The Real Estate Market – Portland, Oregon
We can certainly understand why someone would want to move to Portland, Oregon. As one of the most beautiful cities in America, with its park-like atmosphere from city streets to suburbs, the city is home to nearly 650,000 people. If you are thinking about moving to Portland and are curious about what the real estate market is looking like there as of early 2019, we are here to help.
In this article, we are going to take a look at the market, the trends and some of the unique aspects of living in this west coast gem.
Portland Real Estate Market
The median home price currently sits at $396,000 which is about $283/per square foot. This is actually a “drop” in home price, and the market remains “cool” according to real estate records and reporting. Markers reveal that the market will continue to cool throughout 2019 as inventory increases and more buyers postpone home purchases to see if they can get an even better deal later in the year.
Because of all of this, it really is a buyers market. Condos priced $300k+ and homes that were priced at $600k+ all fell in value over the last evaluation period. If buyers are ready to purchase they will have more options to choose from, especially compared to just a couple years ago.
A segment of the market is supposed to have a better forecast, which might be great news for sellers in this sales bracket. Homes in the Portland metro area that are $450,000 or less are likely to see an increase in sales, which will lead to better home appreciation values in the future.
In 2016, Portland was one of the fastest growing cities in America, but since population growth has slowed since that year, experts think this might be contributing to a slower home sale rate. Another factor leaving the market a little cool is the crime rates. The city currently has a crime index rating of 2 (100 is safest), so it has to do some work in understanding what might be leading to the uptick in crime.
Why Choose Portland
The city is not just beautiful, but the people here work hard to keep it that way. Recycling is not just “on trend” but a “way of life” and it has been for decades. There is a heavy influence of outdoor living, despite its record soggy days. River and hiking are not far from the city center, and you can be at the Pacific Ocean, such as famed Cannon Beach, in less than two hours.
We hope you’ve enjoyed this real estate insight into Portland. If we can help you with a home inspection, please give New Day Home Inspections a call, we would be happy to help.