HOME VALUES CONTINUE SLOW GROWTH in Portland, Oregon & the surrounding cities! 🏡📈
Home values continue slowly gaining ground in Portland, Oregon & the surrounding cities.
As of July 2023, Lake Oswego, Tigard, Milwaukie, Gresham, and NW Portland have risen above the negative in year-on-year home value.
The Housing Market has been rocking and rolling the previous few years, and the current negative appreciation in 7 out of the 12 locations 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 20% is not the norm or sustainable, and negative growth brings the average appreciation back within the benchmark. Let's prove this theory by looking at our appreciation maps. In 2023, all locations but NW Portland and Tigard are below the benchmark.
The 5-year average shows all locations within or above the benchmark.
The 10-year average shows all locations within or above the benchmark.
And the 20-year average shows all locations 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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This will be an interesting trend to watch for the remainder of 2023.