Curious about buying a home in Portland? Here's what to expect during the process. 

The Portland housing market has a little something for everyone. Whether you’re looking for a historic home with a ton of character, a sleek, eco-friendly condo, or something in between—Portland’s got it. 

Portland also has a reputation for being one of the more affordable big cities on the West Coast for first-time home buyers (especially when you compare it to places like Seattle, San Francisco, or LA). However, that means there is always some level of competition—something buyers should definitely be prepared for heading into the process. 

How much you should expect to pay for a home in Portland depends on a ton of different factors. Size, location, age of the house—the list goes on and on. 

But let’s put a number to it anyway. Currently, the average home price in Portland is $527,725.

How does that compare to some of the cities we mentioned earlier?

• San Francisco: $1,260,086

• San Diego: $1,013,944

• Los Angeles: $950,032

• Seattle: $850,272 

Before we get into what you should expect when buying a home in Portland, let’s get a quick lay of the land. 

The city is broken up into four original quadrants. Two “quadrants” (North and South Portland) were added later. 

Within each quadrant are Portland’s individual neighborhoods. But for now, let’s focus on the six major areas.

Portland’s biggest quadrant is also home to some of its biggest attractions. The Convention Center, the Moda Center, the PDX airport, public golf courses—you’ll find it all in Northeast. But there are some cozy spots, too, like the Alberta Arts District and plenty of great little bars and restaurants.

Neighborhoods:

• Alameda

• Beaumont-Wilshire

• Concordia

• Cully

• Eliot 

• Grant Park

• Hollywood

• Kerns 

• Humboldt

• Irvington

• King

• Lloyd

• Madison South

• Rose City Park

• Roseway

• Sabin

• Sullivan’s Gulch

• Sumner

• Sunderland

• Vernon

• Woodlawn

If the great outdoors is your thing, Northwest Portland might be your spot. This area is home to the majority of Forest Park (the country’s largest urban forest) and other outdoor destinations like the Lan Su Chinese Garden. 

But don’t sleep on the nightlife either. Northwest is also home to the Pearl District, where you’ll find plenty of shops, restaurants, and art galleries. Oh, and don’t forget the most famous bookstore in the world! (well, one of them, anyway.)

Neighborhoods:

• Arlington Heights

• Forest Park

• Goosehollow

• Hillside and Kings Heights

• Linnton

• Northwest District 

• Northwest Heights

• Old Town Chinatown

• Pearl District

• Portland Downtown

• Sylvan-Highlands

When people think of Portland, the Southeast quadrant is probably pretty close to what they picture. This area perfectly captures the city’s eclectic, laid-back, and creative spirit. Southeast is definitely doing its part to “keep Portland weird” in the best way possible. 

But if quirk isn’t quite your vibe, there’s still plenty to love about Southeast—especially for families. The Oregon Museum of Science and Industry and the Oaks Amusement Park are just a couple of examples of the range in this area.

Neighborhoods:

• Ardenwald-Johnson Creek

• Brentwood Darlington

• Brooklyn

• Buckman

• Creston-Kenilworth

• Division-Clinton

• Eastmoreland

• Foster-Powell

• Hosford-Abernathy

• Ladds Addition

• Laurelhurst

• Lents

• Montavilla

• Mt. Scott-Arleta

• Mt. Tabor

• North Tabor

• Reed

• Richmond

• Sellwood-Moreland

• South Tabor

• Sunnyside

• Woodstock

Art, architecture, parks, sports—the zoo! Southwest Portland has it all. Super lively and walkable, this area of the city has all the restaurants, bars, and attractions to keep you as busy as you want to be. 

Neighborhoods:

• Arlington Heights

• Arnold Creek

• Ash Creek

• Bridlemile

• Corbett-Terwilliger-Lair Hill

• Collins View

• Council Crest

• Crestwood

• Far Southwest

• Goose Hollow

• Hayhurst

• Healy Heights

• Hillsdale

• Homestead

• Johns Landing

• Maplewood

• Markham

• Marshall Park

• Multnomah

• Multnomah Village 

• South Burlingame

• South Waterfront

• Southwest Hills

• West Portland Park

• Portland Heights

This is Portland’s “fifth quadrant.” There is a ton of history in this area. In fact, it was home to Vanport in the 1940s, which was Oregon’s second-largest city until it was destroyed by a flood in 1946. 

