Portland home prices dip for first time in seven years
Portland and the entire West Coast has been hot property for years. But the housing market has cooled down
For the first time in seven years Portland home prices have gone down, according to new numbers from Regional Multiple Listing Service. They're barely 1 percent cheaper though, so if you're a buyer, don't get too excited.
Portland and the entire West Coast has been hot property for years. But the housing market has cooled down. The median home price in the metro area is now $384,000. If you thought the crazy buying frenzy around 2015 was expensive, prices are 42 percent higher now.
Salaries in the Portland area are up 22 percent since then.
Henry Cromett manages Gabriel's Bakery in the Lloyd District. He doesn't feel like home ownership is out of reach in the Portland area, it's just not happening anytime soon for him.
"That's the dream, right? But I'm 26 and don't have the money, so it's not in my immediate future," Cromett said.
Out his bakery window, he's been watching a new condo building going up on Northeast Multnomah Street. More than 160 units are for sale, including underground parking for 172 spots opening this summer.