Homebuyers in Portland are facing one of the toughest real estate markets in years. Rising home prices, limited inventory, and cautious demand have made it difficult for most buyers to make a move. Yet, in the luxury segment, the market remains active. Portland’s high-end neighborhoods continue to attract wealthy buyers seeking custom-built estates, scenic views, and architectural masterpieces.
According to a recent Redfin analysis, luxury homes—ranging from multimillion-dollar mansions to sleek downtown penthouses—are still selling, even as broader market activity slows. The study, conducted across the Portland metro area, highlights neighborhoods where property values remain among the highest in the region.
1. Dunthorpe
Located just south of downtown Portland along the Willamette River, Dunthorpe consistently ranks as one of Oregon’s most prestigious residential enclaves. With grand estates, gated properties, and tree-lined streets, the median home price here exceeds $2 million. The area offers privacy, proximity to top-rated schools, and easy access to downtown, making it a favorite among business executives and longtime Portland families.
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2. West Hills / Forest Park
Stretching above the city, Portland’s West Hills neighborhood features stunning panoramic views, historic architecture, and modern luxury homes tucked into forested hillsides. Properties often sell for between $1.5 million and $4 million, depending on lot size and view. Residents enjoy quick access to both nature and city amenities, with Forest Park trails minutes away.
3. Northwest Heights
A newer upscale community near Forest Park, Northwest Heights is known for its large custom homes and sweeping city views. Median prices hover around $1.4 million, with many properties featuring contemporary designs, spacious layouts, and eco-friendly technology. The area attracts professionals and families seeking suburban comfort with urban convenience.
4. Lake Oswego
While technically a separate city south of Portland, Lake Oswego remains one of the metro area’s most expensive housing markets. Waterfront estates along Oswego Lake can easily reach $3–5 million, with the median home price above $1 million. Its boutique downtown, parks, and top-rated schools make it one of the most desirable communities in the state.
5. Pearl District
For those seeking urban luxury, the Pearl District offers high-end condominiums and penthouses overlooking the river and downtown skyline. Converted warehouses now house multi-million-dollar lofts featuring floor-to-ceiling windows and modern finishes. Median prices are around $900,000, though top listings can exceed $2 million.
Luxury Market Outlook
Despite rising mortgage rates and slower overall sales, Portland’s luxury market continues to show resilience. Many high-end buyers are less affected by borrowing costs and are purchasing with cash. With economic uncertainty pushing some toward tangible assets, luxury real estate in Portland remains a symbol of stability and exclusivity.
