Portland Oregon Home Buying Guide

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Jolynne Ash, ABR CRS

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Portland Oregon House Prices

Typical Home Prices for Portland

Average Price Summary - 15 Year Appreciation Trend
Portland Suburbs' and Neighborhoods' Details

If you divide Portland Oregon into roughly four sections using Interstate 5 to divide East from West (see map link at left), and Hwy. 26 and I-84 to divide North from South, you would have an approximate layout of the greater Portland Oregon Metro Area. The Westside (includes NW and SW) is the area that we once called the suburbs or bedroom communities of the City of Portland. This is where you would find the largest concentration of Townhouses, Condos, and Patio Homes, in addition to single family homes. With the influx of high tech during the 80's and 90's, the area along Hwy 26 (Sunset Corridor) is referred to as the Silicon Forest. The demographics of the area are young and affluent. Most homes are less than 25 years old.

Our many planned communities are very attractive. The Eastside (NE and SE) of Portland contains our older neighborhoods built between 1910 and about 1950. Lots are on a traditional 50 by 100 grid pattern and small neighborhood shops and restaurants make this area very charming. Below is a list of the Average Sales Price of all Homes Sold year to date in the different cities comprising the Portland Metro Area. This is not intended to imply that all homes in a particular area are selling at this price point, but it does give you a general idea.

Average Sales Prices for Spring 2015

Eastside

North Portland $312,000
NE Portland $421,000
SE Portland $372,000
Clackamas/Happy Valley 393,000
Gresham $261,000


         

Westside

West Linn/Lake Oswego $513,000
NW Portland $401,000
SW Portland $545,000
Beaverton/Aloha $319,000
Tigard/Tualatin $367,000
Wilsonville $382,000
Hillsboro $297,000


Want to learn more? Visit this site for a listing of all the cities and counties in Oregon.


Current Market Conditions

Portland’s real estate market continued to climb throughout 2014 with an overall average appreciation of 7.2% (RMLS Jan 1,2014-Dec 31, 2014 Avg. Sale Price Portland Metro area). The average sales price increased by 6.3% in 2012, and 12.9% in 2013, making 2014 the third year of appreciation since the recession. Our inventory of available homes for sale hit an 8 year low in December of 2014 and this is driving the price increases and the multiple offers on most homes listed for sale. New construction is making a comeback with a number of very good builders creating beautiful homes, in all areas. Styles are from contemporary to the look of old Portland Craftsman. There are many infill new homes in the inner NE, SE, and SW neighborhoods following this retro trend. These homes can range from the 400's to the 700's depending on the size of lot, size of home, and neighborhood. The driving forces of price escalations, multiple offers, and short time on market, continues to be low inventory and the high demand. The trend continues of people moving to Portland from other regions of the country for the quality of life. This trend existed before the recession and has returned to a similar or higher level. Also contributing to higher demand and higher prices is the interest rates for mortgages, which are staying in the 3.5-4.0% range, about 1% on average lower than Q1 of 2014.

When you search the MLS for homes you should keep in mind that most homes are now priced at market value and may sell for more if there are multiple offers. Unlike California where a home would sell for $50k or more over asking, Oregonians retain a sense of reasonableness offering $10-$20k over typically. But we did have to go as much as $25K over on a few deals last year. Some listing agents will purposely price a home below market to create a bidding 'war' thereby increasing the final sales price of the home. This is a valid strategy for Sellers to consider using, but can be frustrating for buyers trying to guess the price point. We have some proven methods to help work with this situation and do so regularly. Trust your Buyer's Agent to guide you down this path. Generally speaking it takes $400k to buy a reasonably nice home in the Portland Metro Area (includes suburbs), and over $450k to get close in neighborhoods in Portland Grid east of the river, and west of 82nd Ave. Most homes we sell in the NE and SE close in areas are in the 500's or 600's.

Below is a chart showing appreciation for the past 14 years.

Portland Metro Area Appreciation 15 Year Trend

Year Avg. Appreciation
2014
7.2%
2013
12.9%
2012
6.3%
2011
-6.7 %
2010
-2.7 %
2009
-12.1 %
2008
-13.7%
2007
11.3%
2006
14.4%
2005
15.0%
2004
9.1%
2003
4.6%
2002
4.0%
2001
2.3%
2000
3.6%

This site is full of useful information about Portland neighborhoods, including detail maps, utilities, and crime stats.
City of Portland Neighborhood Maps and stats


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Equal Housing Opportunity Logo Equal Housing Opportunity. Jolynne Ash, Principle Broker, Berkshire Hathaway HomeServices Northwest, licensed in the State of Oregon. All information provided is deemed reliable but is not guaranteed and should be independently verified. © 2013 BHH Affiliates, LLC. An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Services Provided by Jolynne Ash, Principle Broker, DreamStreet Team at Berkshire Hathaway Home Services Northwest, 5 Centerpointe Dr. Lake Oswego, OR 97035. 503-678-2020 All information provided is deemed reliable but is not guaranteed and should be independently verified. Copyright © 2001-'2015' Jolynne Ash PC. Buyers Agent. All Rights Reserved.