Now that all of these locations have over one month of Housing Inventory, the next question that comes to mind is, "What does this mean for home values?"
Logically, more inventory should mean fewer buyers fighting over the same house, translating into fewer bidding wars or buyers bidding up the prices. But does that mean home values will be going down? Typically, no. Home values won't decrease; they just won't increase as quickly. Luckily, there's no need to guess; we can simply track home values.
In July 2021, the lowest median sold price was $461k in Gresham, and the highest median sold price was $950k in Lake Oswego.
In July 2022, the lowest median sold price was $508k in Gresham, and the highest median sold price was $951k in Lake Oswego.
It looks like quite a bit of growth at the lower price point and stagnant at the higher price point, but let's look at the appreciation percentages.
Now, the average annual appreciation should be approximately 4% to 6%. Looking at the yearly appreciation for July, we can see that only SW Portland and SE Portland fall into that average, with both at 6%. The next is NE Portland and Hillsboro, with 7% and 8%, respectively. Lake Oswego is at 0%, and the rest show double-digit growth, with the highest being 16% in Happy Valley. This will be an interesting trend to watch for the remainder of 2022.
I hope you find this information helpful. Please remember I'm always here for any questions. 😃