According to recent market reports for the Portland area, the median sales price is currently $375,000. The median list price, however, is $649,990. This is up about 13% over last year at this time. There are over 300 properties currently for sale including foreclosures, pre-foreclosures, for sale by owner homes, vacant lands and single-family properties. The average days on the market are between 30 and 40 days.
According to one recent study by a national real estate website, the median rent is about $1950 per month. Just across the river in Vancouver Washington, the median rent is $1645 per month with the median sales price of $272,000. We are finding a lot of people that can no longer afford downtown Portland are moving to Vancouver. One of the biggest drawbacks as if you have to work in Portland and the traffic in the area. Getting across the bridges can be a nightmare. However, if you're looking to save a few hundred dollars a month on your mortgage payment or rental payment, you might consider Vancouver over Portland. Theft, assault, and crime, in general, is a little bit lower in Vancouver than in Portland, however, Vancouver is smaller than Portland so this might have something to do with it as well. 60% of residents in Portland are homeowners compared to 74% in Vancouver. 95% of residents in Vancouver commute by car to just 3% by public transportation. This is compared to 80% commuting in Portland and 11% by public transportation.
It's very clear that homes in Portland are continuing to increase in value, which is great news for sellers, not so great of news for buyers. Especially those buyers that need to sell and then purchase a home in the same area. They might be selling at the peak of the market but they may also need to buy at the peak of the market as well. A lot of recent clients are selling their home in Portland and moving to the Vancouver area.
If you'd like more information about your home's current value and how quickly it could sell or if you're looking to buy in Vancouver or even the Portland area contact our office today.