HOUSING MARKET PREDICTIONS -OPPORTUNITY FOR HOME BUYERS in Portland, Oregon & beyond! 🏡📈💥
Let's try to understand our local Housing Market. We can see that Housing Inventory is finally over one month in the Oregon cities of Portland, Hillsboro, Beaverton, Tigard, Lake Oswego, Milwaukie, Happy Valley, and Gresham. So what's driving this impressive inventory growth?
When we look at the year-on-year change in Housing Supply, we can see that the growth ranges from 6% in NW Portland all the way up to 111% in Tigard.
When we look at the year-on-year change in Housing Demand, we can see that the story is quite a bit different. The growth ranges from (40%) in Hillsboro to 2% in Tigard.
So does this mean the Housing Market is about to crash due to excessive Housing Supply and lack of Housing Demand? No! Why? Because when we look at the month-on-month Supply and Demand changes, we can see that the growth in Housing Supply is continuing, but Housing Demand is slowly starting to grow.
Let's hope this growth in Housing Demand signals that savvy home buyers realize it's easier to buy a home when you're not competing with 40 other buyers. These moments of increased Housing Inventory are an excellent opportunity for home buyers to secure a home with less competition.