Million-dollar Homes Grow More Common in Portland Metro

Million-dollar homes are still rare in metro Portland, but their share of the market has more than tripled in five years, according to the real estate website Trulia.

About 1 in 40 homes hit that threshold in the Portland area in 2018, Trulia said, up from 1 in 125 in 2013.

And while nearly all major metros are seeing an increase in million-dollar homes as prices rise across the nation, the shift has been more dramatic in Portland.

In 2013, Portland ranked 42 out of the 100 largest metros in its share of homes valued over $1 million. In 2018, it had climbed to No. 28.

Home prices in the Portland area have climbed 47 percent since 2013, according to the S&P CoreLogic Case-Shiller index. The median home price topped $400,000 for the first time this year, according to the Regional Multiple Listing Service.

In the Bay Area, million-dollar homes have become the norm. The median San Francisco home value is $1.3 million, according to Trulia, and 81 percent of homes cost more than $1 million.

About 13 percent of Seattle-area homes are priced over $1 million. The median home price there is $565,000.

— Elliot Njus

enjus@oregonian.com
503-294-5034
@enjus

Posted on November 19, 2018 at 11:40 pm
MJ Steen | Category: Uncategorized | Tagged , , , , , , , , , , , , , , ,

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