The most popular homes in Portland? Modest, two- or three-bedroom bungalows with space for outdoor living and a garage or basement ready to be renovated.
At least, that’s according to Seattle’s Redfin, a technology-minded real estate brokerage, which uses a proprietary algorithm to identify the hottest homes in the markets it serves, including Portland. The algorithm analyzes home attributes, local market conditions and user behavior to identify homes with a high likelihood that they’ll be snapped up within two weeks of hitting the market.
Redfin, which announced a nearly $71 million investment from several institutional investors earlier this month, also looks at the number of days on market, the sales price versus list price and which homes went into bidding wars to help make its determination.
Typical Portland bungalows in sought-after neighborhoods populated Redfin’s list of the hottest homes in 2014. One on Northeast Alberta in the heart of the arts district was listed at $349,000. In just three days, it racked up 14 offers and sold for $403,000.