: $3.75 million.
- Most expensive active listing: $4.2 million.
- Lowest active listing: $415,000. At that price point, if the location and condition are decent, this could be an amazing starter investment. I kinda wish I’d snagged a duplex like that as my first home—hindsight is 20/20, right? Back then, I had no idea how smart that move could’ve been.
Tips for Sellers: Price Right and Move Fast
The key takeaway? This market rewards smart pricing. If you list competitively from the get-go, you’ll see quick action. Even properties with tenants in place can sell well—take the last duplex I handled: both sides were occupied (one on a lease, the other month-to-month), and it still closed smoothly. Multifamily real estate in Tri-County is HOT, but it’s all about strategy. Overprice, and you might sit longer; get it right, and you’re golden.
Ready to Chat About Your Property? If you’ve got a duplex, triplex, or larger multifamily unit and want to know its value or discuss selling options, let’s connect. Give me a call at 503-515-4499. I’m here to help you navigate this exciting market. Thanks for reading—stay tuned for more updates. Catch you in the next post!
Shawn Realty 