The state of Oregon’s housing market can be succinctly described in one word–BOOMING! Not only is Oregon home to one of the hottest real estate markets in the U.S., but it’s also attracting first-time buyers who are discovering the many perks of living in Oregon.
For example, there is no sales tax in Oregon, its coastlines are breathtakingly gorgeous, and economic indicators point to Oregon having one of the strongest, post-pandemic economies in the U.S. In fact, Oregon has been deemed a thriving “seller’s market” when it comes to residential properties. Buyers can also take advantage of a seller’s market by enjoying a wide variety of homes from which to choose.
Portland, Oregon Housing Market
Since 2010, homes in Portland have appreciated significantly, averaging over a seven percent increase per year. In addition, real estate experts expect this level of appreciation to continue rising in 2022, which is great news for sellers wanting a substantial return on their investment and buyers seeking the same benefit.
In 2021, Portland homeowners sold their properties in about 29 days on average. The national average of the time it takes to sell a home is almost three times that number. Although all Oregon residential property owners experienced reduced market-to-sale times, Washington County homeowners saw their homes sell the fastest compared to all other Oregon counties.
Eugene, Oregon Housing Market
Since summer 2021, Eugene, OR has been a seller’s market, meaning more people wanted to buy homes in Eugene than there were people wanting to sell. This is awesome news for both sellers and those wanting to buy a home in the near-coastal town of Eugene.
Eugene homeowners who put their residences up for sale typically wait an average of three and a half months to sell their property. Real estate agents attribute this slightly longer than usual time to the fact they have more options regarding the choice of market values and buyer opportunities.
Gresham, Oregon Housing Market
Offering a high quality of suburban life combined with the nearness of a large metropolitan area (Portland), Gresham is Oregon’s fourth-largest city boasting an active buyer/seller real estate market. There’s plenty of beautiful homes in Gresham for buyers to browse and sellers who can look forward to selling their home in less than two months. Whether you want a one-bedroom home or a luxurious multi-bedroom, multi-bath dream house, Gresham’s real estate market is waiting to welcome you with open arms!
Get Pre-Approved for a Mortgage Loan Today
The Oregon Office of Economic Analysis reports that new construction of single-family dwellings in Oregon is at its strongest since 2010-2012. Moreover, Oregon is recovering quickly from the economic problems caused by the pandemic. Wages are increasing, consumer spending continues to rise and unemployment is minimal at three percent.
In addition, low interest rates combined with a strengthening economy means it’s never been a better time to get pre-approved for an affordable mortgage loan. Contact the Potempa Team today for more information about finding the right mortgage you need to buy your dream home in Oregon!