Thinking of buying in Portland or Seattle some time in 2023? 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 throughout the rest of the year.
Let’s take an updated look at home prices in Seattle, Washington versus Portland, Oregon as of 2023, and is intended for home buyers considering a move to the Pacific Northwest
Home Prices in Seattle vs. Portland: 2023
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:
Home Prices in Seattle, Washington: $841,919
House prices in the Seattle area have risen steadily and sharply over the past few years, expect for the last 12 moths, when home prices actually dipped. This is true for much of Washington State and in many other states across the nation.
Right now, home prices in Seattle are 8% lower than the same time last year, according to Zillow. Despite this, Seattle continues to be one of the more expensive and sought-after housing markets in the US.
View Seattle Mortgage Rate
Home Prices in Portland, Oregon: $498,558
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 $498,558 as of July 2023. Yet what they share in common is that both markets are rather hot.
Both Seattle and Portland home prices have decreased over the past year.
View Portland Mortgage Rates
Real Estate Market Conditions
The inventory situation in these two cities remains extremely tight.
- Portland supply: As of summer 2023 (the most recent data available at “press time”), the Portland real estate market had about a 2.0-month supply of homes for sale.
- Seattle supply: Housing conditions are tighter in Seattle. The real estate market there also had about a 1.1-month supply of homes for sale in July 2023. That’s a pretty constrained market, which is why prices are expected to increase over the next few months.
Both of these real estate markets remain tight, from an inventory standpoint. A balanced market is one that is characterized by a 5- or 6-month supply in homes available for sale. As you can see by the numbers above, Seattle and Portland both have far lower numbers than that. So home buyers in Seattle and Portland could face some stiff competition this year.
The bottom line: There’s quite a difference between home prices in Seattle, Washington, and Portland, Oregon. As of 2023, the median house value for Seattle was more than $340,000 higher than the median for Portland.
Have Questions About Mortgages?
If you are planning to buy a home in Seattle or Portland, you’ll need a home loan to fund this big purchase, and Sammamish Mortgage would love to help. We are a local, family-owned company based in Bellevue, Washington. We offer mortgage programs in the entire state, as well as the broader Pacific Northwest region since 1992, including Oregon, Colorado, California and Idaho. Please contact us if you have mortgage-related questions.