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Oregon Home Prices: Dips, But Up For The Year

October 30, 2013 By Roy Widing

New reports on Oregon home values are now available. For the greater Willamette Valley, they show a pronounced dip in Salem area prices, with a lighter decline around greater Portland. First, here’s a price graph for metro Salem:

Greater Salem, Oregon Home Price Chart - Polkand, Marion Counties September 2013
Greater Salem, Oregon Home Price Chart

And here’s the greater Portland price graph:

Greater Salem, Oregon Home Price Chart - Polkand, Marion Counties September 2013
Greater Salem, Oregon Home Price Chart
Greater Portland, Oregon Home Price Chart
Greater Portland, Oregon Home Price Chart

Inventory Explains Price Shifts
Housing inventory helps to explain price changes. That’s because greater Salem saw a significant increase in the backlog of homes for sale. For example, while the Portland area experienced a half month increase in home supply, Salem inventory shot up by nearly a month and a half, roughly triple the Portland increase. Such an uptick in competition for homebuyers among Salem sellers helps to drive prices down.

Oregon's Willamette River Passes Through Both Portland & Salem
Oregon’s Willamette River Passes Through Both Portland & Salem

The good news is that even with a recent decline in home values, the Salem market is still up for the year, as is Portland’s market. The average Salem area sales price for the first nine months of the year is $188,300, up 10.6% from the same time in 2012. The average Portland metro sales price so far this year is $310,000, up 13.9% from the same period in 2012.

Click here for the complete Portland area housing report.

For the complete greater Salem real estate report, click here.

Do you have questions about Oregon real estate? Contact our sponsor, Certified Realty using the convenient form below.

Filed Under: Real Estate

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