A Buyer’s Guide to the Portland-Vancouver Metro Area

Published:
April 23, 2024
Last updated:
April 23, 2024
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Thinking about moving to the Portland-Vancouver area in the near future? Want to buy a home after relocating? If so, you’ve landed in the right place.

As a mortgage company that serves the entire Pacific Northwest, we do our best to educate local home buyers (and future home buyers) on market conditions. Here, we’ve broken down things down in this buyer’s guide to the Portland-Vancouver Metro. If you’re wondering how to buy a home in the Portland-Vancouver Metro Area, keep reading.

A Guide to the Portland Metro Area

Terminology: The official designation is the “Portland-Vancouver-Hillsboro, OR-WA Metropolitan Statistical Area (MSA).” Going forward, we’ll just call it the Portland-Vancouver metro area for simplicity.

The PortlandVancouver metro area is located in the lush Pacific Northwest region of the U.S., straddling the states of Oregon and Washington. The city of Portland itself sits at the confluence of the Willamette and Columbia Rivers.

The metro area is currently home to more than 2.5 million people.

This entire region is known for its natural beauty and outdoor recreation opportunities. That’s one of the main reasons why so many people want to buy a home in the Portland area. It’s a special place with a lot to offer.

Major cities in the area include:

  • Portland, Oregon: The largest city in Oregon, and the heart of the metro area. Known for its quirky vibe, coffee scene, abundance of parks, and walkability.
  • Vancouver, Washington: A major suburb just across the Columbia River, offering slightly lower costs of living and easy access to Portland amenities.
  • Other Significant Cities: Hillsboro, Beaverton, Gresham, Tigard, Lake Oswego (all in Oregon).

On the Washington side of the river, popular suburbs include Camas, Ridgefield, and Battle Ground. Camas has a charming small-town vibe, while Ridgefield offers a more rural setting with stunning views of the Columbia River Gorge. Battle Ground is a growing suburb with a mix of residential neighborhoods and commercial developments.

Geography and Climate

The Portland-Vancouver metro area has a moderate climate with four distinct seasons. Summers are warm and dry, with average highs in the mid-80s and lows in the mid-50s.  Winters are mild and rainy, with average highs in the mid-40s and lows in the mid-30s.

This means you can enjoy outdoor activities year-round, with comfortable temperatures for hiking, biking, and exploring in most months.

Rainfall is moderate, with most precipitation occurring in the winter months. According to Weather.gov, nearly 90% of the annual rainfall in the Portland area occurs between mid-October and mid-May.

The Cascade Mountains lie to the east of Portland. Mount Hood serves as a popular destination for skiing, snowboarding, and snowshoeing in the winter, and hiking, camping, and climbing in the summer. Mount Hood National Forest offers a variety of outdoor activities and stunning scenery.

The Oregon Coast Range to the west offers a different kind of natural beauty, marked by rolling hills, forests, and a rugged coastline. The nearby Oregon Coast offers sandy beaches, tide pools to explore, and charming coastal towns.

The Portland-Vancouver Economy

The Portland-Vancouver metro area serves as a major hub for the tech industry, earning the nickname “Silicon Forest” in reference to California’s Silicon Valley.

Major employers in the area include Intel, Nike, and Columbia Sportswear. Many smaller tech companies and startups have settled in the Portland area as well. This metro area offers a strong job market with a culture of innovation.

Healthcare, manufacturing and education also play a major role in the Portland metro area’s economy.

Real Estate Market and Home Prices in Portland-Vancouver

Do you plan to buy a home in the Portland, Oregon area in the near future? If so, you should be prepared for some stiff competition.

While real estate conditions can fluctuate over time, the Portland-Vancouver area housing market tends to be highly competitive. Like many major cities and metros, the real estate market in Portland-Vancouver is currently experiencing a supply shortage.

In short, there are more buyers than there are properties to go around, which can create challenges for house hunters in the area.

Average home prices are similar for most cities across the metropolitan area. The city of Portland typically has some of the highest prices, due to the steady demand from buyers.

Overall, prices are quite a bit higher than the national average. As of spring 2024, median home prices in Portland-Vancouver were around $530,000, according to Zillow. During that same timeframe, the national median home price was around $347,000.

Here are the median home prices for major cities in the area, as of spring 2024:

  • Vancouver, WA: $493,975
  • Portland, OR: $524,870
  • Hillsboro, OR: $531,714
  • Gresham, OR: $455,178
  • Beaverton, OR: $538,266

The bottom line here is that the Portland area has a lot to offer its residents. But you’ll pay a premium for it, when it comes to real estate prices.

An Ongoing Supply-and-Demand Imbalance

As mentioned above, the Portland-area real estate market continues to experience a lopsided supply-and-demand situation in 2024.

Inventory levels have rebounded a bit from the record-low levels recorded during the pandemic. But there is still a relative shortage of properties for sale, when compared to the number of buyers who are actively seeking them.

Currently, there is an estimated 2.6-month supply of available housing in Portland. This is much lower than the 5- to 6-month supply that is characteristic of a balanced market.

Population growth has a lot to do with this imbalance. According to data collected by Portland State University, the metro area’s total population increased by around 12% from 2010 to 2020.

However, the situation appears to be improving. An April 2024 report from Realtor.com showed a 27% increase in the total number of active real estate listings, over the previous 12 months.

So while buying a home in Portland-Vancouver Metro Area may be highly competitive, the Portland-Vancouver metro housing market remains highly competitive, it seems to be shifting in a buyer-friendly direction for a change.

Thinking of Buying a Home in the Portland Metro Area?

This buyer’s guide to the Portland-Vancouver Metro Area is meant to help educate those looking to get into this market. If you’re ready to buy a home, make sure you partner with a team of mortgage and real estate professionals who will take you step-by-step through the process. From the initial stages of getting pre-approved for a mortgage to final home loan approval, Sammamish Mortgage is here to help. Reach out to us today!

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