Located in the state of Oregon, Ontario is a metro area with a promising housing market. According to Zillow's forecast, home prices in Ontario are expected to grow from 0.1% in October 2023 to a significant 5.8% by September 2024. This indicates a positive
trend in the real estate market, making it an attractive location for both buyers and sellers.
Klamath Falls, another Oregon metro, shows a healthy outlook in terms of housing market growth. Home prices are projected to increase from 0.4% in October 2023 to 3.6% by September 2024. This suggests a steady demand for homes in the area and potential opportunities
for real estate investors.
Newport, Oregon, is a metro area where home prices are expected to see growth. Zillow's forecast indicates a rise from 0.1% in October 2023 to 3.3% by September 2024. This indicates a positive trajectory for the Newport housing market and may attract those
looking for property investment opportunities.
The metro area of Bend, Oregon, presents an appealing real estate landscape. Zillow predicts that home prices in Bend will increase from 0.5% in October 2023 to 2.9% by September 2024. This suggests a stable and potentially profitable market for both buyers
and sellers in Bend.
Hermiston, Oregon, is another metro area to watch. While it shows a slight decline of -0.1% in October 2023, Zillow's forecast indicates a potential rebound with a 2.5% increase in home prices by September 2024. This means that Hermiston may offer opportunities
for those interested in real estate in the coming year.
Coos Bay, Oregon, is a metro area showing a stable housing market. As of September 30, 2023, home prices remained unchanged, and Zillow's forecast predicts a modest increase of 0.1% by September 2024. This indicates a balanced and potentially favorable real
estate market in Coos Bay.
Astoria, another Oregon metro, experienced a slight decline in home prices with a -0.2% change as of September 30, 2023. However, the forecast suggests that Astoria will see a stabilization with a -0.2% change in home prices by September 2024. While it's not
experiencing significant growth, it may provide opportunities for those seeking a more affordable market.
Roseburg, Oregon, presents a more positive picture in terms of housing market growth. Home prices increased by 0.2% as of September 30, 2023, and Zillow's forecast predicts a further rise of 0.4% by September 2024. This indicates a potentially healthy real
estate market in Roseburg.
The Dalles, Oregon, is showing stability in its housing market. Home prices remained unchanged as of September 30, 2023, and the forecast predicts a growth of 0.3% by September 2024. This suggests that The Dalles is maintaining its market strength and may offer
opportunities for real estate investments.
Prineville, Oregon, experienced a slight decline of -0.1% in home prices as of September 30, 2023. The forecast indicates a stabilization with a -0.2% change in home prices by September 2024. While it's not a robust growth, Prineville remains a steady market
that may attract buyers seeking more affordable options.
It's important to remember that these are forecasts and actual market conditions may vary. Prospective buyers and investors should closely monitor these metro areas to make informed decisions regarding Oregon's real estate market.
1. Milwaukie, OR 16.1%
2. Sherwood, OR 10.4%
3. St. Helens, OR 10.1%
4. Beaverton, OR 8.5%
5. Forest Grove, OR 8.4%
6. Albany, OR 8.3%
7. Coos Bay, OR 8.2%
8. Klamath Falls, OR 7.7%
9. Oregon City, OR 6.8%
10. Bethany, OR 6.7%
As of July 31, 2023, the average home value in Oregon is $496,690, which reflects a 3.3% decrease over the past year. Homes in Oregon are seeing quick activity, going pending in approximately 11 days.
Here are key home value indicators:
It's difficult to predict with certainty whether the Oregon housing market will crash or not in response to rising interest rates. While higher interest rates can have a cooling effect on the housing market, it's important to consider other factors that could
impact the market as well.
One such factor is the strength of Oregon's economy. According to the latest data from the Bureau of Labor Statistics, Oregon's unemployment rate was 3.4% in July 2023, which was lower than the national average. Additionally, the state has seen strong job growth
in recent years, particularly in industries like technology and healthcare.
Another factor to consider is the supply and demand dynamics of the housing market. While interest rates are rising, there is still a significant shortage of housing inventory in many parts of Oregon, particularly in urban areas like Portland. This can help
support home prices even as interest rates increase.
It's also worth noting that while interest rates have risen in recent months, they are still historically low compared to previous decades. This means that while some buyers may be priced out of the market due to higher rates, there will still be many who can
afford to buy homes.
Population growth can also have a significant impact on the housing market. Oregon has been experiencing steady population growth in recent years, with many people moving to the state for its natural beauty, job opportunities, and quality of life. According
to the United States Census Bureau, Oregon's population grew by 9.3% between 2010 and 2020, making it the ninth-fastest-growing state in the country.
This population growth has increased the demand for housing, which has helped to drive up home prices in many areas of the state. However, it has also led to a shortage of affordable housing, particularly in urban areas like Portland. As a result, policymakers
are exploring ways to address this issue, such as increasing funding for affordable housing programs and encouraging the development of more housing units.
Overall, population growth is likely to continue to have an impact on the Oregon housing market in the coming years. While it will help to sustain demand for housing, it may also exacerbate affordability challenges and put pressure on local governments to address
these issues. As such, it is important for investors and homebuyers alike to carefully monitor population trends and their impact on the housing market.
Ultimately, whether the Oregon housing market crashes or not will depend on a complex interplay of factors, including the strength of the economy, supply and demand dynamics, and interest rates. While rising interest rates can have an impact on the market,
it's important to consider these other factors as well when making predictions about the future of the housing market
Looking at Metropolitan Statistical Areas (MSAs) in Oregon, we can identify the top 10 areas projected to experience home price growth by July 2024:
The Oregon housing market demonstrates varying dynamics across its MSAs, with some areas projected to experience notable growth while others maintain stability. Despite the decrease in average home value over the past year, the projected growth in select areas
points toward a potential rebound. These insights can guide potential buyers and sellers in making informed decisions based on their preferences and goals, and keeping an eye on these projected trends can provide valuable insights into the trajectory of Oregon's
real estate market in the coming months.