The Oregon Coast isn’t exactly known for heat, but in the past year the region has experienced a hot and booming property market, a trend expected to extend through the summer selling months. But will it last ?
According to Norada housing market predictions, low interest rates combined with more people working from home has fueled the housing demand in less populated areas. But with unemployment still high, market watchers and industry specialists are speculating if America’s housing boom will hold up coming out of the pandemic.
Let’s take a look at what’s up and what’s down with Oregon’s property market in 2021.
What’s UP
House prices
According to Zillow Research, existing home prices in Oregon are up 8.5% with the medium list price of $393,710. Medium prices have gone up in Portland, Eugene and the valley as well as here on the coast. Market predictions expect the medium prices to continue to rise by over 10% through the year.
Sales
Recent data shows that more existing homes were sold in 2020 than in any year since 2006. Single family homes are seeing the highest number of sales in Oregon this year. Fannie Mae predicts a slow down from the pace of new and existing sales later in the year, but overall foresees total home sales in 2021 to be up 6.2% from last year.
What’s DOWN
Inventory
The average home in Oregon is selling in just 2.5 months, a timeframe suggesting the number of houses available for sale are very low. The supply and demand problem in our state is certainly driving up prices.
What the data tells us
What do these numbers mean for the coast? Though it’s difficult to obtain data for our region specifically, the Oregon Coast typically experiences a similar, but less intense, buying and selling environment as the rest of Oregon does, but this year it’s amplified. With so many people looking for the slower paced, outdoor lifestyle we have here, we are definitely seeing the same growth that’s being felt right across the state.
Seaboard Property’s advice
With Oregon’s inventory low and prices going up, if you are in a position to buy, you should and move quickly when the right property comes up for you. With house prices climbing and interest rates at record lows, it makes sense.
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