Forget New York, Miami, and San Francisco, Portland is the new real estate hotspot. More and more young professionals and new families are seeing major metropolitan areas as appealing destinations to move to. The phenomenon occurring all across the United States has not missed the country’s Pacific northwest, showcased specifically by Portland Oregon, and its greater metro-area. Recent reports have shown that home prices have spiked 11 percent in some areas in the past year. Rents in other areas have jumped an astounding 13.7 percent. Portland is the place to be, and real estate trends are certainly confirming that.
The Portland-Vancouver metro area has closed 2015 with a 2.4 percent vacancy rate according to the Columbian’s recent report. Rental vacancies are extremely low, in fact so low, the metro-area has the lowest vacancy rate among the nation’s 75 largest metro-areas. And so, homebuilding is soaring in the area. The market attempts to rebound from the economic recession that affected real estate across the country. New reports from the Columbian note that Portland’s median home sale prices reached an all time high of $294,000 in June 2015.
By December of that same year, the region’s median home sale price had jumped to an astonishing $320,000. The report though highlights that 38 percent of the general market saw new all-time high home prices in 2015. According to the reports, 2015 has been a relatively healthy year in terms of the real estate industry’s growth. Vice president of analysts at RealtyTrac Daren Blomquist confidently asserts that real estate is once again becoming an appreciating asset for homeowners and investors.
An asset that’s wise to acquire in the Portland area, as it’s known for its progressive and innovative culture, attractive downtown area, educated population, and celebration of the arts and culture scene.
As development firms and real estate agencies continue to play catch-up, sales across the area are finally reaching pre-recession numbers. In 2015 alone, the median home price rose 10 percent to $206,500 as a record 79 major markets saw prices rise, 33 percent of which saw record-highs. The steep rise in real estate prices and developments are expected to plateau in 2018 if markets continue their current trends.
And please check out Change Realty–home of the 1% listing fee!–for current Portland Metro Area listings.