It has been sunny indeed for real estate in the Portland metro area. The most compelling news remains with a 14% rise in the average sales price of a Portland home this year. The number of Portland homes sold has also increased 40% from when the market bottomed-out in 2010.
Click here and read my summary to see how this may benefit you.
The housing market in Portland is accelerating faster than most other major cities. Portland ranks No. 8 of “turnaround cities” according to the Oregonian. Nationally, home prices have risen 10% this year. Many California metros are ranking at the top which has historically had a strong influence on overall housing trends. Home buyers have returned to the market with determination, which combined with very few homes for sale, has put an upward pressure on home prices.
This graph displays the rise and fall in home prices between 2004 and today. The average sales price of a Portland home is currently 28% higher than it was in 2004, and takes into account the fallout in pricing between 2007-2012. This is great news for long-term homeowners and testimony to the rewards of home ownership over the years. An average priced home of $255,000 in 2004 would be worth about $327,000 today!
Close-in neighborhoods in NE and SE Portland continue to be hot zones with houses selling quickly and often with multiple offers. These areas have experienced the greatest share of home sales and price increases of almost 15%.
Area’s in SW and NW Portland, Beaverton, Aloha and Hillsboro are also selling quickly. These areas have had a larger share of distressed bank-owned and short-sale properties selling at lower prices. Average prices have risen between 12% - 13%.
Area’s outside of Portland including Gresham, Troutdale, Oregon City and Milwaukie are also seeing prices rise between 8% - 9%.
Interest rates are about 4.5%.
Please call me when it’s time to buy or sell a home. I’ll work hard for you.
Darin Provost, Broker
Vintage Real Estate