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.
Oregon’s housing market continues to remain hot after a very healthy year last year. Home prices increased quite a bit in 2020 and are expected to rise even more into 2021. Prices in Oregon are now at $393,710, with more price increases to come thanks in part to tight inventory. Sales numbers are also on the rise, 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 mortgage interest rates are still low and before home prices continue to skyrocket even more.
Median Prices Are Up in Oregon
According to real estate research firm Zillow, existing home listing prices in Oregon were up 8.5% in January 2021 over last year. With a Median list price of $393,710, that’s an increase of $33,465.
Median Prices Will Jump in 2021
The median sales price of a typical home in Oregon is expected to rise by 10.4% through the end of 2021, according to Zillow.
Tight Housing Inventory in Oregon
According to recent data, Oregon has an average home inventory of 2.5 months. That means it would take 2.5 months to sell the properties that are actively listed on the market today. A balanced market has a 5- to 6-month supply, so Oregon’s current inventory situation is certainly very tight.
Housing Inventory Shrinking in Portland
Portland is also seeing tight inventory, with only a 1.1-month supply of housing currently available to buyers.
Portland Home Prices On the Rise
The average home price in Portland is up 8.5% over the past 12 months and is expected to rise by 10.4% by the end of 2021. Portland’s average home price is currently $497,589.
Home Prices Up in Eugene and Salem
Eugene and Salem home prices are also up. Eugene’s home prices increased 10.3% over the past year and are expected to increase by 10.5% over the next 12 months. And in Salem, home prices increased 9.4% over the past year and are forecasted to rise by 11.1% over the next 12 months.
30-Year Fixed-Rate Mortgage Rate
According to Freddie Mac, current rates in Oregon are 2.67% for a 30-year fixed-rate mortgage, 2.17% for a 15-year fixed, and 2.71 % for a 5/1 adjustable-rate mortgage (ARM).
HPI Home Price Forecast
The HPI national Forecast published by Core Logic, suggests the median sale home price will rise by 1.9% between now and towards the end of 2021.
According to Zillow, Oregon’s price appreciation of 8.5% over the past 12 months is higher than the national appreciation average of 7.5% over the same time period. An increase in value and a decrease of inventory make Oregon a sound investment.
Existing Home Sales Are Up
Sales of existing houses in the US reached 6.69 million by November 2020, compared to 5.32 million by November 2019.
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.