Oregon Housing Forecast for 2023

July 11, 2019
Last updated:
January 27, 2023
In This Article

Oregon’s housing market continues to remain hot after a very healthy year last year. Home prices increased quite this year and are expected to rise even more into 2023. Prices in Oregon are now at $511,359, 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.

Oregon Housing Forecast for 2023

Median Prices Are Up in Oregon

According to real estate research firm Zillow, existing home listing prices in Oregon were up 5.5% in January 2023 over last year and now sit at $511,359.

Tight Housing Inventory in Oregon

According to recent data, Oregon has an average home inventory of about 2 months. That means it would take 2 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 is Tight 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 2.5% over the past 12 months. Portland’s average home price is currently $567,831.

Home Prices Up in Eugene and Salem

Eugene and Salem home prices are also up. Eugene’s home prices increased 7.1% over the past year and now sit at $482,656. And in Salem, home prices increased 8.8% over the past year and are now at $441,864.

30-Year Fixed-Rate Mortgage Rate

According to Freddie Mac, current rates in Oregon are 5.74% for a 30-year fixed-rate mortgage, 5.26% for a 15-year fixed, and 5.69% for a 5/1 adjustable-rate mortgage (ARM).

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HPI Home Price Forecast

The CoreLogic HPI Forecast indicates that home prices will decrease on a month-over-month basis by 0.1% from November to December 2022 and on a year-over-year basis by 2.8% from November 2022 to November 2023.

Expected Appreciation

According to Zillow, Oregon’s price appreciation of 20.2% over the past 12 months is moderately higher than the national appreciation average of 10.8% over the same time period. An increase in value and a decrease of inventory make Oregon a sound investment.

Existing Home Sales Are Down

Existing home sales in the US which include completed transactions of single-family homes, townhomes, condominiums and co-ops, plunged 7.7% to a seasonally adjusted annual rate of 4.09 million in November of 2022, much worse than market forecasts of 4.2 million.

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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.

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