Recent Oregon real estate news has focused on Portland’s rising metro home prices and anemic residential inventories. So what’s the story on Salem?
A Tale of Two Coffees
The difference between Portland and Salem’s housing markets might best be compared to two different kinds of coffee. If the Portland area’s housing market rebound is seen as a double espresso, Salem’s real estate uptick is one cup of regular java.
Here’s why. According to RMLS, home prices are up 11.7% around Salem over the past year compared to Portland’s 14.9% increase. And Salem’s 6.3 month housing inventory backlog is more than double Portland’s skinny 2.5 month supply. With such a tiny number of available homes, Portland area buyers may need that double espresso to keep them on their toes in finding their next residence.
The encouraging news for now is that whether you prefer your coffee regular or extra strength, like Salem and Portland’s housing recovery, it’s all good and if given a choice, what many would order. Click here for the latest complete report on Salem metro area real estate, including your nearby town or neighborhood.