Apr 17, 2025 - Real Estate
Why Portland homeowners are staying put
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Portland-area homeowners have spent a median of 11.6 years in their home, up from 10.6 a decade ago, according to a recent Redfin analysis of county records.
Why it matters: Elevated home prices and mortgage rates are keeping people from buying their first homes — or moving into new ones.
- Yes, but: After years of being well below the national median of 11.8 years, Portland appears to be pulling even.
Zoom in: Many of the homeowners hunkering down are older adults, aging in place.
- Baby boomers who own houses are often mortgage-free or locked into low interest rates.
What we're watching: A shortage of homes for sale, partly due to homeowners staying put, is keeping prices high.
- "Housing costs are unlikely to drop significantly unless many people start letting go of their houses," Redfin's Dana Anderson wrote in the report.