Is 2019 a good year to buy a home in Portland? - CCCU
Tuesday, July 16 CCCU
What you need to know about Portland real estate in 2019
Consolidated Community Credit Union is here to provide helpful information around Portland, Oregon’s 2019 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. However, January 2019 showed a drop in median home sale prices
for the first time in seven years. 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 2019
Portland housing market forecast in 2019
Portland’s housing market has seen significant growth in recent years, creating a competitive landscape for homebuyers. While Portland’s population
is close to 650,000, the city’s residential market includes roughly two million people living in the metro area, and continues to grow by nearly 50,000 new residents annually. Oregon’s growing economy also makes Portland one of the top destinations
for people moving from out of state looking for new job opportunities.
It’s predicted that Portland’s 2019 real estate inventory
will continue to be low, similar to recent years. In 2018, the city’s residential real estate market showed a 4 percent increase in median home sale prices from the previous year. Average sale prices were up 2.5 percent, and the average price per square foot rose by 2.1 percent.
Portland’s low housing supply and the allure of moving here are two key reasons why home values have gone up over the last few years. According to Redfin, houses for sale in Portland get an average of two offers
and sell within 20 days of being listed. However, in January 2019, Portland saw median home sale prices dropping for the first time since 2012. This could indicate a pivot from a seller’s market to a buyer’s market in the coming years.
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 a 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 $425,700, and the median home sale price is $418,800.
What you need to know about buying a home in Portland in 2019
If you’re planning on buying a house in Multnomah County, you probably have specifics you’d like to meet before closing. These include: specific neighborhoods, minimum square-footage, number of bedrooms and bathrooms, lot size, and the turn-key qualities of a home. The 2019 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.
Last June, 3,187 homes were sold
in the Portland metropolitan area. During that time, there were over 6,000 homes on the market, which was the highest inventory rate since 2014. However, this would imply that only two-months of stock were available for sale, and at least three months is needed for a city’s housing market to be considered balanced.
You’ll find the most buyer competition for properties selling under $400,000. If you can afford a house at a higher price, you may not find yourself in a bidding war. In March 2019, RedFin reported that only one in five
Portland homebuyers experienced bidding wars, which saw a significant decrease from the prior year.
Why you should buy property in Portland
The Portland buyers market is beginning to cool, meaning prices are slowly stabilizing. If you’re looking to purchase a short-term investment property, now might not be a good time to buy. If you want to purchase a house in Portland you can call home for several years, 2019 could be your year to purchase.
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 2019. 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.