Portland Area Housing Market – Buying a Home in 2022
Are you wondering about the Portland area housing market? If you’re thinking about buying a home in Portland, this might be a good time to jump. Housing prices continue to rise, although we may not see quite as dramatic increases as in the past two years. Limited homes have created a seller’s market, with buyers currently just outnumbering sellers. Competition isn’t necessarily high, however, with many homes receiving only a single offer. Record high home prices may be resulting in especially discerning buyers. Home loan interest rates are also on their way back up, leveling back out after record lows during the first surge of the pandemic. Bottom line – Housing prices and interest rates are both only headed upward.
The Portland real estate market is one of the fastest rising in the country, with increases well above the national average. Portland was currently ranked number one for millennial job growth. It also consistently rates as one of the safest places to raise a family. Millennials, now in their 30s and 40s, are likely responsible for much of the housing demand right now. Portland’s low employment rate is likely another factor.
On the other hand, many families have found themselves completely priced out of the market in the past few years. The average single-family home in the city is currently priced at $543,000. That is almost $100,000 above market value, and well above what many families are able to afford. Zillow data shows Portland housing prices went up a staggering 145.2% since just 2012.
Portland Area Housing Market – Selling a Home in 2022
As previously stated, it is a seller’s market right now. Despite housing prices being at an all time high, potential buyers do still outnumber sellers. Those prices, however, may be motivating buyers to be a bit more choosy. Increasingly higher list prices are also likely to price many more prospective buyers out of the market entirely.
That said, the number of new available homes is expected to decrease through the end of 2022 and into 2023. There are less foreclosed homes than a couple of years ago, and less new homes expected to go on the market compared with 2021. The overall ratio of buyers to sellers is likely to remain about the same, with slightly more buyers than sellers. Sellers should price competitively and not expect exorbitant offers simply due to limited available homes. Average housing sales have closed at around 1% over asking price. The way prices have risen over the past few years, most sellers will make out very well even if they accept slightly lower offers.
Portland Area Housing Market 2022
Median housing prices in Portland have gone from $440,000 in 2021 up to $536,800 in March 2022. Homes in Portland are selling in an average of 35 days on the market, down from last year.
Oregon Housing Market 2022
Housing prices all over Oregon have continued to rise, up 19.7% over the 2022. That means prices have risen almost twice as fast between the previous two years. Prices went up 11.84% between March 2020 and March 2021. The current median value for homes in the state of Oregon is now $509,539 according to Zillow.
Predictably, housing prices just west of Portland are rising at a similar rate, with median prices in some areas as high as $700,000. Outside of the Portland metro, the city of Bend continues to thrive, with one of the fastest growing housing markets in the state.
Portland’s real estate market is one of the fastest-growing in the nation. Whether you are thinking about buying or selling, this could be an optimum time. Fairway’s First Team can help you through the home loan process – Contact us today!