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Home prices across Oregon have risen over the past year, but what will the market do in 2022?
In recent years, home prices in Oregon have seen above-average gains. This was largely due to the still-lingering imbalance between supply and demand. (Lots of buyers, not enough homes for sale.)
However, the Oregon housing market slowed down somewhat to a more “normal” rate of price growth over the recent past. Right now, the average price for a home in Oregon is $525,182. Prices have gone up 18.5% over the past 12 months.
Oregon is currently experiencing some of the shortest housing inventory in the entire country. Right now, Oregon has only a 3-4 week inventory in many key markets across the state, including Bend.
That’s a far cry from the 5- to 6-month supply that characterizes a balanced market. As such, buyers don’t have a lot to choose from when it comes to buying a home in Oregon.
While prices in Oregon have increased over the past year, it’s difficult to say what they’ll do over the next 12 months as economic uncertainty remains. The coronavirus pandemic wreaked havoc on the real estate market across the country, but surprisingly buyers are still coming out of the woodwork.
May saw a huge spike in the number of listings on the market in Oregon from the month before, though the numbers are still much lower than the same time last year. There is also speculation that the summer will see a surge in listings and sales as buyers who have been on the sidelines are increasingly ready to get into the market.
Despite the recent COVID-19 health crisis that plagued the state and the country, the real estate market in Oregon remained relatively strong throughout, and continues to be very healthy.
Typically, the housing market sees an uptick in the spring season as more buyers begin looking for homes. Perhaps that trend is a little late this year, with a strong summer anticipated.
Home prices may remain flat throughout the year as threats of the virus and ongoing unemployment risks hamper demand among buyers. But that demand isn’t necessarily snuffed out. In fact, it’s still relatively strong, and we may be seeing a slight uptick in sales over the coming months.
Throughout the pandemic, buyers began to rethink their needs. As stay-at-home orders forced people to stay indoors, living in smaller spaces with no yard space proved to be difficult.
As such, many people have been considering living quarters that offer more in terms of interior space and backyard space. Having quick access to the outdoors without having to cram into an elevator with others seems more appealing, and these needs will likely benefit the suburbs in Oregon.
People who live in congested centers like NYC are looking at places like Portland and other Oregon cities. This could lead to an influx of buyers and residents to Oregon while allowing buyers to take advantage of relatively affordable home prices.
According to RedFin, as of May 2022, homes in Oregon sell after 11 days on the market compared to 35 days last year. There were 15 homes sold in May this year, down from 28 last year. The average homes sell for about 4% above list price and go pending in around 30 days. Hot homes can sell for about 10% above list price and go pending in around 9 days.
Disclaimer: This article includes forecasts and predictions relating to the Oregon real estate market in 2022 and beyond. Such statements were provided by third parties not associated with our company. We have curated and compiled them here as an educational service to our readers.
If you are in need of a home loan, we’d love to help. Sammamish Mortgage has been serving borrowers across WA, ID, OR, and CO since 1992. We offer a variety of mortgage programs with flexible criteria. Please contact us if you have financing-related questions or if you’d like to receive a rate quote.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.