Portland Housing Market: Trends & Prices
Portland Real Estate Market Overview
(Last Updated – 6/2023)
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 635,000 residents, according to the latest census data from 2022. More than 367,000 people work in Portland and earn a median income of $78,476.
The typical home value in Portland was $548,000 in May 2023, 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 not as tight as it was last year. Experts find this market somewhat competitive, and typically houses sell for about 1% 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 nine days, but hot properties can get an accepted offer in as few as four. Read more about home ownership.
$538,000
Median Sale Price
$321
Avg. Price Per Sq. Foot
8 days
Avg. Time on Market
Portland Housing Market Forecast
The Portland, Oregon, real estate market has cooled off. Based on data from Zillow, median prices have declined slightly over the past year.
This past year alone, Portland home values dropped 6.5%, Zillow said, but prices are forecasted to increase somewhat in 2023-24. While real estate experts still describe Portland as a seller’s market, buyers have a little more wiggle room due to the rise in available inventory.
Zillow gave a typical home value in Portland of nearly $548,000 in May.
Demographics of the Portland Market
The Pacific Northwest has plenty of great cities and towns to settle down in, but over 635,000 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: $78,476
Median Age: 37.9
College Educated: 51.9%
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:
18,654
Median Age:
37
Housing Units:
6,932
Bike Score:
71/100
Walk Score:
54/100
Transit Score:
44/100
Average Household Income:
$78,634
Powellhurst-Gilbert Housing Market
Home prices in this neighborhood were down by 4% in May 2023 compared to last year, with some homes receiving multiple offers. The average home goes pending in about eight days and sells for approximately 1% above list price.
Median Sale Price
$403,000
Average Price Per Square Ft.
$274
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:
16,522
Median Age:
39
Housing Units:
6,579
Bike Score:
92/100
Walk Score:
88/100
Transit Score:
84/100
Average Household Income:
$73,387
Hazelwood Housing Market
Hazelwood is a somewhat competitive neighborhood in Portland right now. In May 2023, home values in the area went down 10.1% compared to last year.
Houses can get multiple offers in this somewhat competitive neighborhood, selling for about 2% over list price in roughly eight days.
Median Sale Price
$400,000
Average Price Per Square Ft.
$316
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:
35,371
Median Age:
38.2
Housing Units:
13,607
Bike Score:
80/100
Walk Score:
61/100
Transit Score:
51/100
Average Household Income:
$80,437
Lents Housing Market
Good news! This charming neighborhood has lower average house prices than Portland as a whole.
Average home values dropped in Lents by 14% in May 2023 compared with last year. Houses sell for around 1% above price and go pending in 13 days.
Median Sale Price
$400,000
Average Price Per Square Ft.
$284
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:
14,678
Median Age:
40
Housing Units:
6,376
Bike Score:
94/100
Walk Score:
76/100
Transit Score:
60/100
Average Household Income:
$91,396
Montavilla Housing Market
The market in Montavilla is considered somewhat competitive. The average home sells for about 3% above list price in around six days, but hot homes can sell for about 7% above list price in only four days.
Median Sale Price
$475,000
Average Price Per Square Ft.
$314
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:
15,468
Median Age:
34.8
Housing Units:
6,408
Bike Score:
89/100
Walk Score:
58/100
Transit Score:
43/100
Average Household Income:
$82,097
Cully Housing Market
The Cully housing market is considered very competitive. Many homes get multiple offers. Average homes in this neighborhood go pending in about eight days and sell for roughly 2% over list price.
Median Sale Price
$499,000
Average Price Per Square Ft.
$289
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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