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Are you thinking about buying a home in Portland, OregonBuying a home is a significant endeavor, so you want to make sure you’re adequately prepared before jumping into the market.
If buying a home in Portland, OR is on your agenda this year, then there are a few things you should know about the current housing market. Here are three things every home buyer should know when house hunting in Portland.
Home price appreciation has increased considerably over the past year, and inventory continues to remain very tight. There’s still a shortage of inventory relative to the numbers of active buyers in the market, which can make the house hunting experience in Portland, Oregon pretty competitive.
Two or three years ago, the Portland housing market was frequently in the news due to a rapid rise in home prices. It was one of the fastest appreciating real estate markets in the country. Back then, the median home value in the city rose by double digits in a single year.
And even though things cooled down from mid-2018 to mid-2019, things have been on the up-and-up since.
According to Zillow, the median home value in Portland reached $497,589 as of January 2021, according to Zillow’s economic team. Prices have increased 8.5% over the last 12 months, and they’re expected to continue increasing by 10.4% through to January 2022.
The supply situation is still tight in the Portland area, and that’s something you should know when house hunting in 2021.
As of January 2021, the Portland housing market had about a 2-month supply of homes for sale. That’s a theoretical measurement used mainly for tracking purposes. What house hunters need to know is that the inventory level within Portland’s housing market is still well below what is considered normal.
Here’s the take-home message for home buyers: When house hunting in Portland, it’s important to start early and be patient. It might take awhile to find the right house.
Despite the slowdown in home price appreciation mentioned above, Portland, Oregon is still a very active real estate market.
In January, homes listed for sale spent a median of 16 days on the market before going under contract. This indicates that there is still strong demand from home buyers in the Portland area.
While the current housing market isn’t necessarily hot, it is still competitive due to the relative shortage of inventory. So home buyers will want to be ready to move quickly with a strong offer, when the right house comes along.
So those are three of the most important things you should know when house hunting in Portland in 2021. The real estate market has been pretty hot over the past year, and there is still a lot of competition, mainly due to a lack of for-sale inventory.
If you’re ready to apply for a mortgage in Portland, Sammamish Mortgage can help. We are a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as Oregon, Colorado, and Idaho. We have been offering mortgage products to borrowers since 1992. Please contact us if you have mortgage-related questions.
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