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Considering the fact that home prices and mortgage rates change over time, the cost of buying a home in Portland OR today versus last year or any other time may be different.
Mortgage rates and home prices in Oregon have changed significantly over the last couple of years. This is particularly evident in Portland, which has seen a big rise in house values. As a result of these trends, the cost of buying a home in Portland is higher now than it was last year.
Here’s an updated look at the local real estate market, and how much it costs to buy a house in Portland in 2025. Let’s start by looking at recent home price trends.
According to the real estate data company Zillow, the median home price in Portland, Oregon is around $524,402 in December 2024. That is relatively the same as the same time a year earlier. Still, the cost of buying a home in Portland is still quite expensive compared to the median national home price of $359,099.
Homes are more expensive today than ever before, despite slight dips over the past 12 months, and they’re expected to get even higher, though at a steady pace.
While home prices in Portland have remained steady since mid-2017, they’ve risen quite sharply over the past decade, going from as low as $229,000 in 2012 to $524,402 today.
The bottom line here is that the cost of buying a home in Portland has risen significantly over the last few years. So a strong case could be made for buying a house sooner rather than later.
Related: Best Neighborhoods in Portland, OR
The home price is just one of the costs associated with buying a home in Portland. Buyers usually encounter a variety of fees and charges along the way, as well. These are collectively referred to as closing costs.
Generally speaking, the total closing costs for home buyers tend to range between 2% and 5% of the purchase price. So, if you’re buying a home that costs $400,000, your closing costs would be anywhere between $8,000 and $20,000 (on average).
Considering such a wide range, closing costs aren’t something you can use for planning purposes. You should seek help from a seasoned mortgage specialist to help you determine exactly how much your particular closing costs would be.
Closing costs can also fall outside of the 2% to 5% range as well. It varies. Important factors that play a role in determining the closing costs include the mortgage program, your credit score, down payment amount, property type and occupancy.
Related: Average mortgage payment in Portland
Granted, these are just averages based on a generic loan scenario. Your closing costs could vary based on a variety of factors. Please contact us if you’d like to receive a more accurate estimate of your closing costs, based on your specific situation.
The down payment is another important cost when buying a home in Portland. And it has to be paid up front, when you close on the home.
The average down payment in the Portland area is between 10% and 14% (depending on who you ask). But that doesn’t mean you’re required to put down that much. Different mortgage programs have difference minimum investments. Your down payment might range from 0% to 20%, depending on your loan type and other variables.
Down payments are a key cost of buying a home in Portland, but the money doesn’t necessarily have to come from you. A lot of mortgage programs, including both FHA and conventional, allow for down gifts from family members, close friends, and other approved sources.
Disclaimer: This article examines the current cost of buying a house in Portland, Oregon, in 2025. It uses averages for current home prices, closing costs, and down payments. Your home-buying expenses could vary due to a number of factors.
Do you need a mortgage loan to buy a house in Portland? Do you have questions about home loans? At Sammamish Mortgage, we can give you a detailed estimate of what your closing costs would be, along with a mortgage rate quote. We’ve been in the mortgage business since 1992 helping borrowers across Washington, Idaho, Oregon, and Colorado. Contact our knowledgeable staff today to find more information about our mortgage programs or to get started.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.