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Is 2022 a good year to buy a home in Portland? - CCCU

 Tuesday, July 16    CCCU
Is 2022 a good year to buy a home in Portland? - CCCU

What you need to know about Portland real estate in 2022


Consolidated Community Credit Union is here to provide helpful information around Portland, Oregon’s 2022 buying and selling season. Learn more about Portland housing market trends, if you should purchase an investment property in Multnomah County, and if now is the right time to buy a home in Portland.

In recent years, the Portland real estate market has been highly competitive, making it difficult for first-time homebuyers to become property owners. What does this mean for current homeowners and those looking to purchase residential property in the City of Roses? Will home prices continue to drop, or will they rise again this year? Is buying a house in Portland a good investment? Here’s what you need to know about Portland real estate in 2022.


Portland housing market forecast in 2022


Portland’s housing market has seen significant growth in recent years, creating a competitive landscape for homebuyers. Portland’s population is close to 666,500, and the city remains a growing metropolitan area in the United States with a stable growth rate of 1.8% per year. Oregon’s growing economy has also made Portland one of the top destinations for people moving from out of state looking for new job opportunities in previous years.
Portland is a top destination for new job opportunities
While the number of houses available in the market has grown in the first few months of 2022, it’s predicted that Portland’s 2022 real estate inventory will continue to be low, similar to recent years, creating a seller’s market. Because of this, 57.2% of homes here sold above the asking price between January and February.
 
Portland’s low housing supply and the allure of moving here are two key reasons why home values have continued to go up over the last few years. According to Redfin, houses for sale in Portland get many offers and sell within 8 days of being listed. In February 2022 Portland saw median home sale prices drop 1.8% compared to last year.
 

Will Portland continue to be a hotspot for real estate investors?


Experts are cautioning buyers about purchasing investment properties this year. If you’re thinking about buying rental property in Multnomah County, you may want to hold off until the market steadies. But if you’re a first-time homebuyer and are purchasing a house at a mid-range price point that you plan on living in for several years, you’ll likely turn a profit.

While appreciation for home values in Portland has decreased over the past year, homes in the $400,000 range are still increasing in value. According to Zillow, the current median value for Portland homes is $574,291, an increase of 13% from the previous year, while the median home sale price is around $510,000.

 

What you need to know about buying a home in Portland in 2022


If you’re planning on buying a house in Multnomah County, you probably have specifics you’d like to meet before closing. These could include specific neighborhoods, minimum square footage, number of bedrooms and bathrooms, lot size, and other turn-key qualities of a home that make it ready to move into without major home improvement needed. The 2022 Portland housing market is tight, so if you’re on the hunt for a home that meets all the items on your wishlist, plan more time around finding the right property fitting your needs. Closed sales in 2021 have been on par or higher than previous years. In December, the Portland Metropolitan Association of Realtors® reported that roughly 2,582 residential homes were sold.

You’ll find that popular listings are selling for approximately 2% above the list price and become pending in approximately 18 days. If you can afford a house at a higher price, you may not find yourself in a bidding war. RedFin reported that heading into 2022, Portland still ranks in the top 15 areas with the highest rates of bidding wars. 74.4% of Portland metro homebuyers are experiencing bidding wars, which is why Portland metro home values have gone up 19.2% over the past year.

 

Should you buy property in Portland

House keys
The Portland buyers market is still competitive. If you’re looking to purchase a short-term investment property or a long-term home, prepare for inventory to move quickly and homes to sell above asking prices.

Portland’s housing market is expected to mimic trends seen in major U.S. cities, so if your personal finances are solid, it’s worth taking the jump into homeownership in 2022. Let Consolidated Community Credit Union know if you have any questions about home mortgages, pre-approvals, and more. We look forward to helping you find the home of your dreams.


Flexible home loans from our Portland credit union


CCCU proudly serves members throughout Portland and the surrounding areas, including Multnomah, Clackamas, Yamhill, Washington, Columbia, Clark, Skamania, and Hood River Counties.

Our Oregon community credit union offers flexible home loans with competitively low interest rates. Members also have access to other mortgage resources, like application assistance and a network of trusted realtors, mortgage savings accounts, and more. We also offer convenient mobile banking, plus access to 5,600+ CO-OP Shared Branches and over 30,000 surcharge-free CO-OP ATMs nationwide.

Join our credit union or complete your mortgage application today!
 


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