Portland's housing market drastically improves
Real estate in Portland is seeing a drastic improvement in June 2012. As the housing market continues to improve, potential homebuyers may want to consider moving sooner rather than later as mortgage interest rates remain low and property values increase.
The month of June ended with one of the best markets the metro has experienced since the recession began, following the housing bust of 2006. An estimated 8,799 homes were for sale in Portland in June - only enough to fill demand for 3.9 months, Portland Business Journal reports. This is the lowest inventory level seen in the City of Roses since March 2007.
In addition to low housing inventory, property prices are increasing. According to ALTOS Research, the median single family home price was $272,444 as of July 13, 2012. This is up from approximately $268,000 on July 1, 2012. The median price paid per square foot for a property in Portland was $141 as of July 13, 2012 - up from $140 in just two weeks.
Keep the improving Portland property market in mind when you are looking for a new home in the upcoming months.