The latest statistics are in! Here’s a look at the 2016 local housing market and forecasts for 2017.
Portland Metro home values increased substantially in 2016 according to the Regional Market Listing Service (RMLS). Comparing 2016 to 2015 through December, the average sale price rose 11.4% (from $354,500 to $395,000), and the median sale price rose 12.7% (from $308,000 to $347,000).
Here, in the Wilsonville/Tigard area, the average and median sale prices were even higher: $404,200 and $381,000, respectively.
Consumer-based websites like Zillow forecast that local home values will continue to rise another 4.9% in 2017.
According to Vero, home prices will appreciate 8.6% to 10.9% over 12 months in the top housing markets. (Portland is #4 on Vero’s list – see infographic.)
At the same time, rent in the Portland Metro area continues to rise at a higher than normal rate.
Time On Market
According to RMLS, it took between 30 and 60 days, on average, for homes to sell in the Portland Metro last year, which is faster than both 2015 and 2014.
At Beltran Properties, we often sold homes in less than a week!
Throughout all of 2016, the local housing market never exceeded two months of inventory, according to RMLS data. (Six months of inventory is considered healthy.)
According to New Home Source, many newly constructed homes are available now or will be available soon in Northwest Portland, Hillsboro, Sherwood, North Plains, Gaston, and Wilsonville. In fact, a new subdivision by Polygon Northwest is underway in our very own Villebois community.
What Does All of This Mean to You?
If you’re thinking about making a change in your living situation, whether it’s upgrading, downsizing or switching to buying from renting, NOW is the time to act. There is plenty of opportunity to save and/or make money on a real estate purchase and move in the direction of your long-term goals.
To learn more about the best options for you and your unique situation, please give us a call: 503-502-3330.