Portland Housing Market: Trends & Prices

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    Portland Real Estate Market Overview

    (Last Updated – 03/2020)

    While Portland is a large metro area, it isn’t like most cities you’ve come to know. Portland has all of the amenities of a big city, but also offers a more relaxed vibe.

    Biking is extremely common in this city, as are chickens. Yep, you heard us correctly. It isn’t uncommon for Portland residents to keep chickens in their backyards. Fresh eggs, anyone?

    Portland is a large city with over half a million people living across 145.1 square miles. Over 370,000 people work in Portland and earn a median income of $73,097. The current average home price in Portland Oregon costs $432,000, which is much lower than the average house costs in nearby cities like Seattle.

    If you’re family oriented, don’t worry, there are some great schools to choose from in Portland. Over 170 in fact, including public, private, and charter options.

    $432,000

    Avg. Home Price

    $248

    Avg. Price Per Sq. Ft

    36 days

    Avg. Time on Market

    Portland Housing Market Forecast

    The Portland, Oregon, real estate market has been a bit of a roller coaster in recent years. Since 2010, Portland housing prices have fluctuated repeatedly but have been on an overall upward trend.

    In 2019, Portland house prices went up 4.9% overall and are expected to rise in 2020.

    Housing market forecast chart

    *Graph taken from Zillow as of 02/2020

    Demographics of the Portland Market

    The Pacific Northwest has plenty of great cities and towns to settle down in, but over 650,000 people feel Portland is home sweet home. With dozens of parks and more than 170 schools to choose from, it’s clear why many people would want to call it home.

    Families can find everything they need in this great city. Want to know more about the Portland, Oregon, housing market? Keep reading for some key demographics you should know.

    Median Income: $73,097

    Median Age: 37.6

    College Educated: 49%

    Homeowners: 52.7%

    Married: 43%

    Powellhurst-Gilbert

    Part of the appeal of moving to Portland is all the gorgeous nature the city has to offer. The Powellhurst-Gilbert neighborhood in particular has a lot of parks to choose from—including the popular Kelly Butte Natural Area, which is known for its hiking trails and picnic areas.

    This diverse neighborhood is also a foodie’s paradise with plenty of unique ethnic restaurants and grocery stores available.

    Quick Facts

    Population:

    18,661

    Median Age:

    35

    Housing Units:

    6,726

    Bike Score:

    72

    Walk Score:

    52

    Transit Score:

    46

    Average Household Income:

    $57,584

    Powellhurst-Gilbert Housing Market

    Home prices in this neighborhood are down by 9% since last year with homes receiving an accepted offer in about 52 days. Additionally, houses are going for about 1% below the list price.


    Average Home Price

    $269,000

    Average Price Per Sqare Ft.

    $200


    Hazelwood

    If you’re looking for all the benefits of living in a city while enjoying a suburban vibe, then look no further than Hazelwood. This neighborhood is near some busier parts of Portland, but remains a quiet, residential area.

    Commuting to other parts of the city is easy, but there are a decent amount of retail shops and businesses within the neighborhood if you prefer staying close by.

    Quick Facts

    Population:

    17,310

    Median Age:

    38

    Housing Units:

    6,384

    Bike Score:

    83

    Walk Score:

    61

    Transit Score:

    55

    Average Household Income:

    $57,364

    Hazelwood Housing Market

    Hazelwood is another hot neighborhood in Portland right now. Home values have gone up 14.8% in this neighborhood since last year.

    Houses are still going a bit below list price and go pending in around 43 days.


    Average Home Price

    $333,000

    Average Price Per Square Ft.

    $188


    Lents

    Lents is a super fun neighborhood located only six miles from downtown Portland. Lents Park is particularly entertaining thanks to its basketball and tennis courts, play areas for dogs, and playgrounds.

    When you need a break from all the activity, stop by one of their local breweries or cafes for a rest and a refreshing drink.

    Quick Facts

    Population:

    34,757

    Median Age:

    35.6

    Housing Units:

    13,010

    Bike Score:

    79

    Walk Score:

    57

    Transit Score:

    53

    Average Household Income:

    $55,339

    Lents Housing Market

    Good news! This charming neighborhood has a lower average house price than the Portland average.

    This is a pretty good deal considering average home values rose in Lents by 10.0% compared to last year. Houses are still going below list price and go pending in 39 days.


    Average Home Price

    $330,000

    Average Price Per Square Ft.

    $223


    Montavilla

    For a bit of the classic Portland vibe, head to Montavilla. On the eastside of Portland, this neighborhood is packed full of cool local businesses— including a historic movie theater and some of the best Middle Eastern food around.

    Quick Facts

    Population:

    14,739

    Median Age:

    39

    Housing Units:

    6,206

    Bike Score:

    93

    Walk Score:

    71

    Transit Score:

    62

    Average Household Income:

    $71,643

    Montavilla Housing Market

    Home prices in this neighborhood have gone up by almost 10% since last year and may get even more expensive continuing into 2020. Hot homes in Montavilla can sell for above the list price and go pending in around 5 days.


    Average Home Price

    $351,000

    Average Price Per Square Ft.

    $311


    Cully

    Cully is one of the more diverse neighborhoods in Portland and is a convenient location for commuters as there is easy access to I-205 and I-84.

    If you’re going to tour the neighborhood while looking for a home, make sure to stop by one of the many delicious eateries Cully has to offer.

    And if it’s during the months of June through September, the Cully Farmers Market offers fresh produce, milk, eggs, baked goods, and more!

    Quick Facts

    Population:

    15,556

    Median Age:

    35.2

    Housing Units:

    5,957

    Bike Score:

    87

    Walk Score:

    56

    Transit Score:

    44

    Average Household Income:

    $68,539

    Cully Housing Market

    The Cully housing market is “somewhat competitive” right now even though home prices are down slightly -1.8% since last year. Homes in this neighborhood go pending in 38 days on average and sell under the list price.


    Average Home Price

    $375,000

    Average Price Per Square Ft.

    $299



    SoFi Home Loans

    It’s easy to see why Portland has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.

    If you think Portland could be your home sweet home, then you may need to consider your home loan options.

    If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible. And don’t worry, there won’t be any hidden fees or prepayment penalties to worry about.

    Learn more


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