This article provides an updated comparison of Washington State versus Oregon, from a housing costs perspective. Median and average home prices in Oregon and Washington were actually very similar, as of fall 2018. But it’s a different story when you drill down to the city and metro level.
Washington vs. Oregon: Home Price Comparison for 2018 – 2019
The first thing you should know is that the median home prices for Washington and Oregon are pretty close. As of October 2018, the median value in Oregon was $334,100. In Washington State, the median home price was around $370,700 during that same month. So at the statewide level, these two real estate markets have similar housing costs.
Of course, home prices can change quite a bit from one city to the next, even within the same state. So let’s drill down a bit.
Oregon Home Price Trends & Forecast: 2018 – 2019
As of October 2018, the median home price for the state of Oregon was around $334,000. That marked a year-over-year increase of around 5% from the same month in 2017 (based on data provided by Zillow).
Statewide, prices are expected to rise gradually throughout 2019. So home buyers in Oregon who put off their purchases until later next year could encounter higher housing costs and lower affordability.
Here are the October median home prices for the three most populous cities in Oregon:
- Portland: $422,300
- Salem: $264,100
- Eugene: $296,500
In all three of these cities — and across much of Oregon — house values are expected to continue climbing through the end of this year and into 2019. But they could do so at a slower pace than what we’ve seen in the past, due to a general “cooling” trend that is affecting real estate markets nationwide.
Washington Home Price Trends & Forecast: 2018 – 2019
The median home value for the state of Washington was $370,700 as of October 2018, pretty close to where Oregon was for that same month.
The median price rose by around 7.5% from September 2017 to September 2018, according to MLS data and real estate reports. Home values in Washington are expected to continue climbing throughout 2019, though at a slower pace than in previous years.
So at the broader state level, housing costs are somewhat similar in both Washington and Oregon. But there’s quite a bit of variance when you drill down to the city level.
Here are the October median home prices for the three most populous cities in Washington:
- Seattle: $752,400
- Spokane: $193,300
- Tacoma: $288,100
As you can see, Seattle surpasses all of the other cities mentioned above (in both states) in terms of home-price appreciation. It was actually leading the nation for a while there. For instance, back in September 2017 the Seattle Times reported that the city “has been leading the country in home-price increases for a while. Now, no other region is even close.”
But price growth in the Seattle metro area slowed down during 2018. While the city (and the surrounding area) is expected to see steady home-value growth for the foreseeable future, it probably won’t be posting double-digit price gains as in years past.
The bottom line: At the state level, median home values are similar in both Oregon and Washington State. But it can vary quite a bit at the city level. Some of the highest prices in this part of the county are occurring in the Seattle area, including Bellevue and Sammamish. The median value in Portland, the most populous city in Oregon, has settled into the low $400,000 range.
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.