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Thinking of buying in Portland or Seattle some time in 2021? 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.
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.)
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.
Right now, home prices in Seattle are 8.7% higher than the same time last year, according to Zillow. And they’re expected to continue rising over the next year.
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 $501,224 as of February 2021. Yet what they share in common is that both markets are rather hot.
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, which may be part of the reason why prices slipped.
But the inventory situation in these two cities remains extremely tight. over the past few months. So there are more homes for sale today than in previous years. That’s good news for home buyers.
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 2021, the median house value for Seattle was more than $300,000 higher than the median for Portland. Both markets are expected to continue appreciating throughout 2021.
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, and Idaho. Please contact us if you have mortgage-related questions.
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