Portland Real Estate Cools in April 2024, Yet Outshines Nearby Cities With $539K Average House Values

Overview of Portland’s Real Estate Market Trends

The average property value in Portland, Oregon reach its peak at circa $570,000 in July 2023 before slightly dropping to $539,000 by April this year. This ebb and flow, marked by a peak in the middle of 2023, followed by a softening, might point towards a seasonal influence or a reaction to broader economic trends impacting the housing market.

Below is a summary of YoY trends in Portland

The price per square foot, peaking at $326 in January 2024 and easing to $324 by April 2024, shows a modest decline. This indicates that while overall Portland property values have seen a downturn, the market isn’t drastically undervaluing the details, such as square footage. Particularly, it suggests that more compact properties may be maintaining their appeal and valuation better than their larger counterparts.

The market also revealed a reduction in the number of properties emerging on the market, with property counts decreasing from October 2023 to April 2024. Alongside, sold property counts reached their highest in autumn 2023 and hint at a market that was brisk and lively in late summer and early fall, which has since experienced a gradual slow down.

Portland’s real estate landscape isn’t viewed in isolation; surrounding cities provide additional contexts that reveal Portland’s position relative to its neighbors. The neighboring cities of Beaverton, Lake Oswego, and Happy Valley each tell their own story when their statistics are juxtaposed with Portland’s. Despite the price per square foot and the average property values in Portland being significant, they pale in comparison to the upscale Lake Oswego, which boasts considerably higher figures, hinting at a more high-end market.

Portland Real Estate: Current Standings

In the most recent data available as of April 2024, we see that Portland’s average property value stands firmly at $539,000. The average price per square foot is pegged at $324. The property count in the city is 1,077 with a sale price averaging about $553,000, and a sale price per square foot averaging $336. There were 6,691 properties sold, a number that signifies the city’s vitality in real estate movement.

Let’s contrast with Beaverton, where the average property value is observed at $522,400, with a price per square foot of $295. Beaverton’s property count is at 166, with an average sale price around $541,000 and a sale price per square foot of $309. With 1,309 properties sold, Beaverton stands as a dynamic but comparatively quieter market than Portland.

Housing Market Summary for Beaverton, OR

Turning our gaze over to Lake Oswego, average property values are strikingly high at $962,000, supported by a commanding $400 price per square foot. The average sale price floats around $889,000, with a sale price per square foot of $393. With a count of just 76 properties on the market and 600 sold, Lake Oswego clearly operates within a high-value niche.

Lastly, examining Happy Valley presents us with an average property value of $730,000 and a price per square foot of $273. The sale price averages $671,000 with the sale price per square foot at $265, and there is a property count of 65 with 321 properties sold. Happy Valley showcases a market with admirable property values and sale prices, indicating a robust demand for quality real estate.