What you can buy at Portland’s average home price of $542,000

The average price for a Portland area home rose to $542,000, according to the latest Regional Multiple Listing Service (RMLS) report.

Prices are escalating due to the limited amount of residential properties for sale and home shoppers motivated by low mortgage interest rates and the desire for more space to work and study at home during the pandemic.

Most homeowners are receiving multiple offers within the first couple of days, and potential buyers whose offers were not accepted continue to search, with new buyers joining the line, say experts.

Buyers in February 2020 paid an average of $84,100 less than buyers in February 2021, where the average sale price increased 18.4% from $457,900 to $542,000, the RMLS report shows.

What can you buy for around $542,000? Here’s what we found:

Fixer-upper: 6705 N. Borthwick Ave. in Portland’s Piedmont neighborhood is listed at $540,000.

The bungalow, built in 1916, has original hardwood floors, built-in cabinets, nine-foot-tall ceilings and a wood-burning fireplace. There are three bedrooms, 1.5 bathrooms and 2,804 square feet of living space.

On the 4,791-square-foot lot are fruit-bearing trees such as apple, plum, pear, cherry, Concord grape and hazelnut.

“House has great bones just needs some TLC. House sold as-is, seller will not do any repairs,” says listing agent Janet Warren of Cascadia NW Real Estate.

See more homes for sale in the 97217 zip code

Move-in ready: 3412 S.E. 53rd Ave. in Portland’s South Tabor neighborhood is listed at $540,000.

The traditional-style house, built in 1988, has vaulted ceilings, solid white oak floors and a kitchen with a walk-in pantry. There are four bedrooms, two bathrooms and 2,520 square feet of living space.

A wall in the original fourth bedroom has been removed to create a huge family room but the wall could be restored, says listing agent Dee Reddy of the Group Real Estate Services.

The 4,791-square-foot lot includes an oversized garage and private yard.

“Incredible South Tabor home is a rare and perfect combination of vintage charm and modern amenities and is truly move-in ready,” says Reddy.

See more homes for sale in the 97206 zip code

Portland Plaza condo: 1500 S.W. 5th Ave #2002 in downtown Portland is listed at $545,000.

The contemporary condo, built in the 1973 Portland Plaza, has high ceilings, cherrywood floors, a kitchen with granite counters, two bedrooms, two bathrooms and 1,319 square feet of living space.

“Spectacular wall of windows to gaze at the jaw-dropping, east-facing Mount Hood and Columbia River views,” says listing agent Sonya McKinney of Premiere Property Group.

The homeowners association fee is $1,091 a month and includes use of a gym, library and barbecue area.

See more homes for sale in the 97201 zip code

Large lot: 1440 S.W. Broadway Dr. in Portland’s Southwest Hills is listed at $545,000.

The traditional-style house, built in 1916, has five bedrooms, 2.5 bathrooms and 2,500 square feet of living space plus a covered porch and large decks.

The 0.38-acre property offers privacy and territorial views.

“Bring your hammer and ideas for this cosmetic fixer. Property may be divided per City of Portland, separate living unit with outside entrance in lower level; buyer to check if legal and perform their own due diligence,” says listing agent Christopher Kuehl with Tim Shea of Eleete Real Estate.

See more homes for sale in the 97201 zip code

Milwaukie: 14612 S.E. Brightwood Ave. in Milwaukie’s Oatfield neighborhood is listed at $546,999.

The two-story house, built in 2000, has an open floor plan with cherry hardwood floors and carpet, four bedrooms, 2.5 bathrooms and 2,557 square feet of living space.

The 6,098-square-foot lot has a fenced backyard.

“Easy access to natural spaces and parks, and a short drive to Mount Hood,” says listing agent Antoine Dean of Living Room Realty.

See more homes for sale in the 97267 zip code

— Janet Eastman | 503-294-4072

jeastman@oregonian.com | @janeteastman

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