PORTLAND, Ore. (KOIN) – Portland is set to welcome a million-dollar housing market in the next decade, according to a recent analysis from Realtor.com.
The analysis, released in late October and first reported by Axios, ranks the top 10 affordable cities in the United States that are poised to have million-dollar housing markets in a decade – ranking the Rose City high on the list.
According to the report, most housing markets that have the potential to become million-dollar markets are found in the West and Midwest.
Realtor.com economists analyzed sale price growth in America’s 100 largest metros from 2014-2019, “a five-year stretch that skirts jarring anomalies such as the recession and pandemic,” Realtor.com said. The team applied the same trajectory to project where home prices will be in the next 10 years.
Topping the list of cities poised to become million-dollar markets are Boise, Idaho, followed by Salt Lake City, Utah.
According to Realtor.com, Boise has seen a 58% five-year price growth with 2023’s median home sale price at $464,578. That price is expected to grow to $735,026 in 2028 and $1,162,910 by 2033.
Meanwhile, Portland, Oregon claimed the third spot on the list.
According to Realtor.com, between 2014-2019, Portland saw a five-year price growth of nearly 45%.
In 2023, Portland’s median home sale price was $501,245. That figure is projected to grow to $726,105 in 2028 and $1,051,838 in 2033.
Other cities on the list include Colorado Springs, Colorado; Stockton, California; Denver, Colorado; Sacramento, California; Boston, Massachusetts; Honolulu, Hawaii; and Seattle, Washington.
