Buying a pack of gum doesn’t require any research. When you walk into a store, you have a general idea of how much it will cost and how the transaction will pan out, no matter where you are or what season it is. The housing market, not so much. There are a myriad of factors that influence real estate, from geographic location, the time of year, the local and national job market, and the ratio of available houses to the number of people.
All of these variables fluctuate throughout the year. What’s true for Texas in August likely won’t translate to Oregon in February. Whether you’re looking to buy, sell, or invest, knowing what to look for in the Oregon housing market will give you a better chance at a positive outcome.
2019 Real Estate Market Forecast for Oregon
Over the past several years, Oregon’s market has been characterized by rapid growth in home prices. In January of 2015, the median home value was $239,000; by January 2019, it had risen to $345,000. Home values increased 5.6% in 2018, and are expected to continue to rise — although at a more modest rate of 3.9% — in 2019. While the market is cooling, it still generally favors sellers. As home mortgage interest rates continue to climb, it’s likely that buyers will gain greater negotiating power in the near future.
In Portland, Oregon’s largest city, the slowdown has been noticeably more dramatic. After years of home prices growing at a higher rate than potential homebuyers’ wages (Portland’s median home value in 2018 was over $422,000), home sales slumped in 2018, and houses that once sold within days, if not hours, of being listed are spending more time on the market. This is partially due to the fact that some sellers are pricing their homes too high for market conditions. However, Portland’s 45-day list-to-closing turnaround time is well below the national average of 68 days. Experts anticipate home sales will continue to slow as the market corrects itself.
When Is the Best Time to Sell a House in Oregon in 2019?
Nationwide, late spring is an advantageous time to close the deal on your home. Not only are you more likely to get a premium on your list price, but your house will spend less time on the market, too. There are multiple reasons for this springtime uptick in home sales.
People are more likely to get out and look at properties when the days are longer and the weather is warmer, but not so hot that it turns moving into a sweltering ordeal. For families with children, a May-June move minimizes disruption to school schedules. Prospective homebuyers will have received their tax refunds. Finally, spring colors simply do a lot to boost curb appeal.
With its mild climate, Oregon is no exception. Based on data from Zillow, April through June is an ideal time for home sales in Portland, with sellers earning anywhere from $3,000-$5,400 over list price. By contrast, closing in September through January may actually lose you money. Spring sales benefitted homeowners in other cities, as well. Premiums on May-June sale prices ranged from 0.3% in Salem to nearly 5% in Bend.
The demand for housing ranges from city to city. An experienced local real estate agent will guide you on current market conditions and the optimal time and price range for listing your house.
When Is the Best Time to Buy a House in Oregon in 2019?
With a strong job market, stunning natural beauty, and a diverse culture that celebrates individuality, it’s not hard to see why people flock to Oregon. With the right tools and some strategic planning, homebuyers can really stretch their purchasing power.
Disclaimer: A house is one of the biggest investments most people will ever make. The best time to buy is when you’re ready, confident, and have secured your finances for all the related costs.
With that out of the way, there are a few ways of determining what qualifies as the “best time to buy.” For some, it may mean while interest rates are still relatively low. For others, it’s dependent upon the inventory in their own city and region. A few years ago, available homes in Portland were so scarce that some buyers felt their only option was to make an offer on the spot. Communities like Bend, which are experiencing rapid growth, are building more new properties all the time.
Seasonally, those who can hold off on buying until the summer months will likely find a greater selection of housing, and keep more money in their pocket upon closing. Fortunately, moving during the dog days of summer in the Pacific Northwest isn’t as daunting a prospect of hauling furniture in Phoenix.
In Portland, buyers are at an advantage during the month of August, with July and September close behind. There are an average of 9,000-11,000 available houses on the market at this time, with over 15% having been discounted to some extent.
As is the case with sellers, buyers won’t see many benefits during the late fall and winter months. You’re better off waiting until the competition over the spring listings dies down and sellers are more willing to negotiate a lower price.
If you’re looking to buy, or sell (or both) in Oregon, but aren’t sure where to begin, start with Clever. Clever is an online referral service that connects buyers and sellers with experienced, full-service real estate agents across the country. As top performers in their local markets, Clever Partner Agents have the skills to navigate you through pricing, negotiation, and legal considerations in order to get an optimal outcome for their clients.
The process is simple — just fill out this online form, and we’ll get in touch to answer your questions and to connect you with a Partner Agent in your area for a no-obligation consultation.