HOME VALUES PLUMMET YEAR-ON-YEAR in Portland, OR & the surrounding cities! 🏡🧐📉
Home Values have plummeted year-on-year in Portland, Oregon, and the surrounding cities. Does this mean that the Housing Market is crashing? No, of course not! But this is an excellent opportunity to understand trends and appreciation.
Real Estate is a wonderful way to build wealth, but it's not a get-rich-quick scheme. Unfortunately, the hyper-aggressive markets over the last ten years have sent the wrong message regarding the financial benefits of homeownership. The Housing Market has been rocking and rolling for the previous few years. This current decrease in home values 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%. Annual appreciation of 20% is not the norm and is not sustainable. Negative appreciation brings the average appreciation back within the benchmark.
In 2023, so far, every location is below the benchmark.
The five-year average shows North Portland, NE Portland, SE Portland, and SW Portland under 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 an amazing gift but should not be expected or missed during a short-term market fluctuation. This will be a fun trend to watch during 2023.
Curious about your home value? Get your FREE monthly market report ---> CLICK HERE
This video is part of a new series called Trend Watch, where I create a set of videos featuring the most critical Housing Market trends and run them every month so that you can understand how trends work and watch the changes month by month.
I hope you find this information helpful.
Please remember I'm always here for any questions. 😃
Take care, Sheryl