Today, North Portland is a total melting pot, with tons of diversity across the board—the community, cuisine, amenities, you name it. Overall, this area is a little more laid back than other parts of the city. It has a nice “neighborhood” vibe, but you can still easily access Mississippi Avenue or Alberta St. if you’re looking for a night on the town. 

Neighborhoods:

• Arbor Lodge

• Boise

• Cathedral Park

• East Columbia

• Hayden Island

• Kenton

• Overlook

• Piedmont

• Portsmouth

• St. Johns

• University Park

South Portland is the most recent addition to the city’s quadrants. Officially adopted in 2020, this sliver of Portland is home to some of the city’s most diverse cuisine, river activities, and plenty more. 

Neighborhoods: 

• Lair Hill

• Johns Landing

• South Waterfront

The “right” neighborhood totally depends on your individual needs and lifestyle. What works for you, may be the complete opposite of someone else’s idea of a dream neighborhood. 

That said, there are some resources I highly recommend to help you choose which area suits your needs best. 

• Getting around: Check out Walk Score to see how easy it is to get around in each neighborhood on foot, bike, or public transportation. 

• School ratings: GreatSchools offers ratings and reviews for Portland-area schools, while Portland Public Schools district maps show you specific boundary information. 

• Housing market data: PortlandMaps shows property details, tax information, and more to help you get a sense of how affordable each neighborhood is. 

• Crime stats: The Portland Police Bureau has an interactive crime map that shows statistics by neighborhood. You can also check out NeighborhoodScout for similar information.

• Noise levels: HowLoud provides noise ratings for different areas based on traffic, airplane paths, and other factors.   

Curious about the steps involved with buying a home in Portland? Here’s an idea of what the process looks like and what you might expect in each step:

First things first—we’ve got to get you pre-approved. In this step, a lender will take a look at your entire financial situation and give you a realistic sense of what you can afford. 

A pre-approval letter is great because:

1. It makes the whole process start to feel real. 

2. It gives us a budget window to work within.

3. It shows sellers you’re serious.  

C is a big one, especially in Portland. A pre-approval letter in a competitive market shows sellers you’re ready to buy. Plus, it lets you move quickly if the perfect house pops up.

Hesitations about getting pre-approved?

There are a couple of concerns people usually have when the topic of pre-approval comes up:

“Does getting pre-approved obligate me to buy?”

No! Getting pre-approved is just dipping a toe into the water. 

It’s basically just free information that provides a home-buying roadmap tailored to your specific needs. A lot of times, people are at least a year out from buying when they get pre-approved. They might even decide to wait a little longer, depending on the pre-approval information provided. 

Either way, they’ll at least get some questions answered and have an action plan for actually getting a mortgage when they’re ready.

“I don’t want a hard credit pull.”

Good news! Your lender can do a soft pull that has zero impact on your credit and still lets them do their full due diligence. Easy peasy.

The pre-approval process gives us a jump on this, but there’s a lot more that goes into your actual budget. We have to take a step back and look at:

• Property taxes (This varies by neighborhood. Places like the Pearl District or Lake Oswego tend to have higher rates.) 

• Home insurance 

• HOA fees (if you’re looking at condos or townhomes, which are popular downtown and a lot of newer developments)

• Utility costs

• Maintenance/future upgrades (Portland has a lot of older homes with plenty of charm… but also some potential projects.)

That’s just to name a few. I’m not trying to scare you with this—we just have to make sure we’re looking at the whole picture and setting you up best for the future.

Hi, that’s me!

In all seriousness, having a local real estate agent is a game-changer. Someone who knows the area, is up-to-date on market trends, and has connections in the community makes the whole process so much more manageable. 

Whether you’re a first-time home buyer or you’re looking for your forever home, I’m here to make the process simple, stress-free, and dare I say… fun?

But the most important thing is that you find someone that you trust and are comfortable with. This is a huge decision, after all! Feel free to reach out any time if you want to chat about the process. 

