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The Portland, Oregon metro area continues to attract new residents from elsewhere in the state, and from across the country. Portland boasts a strong economy, a unique culture, natural beauty, and other factors that make it attractive. But which neighborhoods are most popular with home buyers?
According to several sources, South Beaverton is among the most popular neighborhoods/communities within the Portland area, particularly among home buyers.
Which neighborhoods and communities in the Portland area are the most popular among house hunters and buyers?
As it turns out, there is a lot of demand for homes in the South Beaverton zip code of 97008.
Based on several factors, including the number of homes on the market versus the number of properties that have recently sold, the South Beaverton neighborhood ranks high on the list.
South Beaverton is located just a few miles southwest of downtown Portland. So it’s a fairly easy commute for those who work in Portland but prefer to live in an outside “bedroom community.”
Note: These figures were reported by Zillow in April 2021.
So the cost of buying a home in Beaverton is a bit lower than in Portland, at least in terms of the median price point. These real estate markets have something in common — low supply.
Related: Oregon Housing Forecast
Like most of the Portland metro area, the Beaverton housing market has very low supply right now. As of April 2021, Beaverton had about a 1-month supply of homes for sale. Portland also has about a 1.1-month supply during that same month. Both of these figures are well below the 5- to 6-month supply that is considered a balanced real estate market.
As you might imagine based on these numbers, homes within the Beaverton neighborhoods are selling fast. In many cases, houses listed for sale end up going under contract within a week of the original listing. It’s just one more sign of a constrained real estate market with far more demand than inventory.
Throughout 2021, home buyers in Beaverton will have to compete for limited inventory. Multiple-offer situations are a common occurrence in this real estate market, as they are in nearby Portland.
Buyers who plan to use a mortgage loan can benefit from getting pre-approved before entering the market. This allows you to narrow (and expedite) your home search by focusing on properties that are within your price range. It also shows sellers that you are serious about buying.
Sammamish Mortgage is a local, family-owned company based in Seattle & Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region that includes Idaho, Colorado, and Oregon. We have been offering a wide variety of mortgage programs and products with flexible qualification criteria since 1992. Please contact us if you have mortgage-related questions.
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