Oregon Housing Forecast for 2019
Are you interested in buying/selling a home in Oregon? If yes, this housing forecast is for you. In this blog, we are going to tell you the Oregon housing forecast for 2019, which shows you the actual position of the real estate market in Oregon. So, let’s get started.
When you walk into the store, you generally have an idea of the cost of the product. The housing market is not so much. There are plenty of factors which influence the rates of the housing market. Like geographical location, time of the year, neighborhood, lifestyle, job market, and so forth. All these variables fluctuate the price of the housing market throughout the year.
How is the real estate Oregon market in 2019?
If you are an investor based in Oregon, you must know that over the past few years, the real market of Oregon has a track record of being one of the best long term investments. Well, the Oregon housing market is currently undergoing some changes. Property appreciation has slowed considerably over the last year or so.
- Average home value in Oregon 2019: In January 2015, the average home value was $239,000; by January 2019, it had resin to $345,000. It implies that the home values increased by 5.6% in 2018, and are expected to continue to rise- although the modest rate of 3.9% in 2019. As the home mortgage rates continue to increase, buyers will likely get greater negotiating power in the future. According to the renowned real estate investors, Oregon real estate market forecast for the 12 months ending with the 3rd quarter is positive.
- For sale home inventory: As per the MLS data provided by POHL market, Oregon has an average inventory of 2.6 months. Which implies that, in the event, home sellers stopped listing new properties, it will take 2.6 months to sell what is actively registered in the housing market.
- Foreclosures and bank-owned homes 2019: Foreclosure will be a factor impacting home values in the next several years. As per the Zillow.com, in Oregon, 0.4 home is foreclosed (per 1000) that is lower than the national value of 1.1%. There are currently 375 properties in Oregon that are in some stage of foreclosure (default or banked owned) while the number of homes listed for sale are 1770, May 2019.
- Real estate appreciation: As per the market surveyed, the Oregon market continues to lead the way in home values and sales price. With a steady increase in demand and a short inventory supply of 2.6 months, home values are continuing to increase. During the last twelve months, Oregon real estate appreciation rate, at 6.35% and has been at slightly above the national average.
