Portland’s real estate market has cooled overall, just a bit – for now. It’ll be interesting to watch the numbers as 2017 closes out and we start the new year. To help give home buyers the inside scoop on which emerging neighborhoods in our area are the most promising I talked to some of my favorite local real estate colleagues to see what they had to say about the best neighborhoods to buy a house in Portland in 2018.
For those buyers who may be feeling shut out by Portland’s overall higher price point, Maria Fitzgerald, a seasoned broker with Inhabit Real Estate explains,
“I often hear the question: ‘Where should I buy a house that is up and coming and we won’t be priced out of the market?’ You can still get a great house, and oftentimes below the average price point in Portland of $428,800. That’s not to say you won’t be doing some sweat equity but it will be worth it! Portland is growing at a rapid pace, buy with walkability to parks, transit, and neighborhood offerings like coffee and restaurants in mind. Investing in areas where transit (bike, streetcar, Max or a bus line) is near and you can enjoy the energy of Portland is key to gaining equity more quickly in my opinion.”
The Best Neighborhoods to Buy a House in Portland in 2018
The Best Neighborhoods to Buy a House In Portland: East Side
The top up-and-coming Portland neighborhoods Maria Fitzgerald recommends are:
St. Johns $344k median sales price.
The St. Johns Neighborhood Association touts this far north neighborhood as a ‘small town in a big city’ – the neighborhood actually was its own incorporated city between 1902 and 1915. This area boasts one of the city’s most beautiful bridges, the St. John’s Bridge, and the corresponding park, Cathedral Park, this neighborhood is also home to a vast assortment of social, shopping, and dining destinations including it’s own McMenamins Theater and Pub and the Moonstruck Chocolate Factory.
While great burgers, beer, and gourmet chocolate aren’t really reasons to buy a home, factor in the affordability, the best-of-both-worlds urban/suburban lifestyle, and the close-knit community which consistently draws young professionals and families to buy and put down roots in this neighborhood and St. John’s is an excellent place to purchase a home in Portland.
FoPo $350k median sales price.
The Foster-Powell neighborhood (Or ‘FoPo’ as it’s affectionately referred to by those in the know) is known as ‘The heart of the city’ – and to prove it, the FOPO Neighborhood Association includes a heart in its logo. This outer southeast Portland neighborhood is considered to be one to watch as more families and small businesses move to the area. With no less than eight local parks, a Foster Area Business Association-organized art walk, a neighborhood garden tour, and more, this area is heart-centered and community driven. With the development and launch two years ago of the locally-owned, entrepreneur-friendly Portland Mercado FoPo has cemented itself as one of PDX’s most welcoming and culturally diverse areas.
Also: Cully | Brentwood-Darlington | Rocky Butte
Fitzgerald also advises Portland-area home buyers looking for more house for their money to consider the Cully ($335k median sales price), Brentwood-Darlington ($319 median sales price), and Rocky Butte ($350k median sales price) neighborhoods.
The Best Neighborhoods to Buy a House In Portland: West Side
Sean Becker of Sean Z. Becker Real Estate states that “The area of Vermont Hills and specifically Maplewood is a great place to buy right now. Its close-in, with great homes that are still affordable, making it a great option compared to further out northeast and southeast Portland.” Sean further emphasizes the larger lot sizes available to buyers in these neighborhoods.
Maplewood, an almost exclusively residential neighborhood located in suburban southwest Portland, has its fair share of beautiful parks and greenspace, including the Crystal Springs Rhododendron Garden and Gabriel Park. A neighborhood populated with families as well as elder generations, this community is well-connected by the green spaces, hills, and creeks that exemplify an active Portland outdoor lifestyle.
Alpine Group’s Seann Bates sees strong purchase value near downtown Beaverton and explains, “The city of Beaverton is on a real push to reinvent itself by helping small business and trendy shop owners by revitalizing their downtown area. The homes in this part of town are smaller and more catered toward the first-time home buyer or people looking to renovate.”
Beaverton, with a median home price of $365,300, is a suburb of Portland, Oregon and the 5th largest city in Oregon. The development of the MAX light rail transportation system into Beaverton in the 1990s made this once far-reaching area immediately more accessible and it’s been growing ever since. With the Beaverton Farmer’s Market, a wide range of authentic and diverse food choices, and countless locally-owned shops and small businesses, as well as a beautiful city park and fountain and a public library, downtown Beaverton and the surrounding area offers home buyers a vibrant community.
As Seann mentioned, the city of Beaverton has focused efforts on downtown growth. The Beaverton Main Street Program “works to foster vibrant commercial districts that draw people, businesses, and investment to key areas of the city” and has successfully revitalized the area, bringing more small businesses to the economy and more growing families to the housing market. Downtown Beaverton is located seven miles west of Portland, making it accessible to the city.
Ready to Buy a House in Portland?
If you’re ready to buy a house in one of these up-and-coming Portland, Oregon neighborhoods, or any other Portland or Vancouver-area home please get in touch with me to learn more about the mortgage lending process and how much house you can afford.