There's no disputing it; home values are on the rise in Portland, Oregon & the surrounding cities. As of May 2023, Lake Oswego, Tigard, and Milwaukie 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 9 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 (i.e., the increase in your home value) should be approximately 4% to 6%. An annual appreciation of 20% is not the norm or sustainable, and negative appreciation brings the average appreciation back within the benchmark. Let's prove this theory by looking at our appreciation maps.
In 2023, all locations but 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. This will be a fun trend to watch during 2023.
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