$1M Portland Homes Are Getting Smaller

In the Portland metro area, the typical $1 million abode comes in at a median size of 2,886 square feet. That's fallen 450 square feet from the spring of 2020, according to the Seattle home-selling company. The typical home will run $347 per square foot, rising from $300 in the same time span.

What are you likely to get nowadays? Four bedrooms and three bathrooms.

The stats are for homes around the $1 million mark, and Portland isn't alone.

"The typical home in the $1 million range shrank in nearly every major metropolitan area. The largest declines are found in Phoenix — down 1,116 square feet from 2019 to 2022 — and Nashville, where these homes lost 1,019 square feet," Zillow said.

"Buyers with seven-figure budgets shopping for homes during the pandemic were doing so coming off the longest period of economic growth in U.S. history and with the help of historically low interest rates," Anushna Prakash, Zillow economic data analyst, said in a news release. "Sales for expensive homes soared while buyers in the heat of competition accepted smaller layouts."

To get perspective, the median home price in the Portland metro during July, the latest month with data available, was $566,000, according to the Regional Multiple Listing Service.

Authored By: Jonathan Bach | Portland Business Journal