2019 Expected Real Estate Trends in Portland Oregon
The thriving city of Portland attracts the unique individual who appreciates both the bustling urban downtown area and the close proximity to and the open waters of the North Pacific Ocean. However, as the booming tech industry makes its way up north from California, the real estate landscape is shifting in Oregon and Washington. New buyers in Portland look to build condos and former downtown residents are moving further out to the east and south as the central areas become increasingly expensive. Read on to know exactly how Portland area neighborhoods are evolving so that you can make a smart decision about where to make your next big investment.
Up and Coming in Cully
Cully, Northeast Portland’s new place to be, is a stone’s throw from the Portland International Airport and a brisk boat ride over the Columbia River to Vancouver. The average home sale price has risen +10.4% from the previous year, with the most desirable homes selling up to 2% above asking price. The highly diverse neighborhood is zoned for single-family houses and is home to mostly working-class families who are committed to keeping various cultural traditions alive. Keep an eye on Cully; it’s said to the next big foodie hotspot thanks to the original residents, who are keen on sharing their ethnically diverse cuisine.
Why Move to Montavilla
This neighborhood is rapidly gaining street cred with younger folk due to its accessibility; it’s within reach of the popular downtown via frequent public bus transportation or by a short bicycle ride. Though this area was originally under the radar, the Montavilla Neighborhood Association has actively been working to transform Montavilla into a tranquil and safe place to live. Residents can relax at the local community center pool during the summer and hit the popular farmers market for fresh fruits, veggies, and homemade goodies. Local gems like Hungry Heart Bakery, the Academy Theater, and a handful of dive bars keep residents busy. Though many homes get multiple offers in Montavilla, the average home sale dropped a surprising -4.0% since last year, making it a good time to take another look.
Buying in the Foster-Powell Triangle
FoPo, or Foster-Powell, is a Southeastern Portland neighborhood marked by its triangular shape. The community-focused residents are entrepreneurs, artists, families, and newlyweds who enjoy the thriving food scene and increasingly pedestrian-friendly bike lanes and sidewalks. This quintessentially charming Portland district is one of the most competitive places to buy, seeing a jump in housing sales up a striking 47.9% from 2018. That being said, if running errands on a bicycle while making a small-but-significant positive environmental impact sounds like a dream for you, the average price of a FoPo home will run you around $497k.
All about Kenton
A leisurely twenty-minute bicycle ride from and Portland International Raceway, Kenton was originally a meatpacking district that has since transformed into one of the city’s most desirable neighborhoods. With an artsy vibe and plenty of bars, cafes, and vegan and gluten-free friendly restaurants and grocery stores, residents never lack things to do. If that’s not enough for you and you like just a , only thirty minutes on the light rail will transport you straight to downtown and all the action. Despite the dog-eat-dog real estate market in this area, average sales are down 15%, making this a good time to sweep in and find your Kenton dream home.
Fall in Love with Alberta
Alberta charms residents with a monthly street fair on its central and aptly-titled avenue, NE Alberta. Summer is when Alberta thrives, as the main avenue closes off to street traffic and invites over 150 vendors to sell arts and goods amongst a backdrop of live music and dazzling children’s activities. But even in winter, there’s never a dull moment, as a number of local shops sell vegan food and sweet treats all year round. Gallery openings occur on the regular, quaint coffee shops are perfect for people watching. The Alberta Arts district is the perfect area for lunch dates, getting your nails done, and just thriving out and about in the city. Family friendly and on trend for longer than other Portland neighborhoods, Alberta is one of the pricier places to live, with average home sales nearing $770k, which is up a shocking 78% from last year.
Find Portlandia in Hawthorne
If you’re looking for the kooky, health-conscious Portlanders who’ve become a bit of an inside joke in the USA, Hawthorne is your spot. Home to numerous independent shops and restaurants, the townsfolk of this neighborhood eschew the chain retailers that have taken over in other states. Spend an evening at the unique Bagdad movie theater and pub for locally sourced eats and craft brews before watching the latest independent movie. Single-family houses are on a downswing here, selling for an average of only $416k, and usually 2% below asking.
Portland Willamette River