After annual increases from 2020 to 2022, NE Portland's October median home values have decreased by 2% during the last year and are currently $550k.
The Housing Market has been rocking and rolling for the previous few years, and the current negative appreciation is the equivalent of steadying the ship or bringing home values back within the appropriate growth ranges.
The average annual appreciation, or home value growth, should be approximately 4% to 6%. An annual appreciation of 16% is not the norm or sustainable, and negative growth brings the average appreciation back within the benchmark. Anything above 4% to 6% is a fantastic gift but should not be expected or missed during a short-term market fluctuation.
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