The minutes for the most recent meeting of the Federal Reserve's Federal Open Market Committee (FOMC) suggest that while committee members won't specify a date, a rate hike could come sooner than later. Committee members continue to cite concerns over labor markets and other economic factors, but the minutes of the FOMC meeting held July 28 and 29 indicate that a majority of members see a rate change as likely in the near term.
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 the make it attractive. But which neighborhoods are most popular with home buyers?
A recent report suggests that South Beaverton is the most popular neighborhood / community within the Portland area, particularly among home buyers.
South Beaverton: A Popular Portland-Area Neighborhood
Earlier this year, OregonLive analyzed Multiple Listing Service (MLS) data and real estate sales trends to determine which neighborhoods and communities in the Portland area were 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.
OregonLive used data from the Regional Multiple Listing Service, which maintains real estate property information for the entire Portland metro area. They compared how many homes were on the market at the end of 2017 with the number sold during the three months prior. Based on this and other factors, they created a list of the 15 most in-demand neighborhoods. And the South Beaverton neighborhood ranked at the top of their list.
By zip code, the most popular Portland-area neighborhoods and communities:
- South Beaverton: 97008
- Aloha South: 97078
- Vancouver Lake (in nearby Vancouver, WA): 98660
- Tualatin: 97062
- Central Beaverton: 97005
Home Price Comparison, as of Spring 2018
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.”
Here’s a look at the median home prices for these two markets, as of spring 2018:
- Beaverton: $371, 400
- Portland: $413,300
Note: These figures were reported by Zillow in April 2018.
So the cost of buying a home in Portland and Beaverton is actually quite similar, at least in terms of the median price point. These real estate markets have something else in common too — low supply.
Housing Inventory Remains Tight in These Markets
Like most of the Portland metro area, the Beaverton housing market has very low supply right now. As of February 2018, Beaverton had about a 1-month supply of homes for sale. Portland had about a 1.9-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 2018, 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.