The year 2020 has been a busy one for the real estate market. But what will 2021 be like? Check out this infographic to learn more.
The housing market across the state of Oregon is hot right now with healthy appreciation in home prices. The question is, how does Beaverton stack up and compare against statewide activity, as well as with other centers across the state? We’ll get into this in more detail in this article.
Home prices in Beaverton, OR have increased quite a bit over the past 12 months, and they are expected to climb at a slightly faster pace over the next year into early 2022. Homebuyers will want to get familiar with home prices in the city, and homeowners will also want to keep tabs on appreciation in value of their homes to understand how much equity they have in their homes.
Beaverton Real Estate Market Trends at in 2021
Housing markets across the Pacific Northwest have seen steady increases in average home prices over recent years. But certain centers have seen particular volatility in prices, such as Portland and Seattle, two of the biggest cities in the region. Demand for homes in the Portland metro area remains strong and it is spilling over into the surrounding communities and neighborhoods, including Beaverton.
Portland has a huge demand for housing, and price increases are a testament to this continued demand. At the same time, buyers who are looking for more affordable homes while still being close to employment possibilities in centers like Portland are turning to other nearby centers like Beaverton for more affordable housing. As such, Beaverton is also seeing heightened demand for housing.
Related: Buying a Home in Salem, OR
Price Comparison: Beaverton and Portland
Home prices in Portland have traditionally been higher than those in nearby Beaverton, but that gap has narrowed.
- According to the latest data published by Zillow, the median home value for Beaverton was $439,170 as of January 2021.
- In the higher-priced Portland market, the median home value was $497,589 during the same time period.
So there’s not as much of a price gap between these two markets as there was in the past.
Both markets are pretty hot right now and have seen sizable gains over the past year. And they’re both expected to see similar gains throughout 2021.
In a separate report, The Oregonian used Multiple Listing Service (MLS) data to determine the “most in-demand neighborhoods” in the Portland metro area. Based on their analysis, the South Beaverton zip code of 97008 is one of the more highly ranked on the list.
Homes in that area spent an average of just 7 days on market, which means they are selling pretty quickly. And hot properties can sell much faster, in as little as 4 days, according to Redfin. The Oregonian’s analysis also revealed strong price growth, which is another indicator of demand.
A Forecast for Continued Growth in 2021
Depending on the source, forecasts for the Beaverton real estate market predict healthy home-price gains over the next year or so. The research team at Zillow, for example, recently predicted that the median home value for Beaverton would rise by 10.8% over the next 12 months.
This particular forecast was issued in January 2021. Home prices within the Beaverton, Oregon real estate market already rose from January 2020 to January 2021 by 8.3%, so price appreciation will likely pick up the pace over the next year.
But these are just predictions, so we probably shouldn’t get too wrapped up in the exact numbers here. The broader point is that most analysts expect the Beaverton real estate market to remain highly competitive in 2021, with additional price growth expected throughout the year.
Disclaimer: This article includes data, projections, and forecasts relating to the Beaverton, Oregon real estate market in 2021. This information was provided by third parties not associated with our company. We have gathered and presented these views as an educational service to our readers.
Need a Mortgage Loan in Beaverton, OR?
If you are looking to buy a home in Beaverton, OR in 2021, you’ll want to work with a seasoned mortgage specialist to help. Sammamish Mortgage has been helping borrowers across the Pacific Northwest since 1992, including Washington, Oregon, Colorado, and Idaho. We offer competitive rates on a variety of mortgage programs. Please contact us if you have financing-related questions or would like to receive a rate quote.