Portland Housing Market: Trends & Prices
Portland Real Estate Market Overview
(Last Updated – 12/2021)
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 relaxed vibe.
Biking is extremely common, as are backyard bees and chickens. Fresh honey or eggs, anyone?
This sprawling Oregon city has over 650,000 residents, according to the latest census data. More than 360,000 people work in Portland and earn a median income of $71,000.
The typical home value in Portland was over $530,000 in late 2021, according to Zillow, Redfin, and realtor.com, which could seem high or low to you, but it’s a much lower number than the average home value in, say, Seattle.
If you’re family oriented, don’t worry. There are over 200 schools here, including public, private, and charter options.
Overall Portland Market Trends
If you’re looking to buy in the Portland housing market, you may find that inventory is tight. Experts find this market somewhat competitive, and typically houses sell for about 2% above list price.
Once you find a house that you love, you’ll need to act fairly quickly. Redfin reports that houses in Portland generally go pending in around 11 days, but hot properties can get an accepted offer in as few as eight. Read more about home ownership.
$535,000
Median Sale Price
$306
Avg. Price Per Sq. Foot
11 days
Avg. Time on Market
Portland Housing Market Forecast
The Portland, Oregon, real estate market has surged over the past decade. Based on data from Zillow, median prices have skyrocketed roughly 116% since 2011.
This past year alone, Portland home values went up 14.6%, Zillow said, but prices had begun decreasing. So while real estate experts still describe Portland as a seller’s market, buyers may start to see a little more wiggle room.
Zillow gave a typical home value in Portland of nearly $558,000 in October.
Demographics of the Portland Market
The Pacific Northwest has plenty of great cities and towns to settle down in, but over 650,000 people chose Portland. With dozens of parks and more than 200 schools, it’s clear why a broad mix of singles, couples, and families would want to call it home.
Want to know more about the Portland housing market? Keep reading for some key demographics you should know.
Median Income: $71,005
Median Age: 37
College Educated: 50.4%
Homeowners: 53.4%
Married: 42.4%
Popular Portland Neighborhoods
There are almost 100 neighborhoods to choose from in Portland, which could make house shopping a challenge, especially if you’re new to the area.
Which is why we put together some fast facts about a few of the bigger neighborhoods.
Powellhurst-Gilbert
Part of the appeal of moving to Portland is having nature all around. The Powellhurst-Gilbert neighborhood in particular has a lot of parks to choose from — including the 23-acre Kelly Butte Natural Area, which is known for its hiking trails and picnic areas.
This diverse neighborhood is also a foodie’s paradise, with ethnic restaurants and plenty of grocery stores.
Quick Facts
Population:
19,074
Median Age:
36
Housing Units:
6,833
Bike Score:
72
Walk Score:
53
Transit Score:
46
Average Household Income:
$67,339
Powellhurst-Gilbert Housing Market
Home prices in this neighborhood are up by 15% since last year, with some homes receiving multiple offers. The average home goes pending in about 13 days and sells for approximately 1% above list price.
Median Sale Price
$392,000
Average Price Per Square Ft.
$253
Hazelwood
If you’re looking for all the benefits of living in a city while enjoying a suburban vibe, consider 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’s a decent number of shops and businesses within the neighborhood if you prefer staying close by.
Quick Facts
Population:
16,874
Median Age:
38
Housing Units:
6,521
Bike Score:
83
Walk Score:
62
Transit Score:
55
Average Household Income:
$65,211
Hazelwood Housing Market
Hazelwood is another hot neighborhood in Portland right now. Home values have gone up 32% in the neighborhood since last year.
Houses typically get multiple offers in this somewhat competitive neighborhood, selling for about 1% over list price in roughly 10 days.
Median Sale Price
$420,000
Average Price Per Square Ft.
$249
Lents
Lents is a super fun neighborhood only 6 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 the local breweries or cafes for a rest and a refreshing drink.
Quick Facts
Population:
35,727
Median Age:
36.9
Housing Units:
13,287
Bike Score:
79
Walk Score:
57
Transit Score:
53
Average Household Income:
$67,428
Lents Housing Market
Good news! This charming neighborhood has lower average house prices than Portland as a whole.
That’s a pretty good deal considering that average home values rose in Lents by 5% compared with last year. Houses sell for around list price and go pending in 15 days.
Median Sale Price
$383,000
Average Price Per Square Ft.
$289
Montavilla
For a bit of the classic Portland vibe, head to Montavilla. On the east side of Portland, this neighborhood is packed with cool businesses, including a historic movie theater and some of the best Middle Eastern food around.
Quick Facts
Population:
14,906
Median Age:
39
Housing Units:
6,336
Bike Score:
93
Walk Score:
75
Transit Score:
62
Average Household Income:
$82,449
Montavilla Housing Market
The market in Montavilla is considered somewhat competitive. The average home sells for about 2% above list price in around 12 days, but hot homes can sell for about 6% above list price.
Median Sale Price
$435,000
Average Price Per Square Ft.
$298
Cully
Cully is one of the more diverse neighborhoods in Portland, and it’s convenient 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.
If you’re going to tour the neighborhood while looking for a home, make sure to stop by one of Cully’s many eateries that offer a wide array of cuisines from around the world.
Quick Facts
Population:
15,191
Median Age:
34.8
Housing Units:
5,931
Bike Score:
87
Walk Score:
57
Transit Score:
44
Average Household Income:
$72,276
Cully Housing Market
The Cully housing market is considered somewhat competitive. Some homes get multiple offers. Average homes in this neighborhood go pending in about 17 days and sell for roughly 2% over list price.
Median Sale Price
$505,000
Average Price Per Square Ft.
$320
SoFi Home Loans
Nature, interesting neighborhoods, and an emphasis on letting your hair down: That’s Portland, Oregon. The Portland housing market continues to hold appeal.
If you think Portland could be your home sweet home, then you may need to consider your mortgage financing 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.
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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
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