As of press time, the median home sale price in the Portland metropolitan area is $506,500. That means half of the homes sold for more than half a million dollars, and half sold for less than that amount. Real estate broker with MORE Realty and mom of four Nicole Irish notes that the Southeast Lents and Brentwood-Darlington neighborhoods and Gresham/Troutdale areas typically have houses for less than the metro area median home price.
Maureen Healy, a real estate broker with Rarebird Real Estate and a mom of two, agrees. She adds that southeast neighborhoods Powellhurst-Gilbert and Centennial also fall into that more affordable range as do some neighborhoods in North Portland: Cathedral Park, Portsmouth and St. Johns. “There are about 60 homes on the market right now with surprisingly affordable prices, between $350,000 and $375,000, well below both the average and median sale prices for each area,” says Healy. “The vast majority of homes in that price range are three bedroom, one bath ranch homes up to 1,000 square feet average. Some are fixers, but I found a good handful that are already mostly updated, cute and move-in ready.”
And Irish also notes that while interest rates are high, homebuying shouldn’t totally be off the table for first-time buyers. “Buyers are getting tons of concessions right now from sellers, meaning lots of sellers are paying closing costs and credits toward purchase to help buy down buyer (mortgage) rates,” she says. “Additionally home prices are dropping to balance the market out with current rates, so people are paying a lot less for homes right now than last year.”
To read about more Portland-are neighborhoods, check out the rest of our Neighborhood Guide.