While the real estate market outside greater Portland hasn’t experienced a pronounced ‘boom’ like around the City of Roses, our Willamette Valley housing market to the south is much improved over previous years.
In A New Market
Given many positive housing market changes, you could say much of the Willamette Valley is now in a ‘new’ market. So while greater Salem’s market improvement hasn’t been ‘flashy,’ it is chugging along. This translates into a lower inventory of homes, generally higher prices and shorter market times. The Salem metro’s 4.4 month backlog of homes isn’t super low, yet within the range for a healthy market and nearly half of where it was last year at this time.
A Salem-Portland Comparison
In contrast, greater Portland is now experiencing a 1.6 month inventory level, causing home buyers there to act at a frenzied pace, in order to stand much chance of competing for fewer available homes. Around greater Salem, the situation is different. Buyers and sellers are essentially at what Realtors consider to be ‘equilibrium.’ This means that when it comes to supply and demand, neither buyers or sellers have the ‘upper hand’ in a real estate transaction.
View The New Report
Click here to view the compete latest report on mid Willamette Valley real estate, or click on the Market Action Image below. Also make sure to check out page 2 for new real estate specifics on your Willamette Valley town or neighborhood.
Thinking of selling your Oregon property? Contact Certified Realty at 503-682-1083 for a FREE report on what your property could sell for in today’s improved market!