Summary: Oregon’s housing market is heating up after home prices increased over the past year and are now at $364,300, with more price increases on the way thanks in part to limited inventory. The number of sales are also picking up, and with mortgage rates as low as they are right now, home buying is more affordable for buyers. Anyone looking to buy a home in Oregon may want to do so sooner rather than later while rates are still low and before prices continue to increase even more!
1. Median Prices (Zillow)
According to real estate research firm Zillow, existing home listing prices in Oregon were up 2.9% in January 2020 over last year. With a Median list price of $364,300, that’s an increase of $8,300.
2. For Sale Home Inventory
According to recent data, Oregon has an average home inventory of 2.5 months. That means if home sellers stopped listing new properties, it would take 2.5 months to sell what is actively listed on the market today. Most sources project a 3-month inventory as the national median.
3. Median Price Increase
The median sales price of a typical home in Oregon is currently $364,300 as of February 2020. Zillow predicts that prices will rise another 3.2% through the end of 2020.
4. FHA Share
In the calendar year 2019, home loans backed by the FHA made up about 18% of the overall share of the mortgage market in the US.
5. 30-Year Fixed-Rate Mortgage Rate
According to Freddie Mac, current rates in Oregon are 3.45% for a 30-year fixed-rate mortgage, 2.97% for a 15-year fixed, and 3.32% for a 5/1 adjustable-rate mortgage (ARM).
6. Total Home Sales Forecast
Total home sales are predicted to continue to increase in Oregon in 2020, but at a much more moderate pace compared to the previous year. The National Association of Realtors (NAR) says sales of existing homes increased 10.8% from the year before. Home sales reached 5.54 million in 2019 and are expected to be just under that pace in 2020.
7. HPI Home Price Forecast
The HPI national Forecast published by Core Logic, suggests the median sale home price will rise 3.7% in real, or inflation-adjusted, between January 2020 and January 2021.
8. Expected Appreciation
According to Zillow, the national appreciation average of 3.7% is almost a full percent higher than Oregon at 2.9%. An increase in value and a decrease of inventory make Oregon a sound investment.
9. Home Sales
Sales of existing houses in the US rose 3.6% in December 2019 from the previous month to a seasonally-adjusted rate of 5.54 million units. 2019
10. Appreciation Markets
According to market surveys, The Portland market is relatively neutral in home values and sales price. With a steady increase in demand and a short inventory supply of only 2.4 months, home values will continue to rise.
Ready to Apply For a Home Loan in Oregon?
If you have questions about mortgages in Oregon, we’d love to help. Sammamish Mortgage is a local mortgage company based out of Bellevue, Washington that serves the entire state, as well as Oregon, Idaho, and Colorado. Our experts will walk you through our mortgage programs to see which one is right for you. Contact us today with any questions you have about home loans in Oregon.