Are home prices growing out of control? 🤔📈🏡
Looking at the March 2022 home prices and year-on-year growth, I wondered how our current market compared to previous markets. So, I created a graph featuring the last 22 years of sales prices for the 12 locations of Beaverton, Gresham, Happy Valley, Hillsboro, Lake Oswego, Milwaukie, NE Portland, North Portland, NW Portland, SE Portland, SW Portland, and Tigard.
If we look at percentage growth, the most significant growth is 17% between 2004 & 2005, the next highest is a tie of 15% between 2005 & 2006 and 2020 & 2021, and the third-highest is 13% between 2015 & 2016. So it would appear that there have been years of more aggressive growth when looking at percentages only, but when we look at the dollar amounts, we can see it differently. The most significant increase is $880k between 2020 & 2021, the next highest is $536k between 2015 & 2016, and the third-highest is $492k between 2004 & 2005.
So our current market prices are not necessarily out of control, but as any buyer can tell you, they are pretty aggressive.
Below is a slideshow with all graphs from the video:
Feel free to contact me with any questions.🙋♀️ Have a great day!