Tuesday, August 25, 2015

Top Up-and-Coming US Housing Markets

Portland, Oregon made the news again ­­recently for housing markets in the US.  This time, GOBankingRates ranked Portland 11th on a list for top 11 up-and-coming housing markets for US homebuyers.  Here is what they had to say about Portland:

11. Portland, Ore.
Arguably one of the most green cities in the U.S., if not the world, Portland is highly bike-friendly and walkable, according to WalkScore.com. It also has over 10,000 acres of public parks. Portland has a growing population of young adults and was at the forefront of the nation's current widespread microbrewery and sophisticated food truck movements.
These trends coincide with PWC and The Urban Land Institute's findings that the most walkable cities with 18-hour accessibility tend to be the most desirable for millennials -- whose numbers total around 75 million according to the Pew Research Center -- and moderately attractive to boomers, whose numbers are almost as strong.
Job growth in Portland is strong, and real estate is relatively inexpensive compared with California cities of a similar size, although prices are rising. The median home costs $368,000, up 15 percent over last year.
The list was created based off of housing and lifestyle-related data – including housing affordability, job growth, home sales, and emerging real estate trends.  Based on those metrics, I am actually surprised Portland didn’t rank higher.  Our economy has been strong in recent years, we have one of the highest net migration percentages in the country, and Portland recently ranked #2 as the Hottest Housing Market to name just a few reasons why I believe Portland should be higher on this list. 

Thursday, August 6, 2015

Portland #2 Hottest Housing Market

A report was released recently about the hottest housing markets in the US.  This report is based on the percent increase in home sales.  The Portland-metro area ranked #2 on this list!  The increase in homes sales is up 21.68% with the average home price in June at $339,482.  The real estate market here has been crazy with low supply of homes on the market and very high demand. I expected Portland to be on this list, just not as high as #2!

Photo provided by Alex Bailey - alexbaileypdx.com