Using RMLS data I constructed the table below that provides a breakout by county and city of all closed 2 to 4 unit property sales in a three county Portland Metro area from Early March 2017 to Early March 2019.
- The city of Portland accounted for 59% (505) of all 2 to 4 unit closed sales.
- Two unit properties totaled 602, 70% of all 2 to 4 unit sales.
- At the far right of the table you will see a breakout of cost per unit for 2 unit versus 4 unit closed sales. On average the per-unit sale price for a 2 unit property was 30% higher than the per-unit sales price for a four unit property.
- I don't know if this translates over to new construction but it seems plausible that on a per unit basis a 4 unit development may be the more affordable alternative. (It is also possible that location, size, age, or amenities of 2 unit sales for this period had more market appeal than did 4 unit properties).
Originally created and posted on the Oregon Housing Blog,