Portland just might be the perfect place for you.
The current state of the housing and rental markets in Portland, Oregon, reflects a mix of trends, with varying dynamics across different areas and types of housing. From high-cost suburbs to affordable enclaves, this comprehensive guide covers everything you need to know to buy or rent in Portland with confidence.
Housing market in Portland
The Portland housing market is somewhat competitive, with an average house price of $500,000 as of October 2023. This represents a decrease of 4.9% compared to the previous year. Homes in Portland typically sell after 20 days on the market.
- Downtown Portland: In Downtown Portland, the housing market has seen a significant decline. Home prices in July 2023 were down 16.7% year-over-year, selling at a median price of $290,000. Homes in this area were on the market for an average of 40 days.
- Multnomah County: Contrasting the general trend in Portland, Multnomah County experienced a 1.0% increase in home prices year-over-year as of September 2023, with the median price at $505,000. Homes in this county sold after an average of 22 days on the market.
- Pearl District: In the Pearl District, home prices in 2023 were down 6.2% from the previous year, with a median price of $507,000. The average selling time for homes in this area was notably longer at 106 days.
- South Portland: Experiencing a dramatic decline, South Portland’s home prices dropped 21% to a median of $415,000, with homes taking an average of 47 days to sell.
- Northeast Portland: Homes in Northeast Portland sell in about seven days, but the median sale price fell by 11.3% to $635,000. The price per square foot also saw a slight decrease.
- East Portland: In July 2023, the median home price in East Portland was down 3.0% to $430,000, with homes selling in about nine days.
- Northwest Portland: The Northwest Portland market is less competitive, with homes taking around 40 days to sell and the median sale price dropping 12.0% to $488,000
- Overlook: The median sale price in Overlook experienced a significant decrease of 24.8% to $459,000. The price per square foot decreased as well.
- North Portland: Homes in North Portland receive three offers on average and sell in about eight and a half days. The median sale price decreased by 8.1% to $485,000.
- Homestead: The Homestead market is very competitive, with a notable decrease in the average house price by 52.3% to $406,000.
Rental market in Portland
- Average rent prices: The average rent for apartments in Portland ranges from $1,217 for a studio to $1,795 for a two-bedroom apartment.
- Year-over-year trends: Oregon, including Portland, experienced a significant 9.32% year-over-year price decline in rents.
- Rental price peaks and declines: After peaking at $2,053 in August 2022, rents declined to $1,937 in February 2023, a change of -5.65%. However, they rose again by more than 5% since February.
- National context: Nationally, the median rent price dropped to $2,029 by July 2023, which is 1.17% less than the peak in August 2022.
- Recent trends: In October 2023, rent levels dropped for the first time in six months, indicating an encouraging monthly decrease.
- Longer-term trends: Over two years, rents have increased by 18.41%, showing a longer-term upward trend despite recent fluctuations.
Market analysis
- Neighborhood trends: Each neighborhood in Portland has its characteristics and trends, with some areas like Homestead showing price increases, while most others experience declines. This diversity suggests that local factors heavily influence housing prices.
- Rental market fluctuations: The rental market in Portland has experienced significant fluctuations over the past year, with a general trend towards decreasing prices. This could be indicative of market corrections and adjustments to the post-pandemic world.
- Comparative market dynamics: The contrast between the housing and rental markets in Portland highlights the complexity of real estate dynamics. While the housing market shows moderate competitiveness with varying neighborhood trends, the rental market is adjusting with more pronounced price decreases.
Portland’s perfect for you
The housing and rental markets in Portland present a complex picture with distinct trends based on location and property type. The data suggests a period of adjustment and variability, likely influenced by broader economic factors and local market conditions.
Ready to settle down in Portland? You’ve come to the right place to locate your perfect home or apartment for rent.
