After the equity surge of 2021 and 2022 is it possible to buy a single family house in Portland city limits under $400K? The short answer is yes.
To the dismay of many buyers on a budget, the already booming market in Portland saw a major surge in home prices over the past 2 years. Currently, prices are still climbing, though not at the exponential rate that we have previously seen.
As the market's growth begins to settle back to a normal rate, we are beginning to see some price stability. For those who's lender approval doesn't exceed $400K, buying in Portland is absolutely possible and now is a good time to do so.
As I am writing this, there are 51 houses on the market with a Portland, OR address listed under $400k. Of these 51 homes, some will bid well over the asking price, some will sell below asking, some won't be financeable, and many of them will require some work.
Looking outside the city's limits would yield more bang for you buck, but if you want to live within, expect a longer and more aggressive search, lower square footage, to compromise on location, and to put in sweat equity.
To compete in this price range, expect to be outbid on more than one occasion, ask your Realtor to set forth a plan to make your offers stand out, and understand that you may have to settle for repairs or DIY projects.
Nothing is set in stone and different opportunities hit the market every day.
On these terms, it's important to understand where to be patient and where to have a sense of urgency.