The Oregon housing market has started becoming a buyer’s market after an extremely hot period over the last year. Oregon homes are finally getting away from bidding wars with listings taking an average of 45 days to sell after being listed. Final sale prices are at or slightly above asking prices with the most popular listings only getting 2-3% higher.
Breaking Down Oregon’s Market Data
To start, let’s take a look at the median sale price which comes in at $447,000. Even with the market favoring sellers, there are still more properties being sold compared to this time last year. Over 54% of these homes sold above asking price with an appreciation over 2.3% year over year.
The Portland market, in contrast, has managed to stay hot going into 2022. The number of sales in 2021 was higher than the previous four years with over 2,500 homes being closed on in the metro area. Portland currently boasts a median home price of $528,000 with competition keeping the heat turned up due to a recovering shortage of homes.
Even with the high number of sales, the supply still hasn’t caught up to the demand. It’s important to understand that finding the perfect home in Portland takes time and to expect paying listing price or slightly above. The current Portland housing inventory can only support demand for less than four weeks which is why the city hasn’t cooled off like the rest of the state.
What This Means for Oregon Homebuyers
There are many cities that would make for an ideal home for families and young professionals alike. Cities such as Fossil and St. Paul have seen high appreciation while still remaining affordable options that immerse you in what Oregon truly has to offer.
As we start getting further into 2022, the issue of a low inventory of homes in Portland is pushing homebuyers towards these other cities. Remote workers are bringing new life to local economies that make up a majority of Oregon as they look to place their new home office right in the middle of nature.
Renting has also become a more popular option as the weather warms up and short-term housing is needed for visiting vacationers. Real estate investors can look to start a traditional rental property or leverage digital platforms such as Airbnb to provide guests with a unique experience when they visit.
Finding the Best Financing Options in Oregon
Taking advantage of historically-low interest rates can be easy in the seller’s market that’s sweeping over Oregon. By working with a mortgage company with experience navigating Oregon’s lending and finance options, you’ll find the terms that fit your financial and life goals.
The first step is to reach out to the Potempa Team for a quick consultation and see just how easy home lending can be. Don’t let this opportunity pass by, get started on your next home purchase today with Oregon’s real estate market experts.