portland real estate "oregon" - craigslist (2024)

FAQs

Are housing prices dropping in Portland, Oregon? ›

Mid-2022 to Mid-2023 Portland Real Estate Market

The Portland real estate market since the first half of 2022 is down, home prices are down a median average of 1.8% from mid-2022 to mid-2023.

While expecting a significant drop in home sales might not be realistic, the outlook for 2024 suggests a stabilizing market with moderate sales activity. This trend points towards a balanced market that benefits both buyers looking to make a smart investment and homeowners contemplating selling their properties.

PORTLAND, Ore. (KOIN) — If you're a single Portland resident making less than $52.90 per hour, you're not living comfortably, according to a 2024 study published by the financial tech company SmartAsset. That hourly pay equates to $110,032 per year.

With so many other renters out there, it can be difficult to navigate Portland's rental market. Prices are going up all over the country and Oregon is no different. Affordability and homelessness are a major issue for Portland, but there are homes available to families that need them.

The cost of living in Portland, OR is 10% higher than the state average and 20% higher than the national average. Portland, OR housing is 50% more expensive than the U.S average, while utilities are about 4% less pricey.

Renting is cheaper than owning in Portland, Oregon right now, but owning is still the better long term strategy. When interest rates ease (they are likely to some in 2024 and more in 2025) our local Portland real estate market is likely to rise, due to continued lack of housing supply.

Many prospective homebuyers chose to wait things out in 2023, in the hopes that 2024 would bring a more advantageous market. But so far, with mortgage interest rates still relatively high and housing inventory stubbornly low, it looks like 2024 will remain a challenging time to buy a house.

The majority of forecasts indicate that house prices in the US are expected to rise or remain stable in 2024. The predictions from various economists suggest that mortgage rates are expected to rise in 2024 before potentially cooling to lower than how the year began.

Other mortgage rate forecasts

Fannie Mae, the Mortgage Bankers Association and National Association of Realtors predict that mortgage rates will gradually descend in 2024, to around 6% in the final three months of the year.

How much does an Upper Class make in Oregon? As of May 24, 2024, the average annual pay for an Upper Class in Oregon is $54,208 a year. Just in case you need a simple salary calculator, that works out to be approximately $26.06 an hour. This is the equivalent of $1,042/week or $4,517/month.

What is considered middle class in Portland Oregon? ›

In addition to New Jersey, you need an annual household salary of at least $50,000 to be considered middle class in 17 states: Oregon, Illinois, New York, Rhode Island, Delaware, Minnesota, Virginia, Alaska, Connecticut, Utah, Colorado, New Hampshire, Washington, California, Hawaii, Massachusetts, and Maryland.

In general, a family of four will require an income of at least $100,000 to live comfortably in Portland. For instance, a person who earns $100,000 a year can buy a house, a car, and undoubtedly provide for a small family. Actually, the Portland metro median family income is $99,400.

“Escalation of housing values and rising rents is what causes homelessness.” According to state analysts, Oregon's current housing supply is short roughly 140,000 homes to meet the demands of its population size. This places the state fourth in the country in terms of under-producing housing.

Many homes in Portland are selling fast, if you're buying plan to act quickly. Summary: During May 2024, 834 homes were sold in Portland; 75% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.

As expected, starter homes in Portland are more affordable than the average home (all price brackets combined; see methodology for details). In order to afford any median-priced home in the area, you'll need to make $149,023 (as of October 2023).

Realtor.com's report predicts a 7.4% drop in prices in the Portland metro area – which includes Vancouver, Washington – in 2024. Portland's anticipated price drop is substantial, but it's not the biggest in the nation.

Welcome to the Apartment List June 2024 Rent Report for Portland, OR. Currently, the overall median rent in the city stands at $1,566, after rising 1.0% last month. Prices remain down 1.7% year-over-year.

While home buyers in Oregon could still encounter some challenges in 2024, it will likely be a better year for home buying in Oregon. Housing costs have actually come down in most cities across the state due to declining mortgage rates and home prices.

Oregon Housing Market Conditions

The current real estate market conditions in Oregon are becoming favorable for home buyers. Here's how: Lower Mortgage Rates: The interest rates for home loans have decreased to 7.05%, marking a decline from approximately 8% in the preceding year of 2023.