The Latest In Portland Real Estate
While much of the United States is still feeling the effects of the housing bubble which decimated the American economy beginning in 2008, certain areas of the country have been experiencing a rebound. In the nation’s northwest, Portland, Oregon, has always been an attractive locale that attracts homebuyers. Recently, the city has seen its real estate market pick up. Improving home values and a hot rental market make Portland one of the nation’s hot spots as far as real estate is concerned.
Sale prices for the 2013 year were up almost 13 percent when compared to 2012, a sign that home values, while not at their pre-housing bubble levels, are continuing to rise. The overall number of home sales is up as well. Comparing December of 2013 to the previous year’s December, more homes were sold in Portland and that just so happened to be the most for any December since 2006, two years prior to the industry crumbling.
The city of Portland has much to offer prospective home buyers. It is one of the greenest cities in the country, well known for its bicycle commuting and for being an innovator in various recycling programs. Portland is close to the Oregon coast and the Mountains and offers residents the city life, but with an endless amount of acreage for all sorts of outdoor activities. Portland is also a hub for several of the nation’s largest businesses and has a thriving job market. Nike, is located just six miles away in Beaverton.
Several neighborhoods throughout Portland have been recognized nationally as being the “hottest” in the country. The Concordia area in northeast Portland has seen amazing growth over the last quarter of 2013 and has found itself ranked among other “hot” neighborhoods in cities such as Los Angeles, Austin, Seattle, and more. One of the big draws to the Portland area are the highly ranked and prestigious schools located in and around the city. Families with children are looking to take advantage of the best education available for their young ones.
Portland real estate will continue to be hot moving into 2014 and home values will continue to rise. This is good news for those who may be looking to sell their home. With low inventories, prices will be bid up benefitting sellers. Buyers can still take advantage of prices that are historically low and benefit from interest rates, at least for the time being, that are also historically low.
