Building Costs Per Square Foot in the City of Portland (OR), USA

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Residential Construction Market Analysis in the City of Portland (OR), USA

Newly Built House in Portland 8558 SE 70th Avenue #B OR97206 – 2 Bedrooms and 2 Baths with 3 Attached Garages on Gross Floor Area 892 sqft – Built in 2022 – Price $399,000

Newly Built House in Portland 8558 SE 70th Avenue #B OR97206 – 2 Bedrooms and 2 Baths with 3 Attached Garages on Gross Floor Area 892 sqft – Built in 2022 – Price $399,000

Everyone wants to have their own house, but the more time passes, the more impossible it seems. Do not let the global or national context discourage you, buying a property is still possible.

In this article, we will tell you everything you need to know about the city of Portland, located in Oregon. With this information, you will be able to know if it is the right city for you, and for what you are looking for, or if you should explore other cities in the United States.

Portland (OR) Construction Outlook

Although the capital of Oregon is Salem, Portland has been recognized for decades as its largest city and as its economic capital. Most of the state’s business takes place in this city, and if people choose to move to Oregon for the first time they will most likely choose a property in Portland.

Portland has a couple of buildings, but don’t expect to see the skyline that you would find in a city like NYC or Chicago. They are buildings that were mostly built in the 80s so they retain the aesthetics of that time. Currently, there are some residential projects to build buildings, but we will talk about them later in the article.

Despite not being full of buildings, something that characterizes its construction is the houses made with brick and cement. It is rare to come across houses built with other materials since due to climatic conditions they must have these characteristics.

Winter in Portland can get very cold, especially in the parts closest to the mountains, so houses must be prepared to face those temperatures and the snow that falls during January and February. Even if you see tourist cabins that seem to be made only of wood, do not forget that they must have some cold-insulating material inside.

Portland (OR) Housing Market Analysis and Forecast

The Portland real estate market had a pretty interesting downturn this year. Not only did the value of the properties drop, but the number of days that they are listed before being sold increased, and there are not so many properties that are currently being sold.

This can have different interpretations, but in part, it is due to a decrease in the labor supply and an increase in the rate of crimes committed in the city. However, this does not mean that Portland is a bad place to live, on the contrary! It has some parts of the city that are perfect for raising a family and also the prices are not that high.

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If you are looking to invest, Portland may not be the best option for you. Although you can get a cheap property, experts say that values ​​​​may drop by 5% between now and October 2023, and they are already down 5% throughout this year. This means that you will have a lower profit, and also the properties are usually up to 60 days listed before being sold, which is quite an amount of time compared to other cities in the region.

If you are looking for a residential property to live in, Portland is a good option. Prices will drop a bit during the winter months, so that’s the right time. There is not such a wide variety of properties listed, but you will still be able to find at least one that suits what you are looking for.

For example, Multnomah County and Hillsboro are good places within the city of Portland to live. Even if you want to invest in Portland, these are the best places to do it, as values ​​are up 10% this year, and the same is expected to happen next year.

Portland (OR) Average House Price (Median Home Price)

The median home price in Portland in October of this year is $530,000. Compared to other times this year, it is a relatively low value. It reached its highest annual peak during May, reaching an average of $600,000, and then continually dropped to the current number.

The median home price is expected to drop a little more in the remainder of this year, perhaps as low as $520,000, but this is not a trend that will last long. Experts affirm that certain counties of Portland and its metropolitan area may have an increase in reaching median home price values ​​of $650,000 in May 2023. In any case, we cannot know the future, and what we do know is that today you can find them at a reasonable price.

Remember that the median home price is a number that is obtained as an average of the values ​​of all residential properties on the market, so in reality, you can find higher or lower numbers depending on the area you are in or the type of property.

For example, the value of the average single-family home is $560,000. In the case of condo/co-op properties, the value is $345,000, 5% lower than during the same period in 2021. Townhouses have an average value of $460,000 today, although during July it had reached a peak history of $550,000.

In recent years, a peak in values ​​has been repeated during the summer months, so if you are looking for cheap properties either to invest in or live in, then we recommend that you do so in the winter months. Now if you want to see a greater variety of houses listed or better quality, then summer is the ideal time.

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Proposed Residential Building Projects in Portland (OR)

Portland is the fastest-growing city in all of Oregon, so it’s no surprise that there are different types of real estate projects. The projects are quite varied, so there is something for everyone.

In the financial center of the city, there are some building projects to be built in the next few years. These buildings pretend to be more modern than the ones that currently exist, as a way of modernizing the city. In any case, the historical areas of the city are protected so that no building of cultural value will be demolished.

In the most distant areas of the center, there are some construction projects focused on tourism. From hotels or luxury cabin complexes, even some places for glamping, there you can find many tourism-related projects.

Newly Built House in Portland 15374 NW Orchid Street OR97229 – 5 Bedrooms and 3 Baths with 2 Attached Garages on Gross Floor Area 2,900 sqft – Built in 2022 – Price $953,990

 Newly Built House in Portland 15374 NW Orchid Street OR97229 – 5 Bedrooms and 3 Baths with 2 Attached Garages on Gross Floor Area 2,900 sqft – Built in 2022 – Price $953,990

Building Costs Per Square Foot for Single Family Homes in the City of Portland (OR), USA

Building costs are 10% above the national average in the City of Portland in Oregon.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Portland City ranges from $379.38 per sqft to $581.57 per sqft, with the average being $447.72 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Portland City ranges from $230.57 per sqft to $353.43 per sqft, with the average being $272.10 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Portland City ranges from $149.05 per sqft to $226.39 per sqft, with the average being $174.51 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Portland City ranges from $108.78 per sqft to $166.82 per sqft, with the average being $128.38 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Portland City ranges from $88.30 per sqft to $135.22 per sqft, with the average being $104.12 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Portland City ranges from $69.64 per sqft to $106.74 per sqft, with the average being $82.15 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

 


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