The status of the real estate market in Portland
Potential homebuyers who are looking to live in a thriving metro area may want to consider the northern portion of the West Coast. Homes for sale in Portland are rising in value and being purchased at increasing rates, which could entice property buyers looking for a strong housing market in which to invest.
Median home prices in Portland rise
The median sales price for a home in the greater Portland area was $230,000 in June 2012 - a 7 percent increase compared to June 2011, when the figure rested at $215,000, according to real estate research firm DataQuick. For resale houses, the median sales price remained relatively high at $249,970 in 2012 - up 2 percent from the $245,000 recorded a year ago.
However, new construction properties remained cheaper than resale homes with a median sales price of $233,875, claims the source. Despite the overall decrease in cost, new homes had the greatest increase in price (8 percent) in a year-over-year comparison from June 2011.
Homebuyers in Portland favor new construction
New construction is gaining popularity with homebuyers, the Portland Business Journal reports. Properties that were just built made up about 8 percent of the entire market – this is an increase from 5 percent in 2011. In the mid-1980s, new construction was at an all-time high of 16 percent, which decreased to 12 percent in 2003, according to the U.S. Census Bureau.
Number of home sales in Portland increase
DataQuick reports that 3,198 homes were sold in the greater Portland area during June 2012. This is a 14.8 percent increase compared to the same time the previous year when only 2,786 properties were sold.
Resale properties had the greatest year-over-year home sale increase. In June 2012, 359 resale homes were sold - up 14.3 percent from June 2011 when 314 houses were purchased. Despite the yearly increase, new homes had the greatest percentage of property sales in June 2012. The source claims that 2,562 new houses were sold in June 2012, which is up 14.2 percent from 2,243.
Potential homebuyers may want to check out the MLS listings in Portland to find the right house for them. As the local economy continues to improve, the real estate market could entice more buyers to make an offer on a residence.