Portland Metro Real Estate News
New real estate figures from the Regional Multiple Listing Service (RMLS) confirm a sustained strong Oregon real estate market. Particularly noteworthy as we approach Winter is our already low, yet still-shrinking housing supply, especially for this season compared to years past.
Inventory A Key Factor
Two key factors illustrate how housing remains one of Oregon’s more economically attractive sectors. These include home inventory and home prices. Portland’s current inventory of homes is down to 1.8 months of supply, a continuation of our sub-two month housing backlog since early Spring.
An eight year snapshot at greater Portland metro home prices shows how property values have not only recovered, but surpassed our prior high water mark. The average Portland metro area home price rose 6.1% compared to last year and now stands at $353,400. View the latest complete report, including Portland neighborhoods and nearby communities here.
Salem Metro Real Estate News
Salem area real estate is not quite as strong as Portland, but definitely strengthening. Witness the nearly 25% drop in home inventory over the past month alone. This brings greater Salem into a marginal seller’s market and may foreshadow even lower inventories ahead.
Salem Home Prices Surge
Salem area home prices are up 9.5% compared to this time last year and now average $233,600. View the complete Salem area report, including neighborhoods and nearby communities here.
The Bottom Line
Barring unpredictable forces like significantly higher mortgage interest rates or a jump in regional unemployment, Willamette Valley real estate is poised to continue moving upward, with moderate home price increases likely to follow for the short to mid-term.
Thinking About Selling?
Now is a great time to consider selling while the market is strong. Contact Certified Realty using the convenient contact form below for a FREE market report on what your Oregon property could sell for in today’s market.