Year End Stats Show Portland Metro Real Estate Market Remained Hot in 2017
The RMLS recently released their year-end stats for the Portland Metro real estate market and, as expected, the numbers indicate the real estate market continued on its torrid pace in 2017. Prices in the Portland Metro area increased another 8.5% over 2016 just as we continued to experience multiple offers on homes. However, the total number of Portland Metro home sales in 2017 closed down 3.6% versus 2016 as we saw marginally less homes (0.8%) come on the market.
While the numbers indicate the market has remained hot in 2017, we do see some signs of the market normalizing. Price increases over the last several years have been in the double digits and 2017 was the first year we saw prices increase less than 10%. According to NAR (National Assoc of Realtors) the “normal” real estate market appreciates at around 5.4% annually. While Portland is still seeing greater price appreciation, the market is getting closer to the typical price appreciation levels.
Here is a list of the Portland Metro areas that saw the highest price appreciation in 2017:
- Hillsboro / Forest Grove = 11.0%
- Gresham / Troutdale = 10.4%
- West Linn / Lake Oswego = 9.5%
- Beaverton / Aloha = 9.2%
- Milwaukie / Clackamas = 9.1%
To view the full RMLS report on the 2017 Portland Metro stats click Year End 2017 Portland Real Estate Market