Okay, ready for the fun part? It’s time to start house hunting!

Overall, this step is super exciting, but there will probably be some ups and downs, too. Portland’s market can move fast, and inventory might be low in the neighborhood you have your eye on. The key is staying open-minded and, above all else… patient! 

You might see some homes you love but don’t fit your budget. You might find others that seem great on paper, but just don’t pass the vibe check. 

You’ll know you’ve found the right one when a home feels like a fit for your needs, lifestyle, and budget. Trust your instinct when that happens, and remember: Finding the right home is worth the wait!

You’ve found a home that checks all your boxes, and now it’s time to put in an offer. This part can be a bit nerve-wracking, but if we’ve done everything right up to this point, there’s nothing to be nervous about.

The offer you submit will depend on a lot of different factors. You may be able to offer the straight-up asking price, but you might have to go above. Depending on the property and the market conditions, you’ll likely face competition, so it’s important to stay flexible. 

Be ready for some back and forth, as well (your real estate agent will handle this part for you). Negotiation is common. It’s all about finding the balance between getting a fair deal and making your offer appealing to the seller.

Once you and the seller have agreed on a price, you’ll sign a purchase agreement. That puts the home “under contract.” You’re almost ready to make it official now! There are just a few more hoops to jump through…  

It’s time to link back up with your lender to finalize the mortgage. Now that your new house is officially “under contract,” your lender will have to review everything in a little more detail, including:

• A comprehensive credit report

• Income verification

• Employment verification

• Assets and savings

• Debt-to-income ratio

Your lender might also request updated documents, especially if a good bit of time has passed since your pre-approval. This part can take some time, but don’t get frustrated—it’s all about setting you up for a smooth closing.

A home inspection is your opportunity to check for any issues that might not be obvious during a showing. Expect the inspector to look at everything, from the roof to the pipes—even crawl spaces (which are common in older Portland homes.  

Depending on the results, you might need to negotiate repairs with the seller. It’s pretty common to find minor issues that can be addressed easily, but bigger problems (like a foundation failure, roots in a sewer line, etc.) may require more extensive negotiations… 

…Or everything might be perfectly fine! This step is all about just making sure you’re confident in the state of the home before it officially becomes yours. 

Your lender will arrange for an appraisal to confirm that the price you offered matches the home’s actual value. This ensures that both parties have agreed to a fair price based on the property’s size, condition, and comparable sales in the area. 

Keep in mind that a lender won’t lend more money than the home is worth, so the appraisal is a critical step in securing your mortgage. 

If the appraisal value matches or exceeds the purchase price, great! We are ready to move forward. But if it comes in lower, we may need to negotiate with the seller or adjust the loan terms. 

Once the appraisal checks out and your lender completes their final underwriting (the confirmation of all your tax documents and paperwork stuff), your file will be “cleared to close.” It’s time to buy the house! But first…

The final walkthrough happens just before closing (usually within 24-48 hours). It’s your last chance to check the property and make sure everything is just how you want it before you officially become the owner. 

A few common steps during the final walkthrough:

• Verify repairs or any fixes that you and the seller agreed to during the negotiation process. 

• Check the condition of the property to make sure nothing has changed since you made the offer. 

• Test essential systems like lights, heating and cooling, sinks and showers, and so forth. 

• Check for appliances, fixtures, or anything else the seller agreed to leave for you. 

The final walkthrough is a quick but critical check to ensure everything is exactly as you expected before signing the dotted line on those closing documents.

We’re finally there! First, you’ll need to schedule an appointment with the title company to review and sign everything—the loan agreement, the deed, the closing disclosure, and a few other legal forms.

Then it’s time to handle all the fees associated with the sale, including closing costs, the down payment, and anything else listed on your Buyer Settlement Statement. Rest assured, we’ll go over all fees and cash-to-close requirements at the start, so there are no surprises waiting for you at the closing table. 

Once all the documents are signed and the funds are paid, the title company will record the new deed in your name. This officially transfers ownership from the seller to you. 

You are the legal owner of the property—let’s go get those keys!