the Oregon housing market is not that competitive as only some properties receive multiple offers. On average, homes sell for approximately 1% above the list price and are pending in approximately 36 days. Hot listings can sell for approximately 5% above the list price and become pending in approximately 25 days. Oregon home prices were up 6.7 percent year over year in March 2022, selling for a median price of $374K. In Oregon, homes sell after an average of 32 days on the market, down from 44 days last year.
According to Zillow, the typical value of homes in Oregon is $509,539. This value is seasonally adjusted and only includes the middle price tier of homes. Oregon home prices have gone up 19.7% over the past year. Between March 2020 to March 2021, Oregon home prices have gone up by 11.84%. Between March 2021 to March 2022, Oregon home prices went up by 19.8%. It is quite evident that price appreciation has almost doubled in the last year.
As of now, Portland is a “seller’s market” which means that there exists a limited supply of homes, and buyers are forced to compete often resulting in higher prices and/or quicker sales that tend to benefit sellers. That’s the reason why Portland metro home values have gone up 19.2% over the 12 months and Zillow predicts they will continue to rise at the same pace in the next twelve months. If we look at Zillow’s data since the last decade (April 2012), the Portland metro home values have increased by nearly 145.2% and that’s despite the market cooling off from 2017 to 2019.
One of the major factors driving the Portland real estate market is the fact that the city is hot with Millennials. Nor is it just students coming to Portland driving up prices in the Portland housing market. They want to buy homes in a family-friendly, cultural city, something many cannot afford to do in California.
When a city sees people move there for work, this could include everyone from 25-year-old grads to 50-year-old mid-career professionals. The fact that the Portland real estate market is especially attractive to young adults trying to buy houses, means there will be a strong demographic momentum into the future as they start families, increasing the local population and the odds they’ll stay.