March 14, 2016

Portland’s hot real estate market helped by Buyers from Bay Area

Posted in Real Estate tagged , at 6:59 am by Keith Knutsson

PORTLAND, Ore. — A growing number of Portland-area home buyers are coming from the San Francisco Bay Area. The California transplants are helping to fuel Portland’s red hot housing market.

“I’ve got two Bay Area buyers in escrow right now and it seems like more of their friends, just kind of keep talking about it,” said Matthew Brennan of the real estate brokerage Redfin.

Redfin data shows Bay Area residents are moving to Portland- and buying homes more than any other city.

“It’s just more affordable. You get more house for the money,” said Brennan.

Of Bay Area residents moving elsewhere in the country- 4 percent bought homes in Portland in 2014. One year later – that number jumped to 12.6 percent.

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“It’s pretty hard to afford something down there,” said Jamie Hull. She moved from the Bay Area three weeks ago to take a job with the Portland-based software company Puppet Labs.

Hull, who is renting a home but hopes to eventually buy, was drawn to Portland for the outdoor recreation and the lifestyle.

“I think that’s why people end up moving here is because they feel a draw, not just to the work, but the culture,” said Hull.

It’s also far more affordable.

In January, the average median home sales price in the San Francisco Bay Area was $900,000. In Portland, the average home sold for $299,000.

With so many motivated buyers coming into the market – often flush with cash – industry analysts anticipate home prices in Portland will likely continue to rise.

 

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