Summary: Thinking of buying in Portland or Seattle some time in 2019 or 2020? If so, you’ll want to know how much you can expect to pay in these markets. This article will dig deeper into housing prices in both cities and forecast where things are headed into 2020.
This article takes an updated look at home prices in Seattle, Washington versus Portland, Oregon as of fall 2019, and is intended for home buyers considering a move to the Pacific Northwest
Home Prices in Seattle vs. Portland: Late 2019
Many people who are relocating to the Pacific Northwest put Seattle and Portland on their shortlists. There are many factors contributing to the popularity of these two cities — natural beauty, strong economies, and unique character to name but a few.
But there’s a big difference when it comes to home prices in Seattle vs. Portland. (Of course, there are many other differences as well. But we’ll be focusing on housing costs and market conditions for this article.)
Let’s start with a current look at home values in these two cities:
Seattle, Washington: $714,100
House prices in the Seattle area have risen steadily and sharply over the past few years. This is true for much of Washington State, but the gains have been most noticeable in the Seattle metro area. That said, prices have cooled since mid-2018, with prices dropping 4.3% over the past 12 months, according to Zillow. House prices in this market are expected to continue decreasing over the next year by another 3.6%.
Portland, Oregon: $416,900
Home prices in Portland differ from Seattle in a couple of important ways. First, and most obvious, is the fact that they’re lower. The median house value for the city of Portland, Oregon was $416,900 as of August 2019. Yet what they share in common is that both markets are currently cool. Both Seattle and Portland home prices have dipped over the past year and are expected to continue slipping slightly over the next year. Recent forecasts predict that home prices in Portland will decrease by around 2.1% over the next year (through August 2010), which is lower than the national forecast.
Real Estate Market Conditions
During 2016 and 2017, the real estate markets in both Seattle and Portland experienced severe supply shortages. There just weren’t enough homes for sale to satisfy the demand from buyers. During 2018, however, we saw an uptick in housing inventory across the Pacific Northwest. And in 2019, the story remains somewhat the same, which may be part of the reason why prices have slipped over the past few months. So there are more homes for sale today than in previous years. That’s good news for home buyers.
- Portland supply: As of early September 2018 (the most recent data available at “press time”), the Portland real estate market had about a 2.4-month supply of homes for sale.
- Seattle supply: Housing conditions are tighter in Seattle. The real estate market there also had about a 2-month supply of homes for sale in June 2019. That’s a pretty constrained market, but it’s still an improvement over years past
Both of these real estate markets remain tight, from an inventory standpoint. But they’re also experiencing some inventory growth at the moment, as of fall 2019. So home buyers in Seattle and Portland could have more properties to choose from in 2019 and 2020 compared to previous years.
Have questions? Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region. Please contact us if you have mortgage-related questions.