Portland Housing Market: Trends & Prices
Portland Real Estate Market Overview
(Last Updated – 04/2025)
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 630,000 residents, according to the latest census data. Most adults in Portland work and the median household income is $88,792.
The typical home sale price in Portland was $510,000 in February 2025, according to Redfin, which is almost $100,000 higher than the home sale price nationwide, but far lower than the average home sale price in 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’re entering a somewhat competitive market, with homes spending less time on the market than they did last year and typically selling for their list price.
Once you find a house that you love, you’ll need to act fairly quickly. Redfin reports that “hot” houses in Portland generally go pending in just six days and sell for 2% over the asking price. Read more about home ownership.
$510,000
Median Sale Price
$329
Median Price Per Square Foot
36 days
Median Time on Market
Portland Housing Market Forecast
The Portland, Oregon, real estate market has warmed a bit in the last year, with prices rising and time on market shrinking. Homes are selling for their list price as well. An early 2025 housing needs analysis found that much of Oregon, not only Portland, is in the middle of a housing affordability crisis.
Demographics of the Portland Market
The Pacific Northwest has plenty of great cities and towns to settle down in, but over 630,000 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 Household Income: $86,057
Median Age: 39.4
College Educated: 55.3%
Homeowners: 53.3%
Married: 40%
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:
18,677
Median Age:
38
Housing Units:
6,963
Bike Score:
71/100
Walk Score:
54/100
Transit Score:
44/100
Median Household Income:
$67,612
Powellhurst-Gilbert Housing Market
Home prices in this neighborhood were up more than 5% year over year in February 2025 compared to last year, with some homes receiving multiple offers. The average home goes to pending in 50 days but a “hot” property can be snapped up in just a couple weeks.
Median Sale Price
$389,950
Median Price Per Square Ft.
$298
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:
16,276
Median Age:
39
Housing Units:
6,677
Bike Score:
83/100
Walk Score:
64/100
Transit Score:
53/100
Median Household Income:
$66,384
Hazelwood Housing Market
Hazelwood is a somewhat competitive neighborhood in Portland right now. In February 2025, home values in the area were up 2.6% compared to last year.
Homes are moving a bit more slowly, although it’s still not unusual to see multiple offers in this somewhat competitive neighborhood. The average property sells for 1% over list price in roughly 38 days.
Median Sale Price
$405,000
Median Price Per Square Ft.
$262
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:
35,719
Median Age:
38.6
Housing Units:
13,681
Bike Score:
80/100
Walk Score:
61/100
Transit Score:
51/100
Median Household Income:
$329
Lents Housing Market
As with other Portland neighborhoods, Lents is somewhat competitive as real estate markets go. Sale prices were almost flat year over year as of February 2025, and properties were selling somewhat more slowly than in the previous year.
Median Sale Price
$392,438
Median Price Per Square Ft.
$329
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:
14,620
Median Age:
41
Housing Units:
6,429
Bike Score:
94/100
Walk Score:
76/100
Transit Score:
60/100
Median Household Income:
$78,710
Montavilla Housing Market
The market in Montavilla is considered somewhat competitive. The average home sells for its list price in around 54 days, but hot homes can go to pending in just eight days.
Median Sale Price
$411,000
Median Price Per Square Ft.
$345
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:
15,094
Median Age:
35.9
Housing Units:
6,549
Bike Score:
89/100
Walk Score:
58/100
Transit Score:
43/100
Median Household Income:
$79,202
Cully Housing Market
The Cully housing market is considered somewhat competitive. It’s not unusual for a home to get multiple offers, so it’s a good idea to get your mortgage financing lined up before your home search is serious. Average homes in this neighborhood go pending in about 44 days and sell for roughly 1% over list price.
Median Sale Price
$425,000
Median Price Per Square Ft.
$357
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.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
Is there a housing shortage in Portland?
The housing shortage that has existed in Portland seems to be easing a bit but not because there’s an abundance of new housing. Rather, the Portland area has lost population somewhat in recent years. Long-term, there is still the expectation that Portland will need more housing than it is making, and Oregon as a whole remains on the list of states with the most significant housing pinch, according to a 2024 analysis by the nonprofit Up for Growth.
Is this a good time to buy a house in Portland?
Whether it’s a good time to buy a house in Portland will depend as much on your personal financial situation as on the price of homes in the Rose City. If you have a solid credit score and can cover the cost of a home in your price range, including a down payment (which could be as low as 3% for some first-time homebuyers), that’s a good sign that it’s time. Another thing to consider is the cost of buying as compared to renting.
Is Portland a buyer’s market now?
Portland is not really a buyer’s market, although some neighborhoods have seen small declines in housing prices. Portland as a whole, and many neighborhoods within it, are considered “somewhat competitive” housing markets by Redfin as of February 2025.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
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.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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