For several years Portland made the top 10 list of the fastest-growing cities and the highest priced homes in the country. Well, we are no longer top of that list anymore. Portland came in number 24 is one of the more expensive cities to live in the US but just a year or two ago we were easily in the top 10.
Portland has origination fees averaging about $990 with third-party fees coming in a $1130, zero dollars on transfer and mortgage taxes for the total closing cost of about $2100 or so. This averages out on a $200,000 mortgage on a $250,000 home. Now, that is not Portland's average; the median sales price is currently $413,000, which is up year-over-year about $300. The median list price is closer to $600,000. However, with all things considered, closing costs, in general, are lower than they were just a few years ago. But let's talk about other cities in the country.
Our sister city of Seattle came in #15. The total origination with closing costs came in at just under $2300 again, you're not going to find a $200,000 home in the Seattle area. Seattle home prices have skyrocketed over the last couple of years and have moved up a few notches to be one of the more expensive places to live in the country. With fast-growing tech companies and headquarters building new offices and buildings in the area, Seattle is growing at about 1000 new residents each day.
Of course, places like San Diego, San Francisco, Boston and New York were on the list. New York came in #2 with closing costs closer to $6900, but again, on a $250,000 home, practically unheard of in the city. We're talking more like $1 million, which could add $50,000 to the closing costs.
Surprisingly, the most expensive city to close in the country is currently Philadelphia. Transfer and mortgage taxes alone over $5000 on a $250,000 home. But, the median sales price is much lower at around $185,000. So the $250,000 mortgage makes a lot of sense. Is it more expensive for taxes, insurance, and origination fees or more expensive in the long run with a higher-priced home? It all depends on where you want to live where you have to live.
Portland is expensive because we have higher-priced homes that a lot of major cities in the country, however, were not at the top of the list. Were evening out and balancing our market between the buyer and a seller's market right now. This is really good news for both buyers and sellers. Homes are selling quicker and buyers can find exactly what they're looking for at decent prices.
Feel free to browse the website for all current listings or take a look at our market page to find out what's going on in the individual cities and markets throughout Portland.