Portland, Oregon, is renowned for its standout food and beverage and arts and culture scene. While long, wet winters are the norm in Portland, many people find its quirky charm and abundance of things to do a willing tradeoff for a little gloomy weather.
If you’re a seller, buyer, or real estate agent in Portland, keep reading to learn more about Portland’s real estate market and what the future holds for this dynamic city.
Portland housing market forecast
Portland is the most populous city in Oregon, with almost 650,000 residents and counting. Its housing market is somewhat competitive, with the average sale price of a home down 1.8% in December 2022 from the previous year.
Portland is turning the tide and looking like a buyer’s market in some areas, with fewer homes sold above the listing price than in previous years. However, Redfin states that the number of homes sold is down almost 48% year-over-year, so prepare for possible competition and submit an attractive offer if you’re eying a hot home.
Portland homes for sale
The median sale price of a home in Portland was around $500,000, with 4,060 homes for sale in December of 2022. This price is down 7.2% from the previous month.
According to Rocket Homes, the average sale time for a home in December 2022 was 47 days, which increased over the previous year’s average of 28 days.
If you’re looking to buy in Portland, you can secure a good deal, as almost 53% of homes sold below the asking price in December 2022. Still, it will depend on the area of Portland you’re eying—and the potential competition—if you’re looking at a hot home.
Average rent in Portland
Expect to spend anywhere between $1,500 and $3,000 monthly on rent in Portland, depending on the number of bedrooms and space you need. There has been little year-over-year price change, with a decrease of about 8% in rent for two-bedroom apartments.
According to Zillow, there are around 2,000 available rental units in the Portland, Oregon, area, and rent is 11% lower than the national average.
Portland neighborhoods
Portland is known for being eclectic, offering unique food establishments and areas with a quiet, suburban feel. It’s also easy to get around by bike or walking. You’ll find great schools, parks, shops, and entertainment around every corner!
Northwest District
The Northwest District is one for those who love an area packed with entertainment, shops, great food, and coffee. Residents say the area’s convenience is unmatched, with a walk score of 93 and a bike score of 90.
Cedar Mill
Cedar Mill is a primarily residential area, with more chain restaurants and national stores located throughout. Residents say it’s perfect for families, as it’s farther from downtown and doesn’t have bars or clubs in the area.
Eastmoreland
Most residents own their homes in this suburb of Portland, which features a golf course nearby and safe, quiet streets with huge shady trees. It also offers good food and plenty of boutiques within walking distance, with good access to public transportation if needed.
Laurelhurst
Laurelhurst offers residents a dense, suburban feel with bars, restaurants, and coffee shops around every corner. It’s central to all of Portland and has a bike score of 94 and a walk score of 82. Residents praise the excellent schools and peaceful atmosphere in the neighborhood.
Bethany
Bethany is home to Portland Community College and great public schools serving the area. Residents praise that it’s great for families with kids and dogs, as it offers a safe and clean environment with many walking paths.
Portland economy
If you’re ready to relocate to Portland, Oregon, you’ll find yourself in good company! U.S. News ranks Oregon in the top 20 U.S. states for their health care, economy, infrastructure, and fiscal stability over other states.
Portland job growth
Oregon, as a whole, continues to see a strong job market. While the unemployment rate was up to 4% in November of 2022 in Portland, Oregon, employers added more than 81,000 jobs in 2022.
Some sectors have been hit harder than others by the pandemic and are struggling to rebound, including education, leisure, and hospitality.
Businesses headquartered in Portland include Bob’s Red Mill, Kettle Foods, and Columbia Sportswear. Nike’s world headquarters are right outside of Portland in Beaverton, Oregon.
Need real estate pictures in Portland?
As Portland continues to shift to a buyer’s market, your listing can benefit significantly from professional photography services. Virtuance offers aerial photos, 3D virtual tours, and marketing enhancements to help potential buyers see the possibilities when viewing your listing. If you’re looking to sell quickly and for more money, Virtuance is here to help!
