2019 Portland Real Estate Market Forecast (final)
Here is our final Portland housing market forecast for 2019. Below are the real estate industry market forecasts for national and Portland housing prices in 2019.
5 National Real Estate Market 2019 Predictions:
- Zillow – 6.4% Increase
- Realtor.com – 2.2% Increase
- Veroforecast – 4.3% Increase
- Corelogic – 4.8% Increase
- Freddic Mac – 4.3% Increase
3 Portland Real Estate Market 2019 Predictions:
- Zillow – 2% Increase
- Realtor.com – 5% Increase
- My final prediction – 3% Increase
Portland homes expected to decrease in value in 2019:
Whatever dropped in 2018 will continue to drop in 2019. Throughout the Portland metro condos priced over 300K fell in value. Homes priced over 600K fell in value. As a general rule in the Portland metro in 2019, the higher the price, the greater the price drop – and this truer for condos than any other type of property.
Portland homes expected to increase in value in 2019:
Any home currently valued less than average for the metro, less than 450,000 has a good chance of still appreciating in value in 2019. As a general rule, the lower the home value now, the greater the chance of appreciating in 2019. The reason I’m predicting a 3% increase in the 2019 Portland housing market is because lower priced homes will continue to gain, say 5% to 8% in value (and there are more of them), while higher priced homes will drop 5% to 10% or more in value in 2019.
Why is the Portland Housing Market Cooling?
- Population growth is down. Portland is now the 22nd fastest growing city in the U.S. and this after topping the charts in 2016. Out of state buyers were able to buy higher priced homes, and now without their influx coming in at near the same level, there are not enough buyers for higher priced homes.
- The national housing market is cooling as well. Big trends impact the entire country. Mortgage rates are up, buyer confidence is down.
- Read our article here for some in-depth numbers on the cooling Portland market.
Will the Portland Housing Market Crash?
Absolutely not. Employment rates are incredibly high. Wages are finally starting to increase. There is not enough new housing in the books to take care of long term demand. You can see all the reasons why we believe the housing market will not crash in this article.
Should I buy a Portland home in 2019?
Absolutely yes, or at least by 2020-21. The best time to buy a home is when the market is down. Most home buyers purchase when the market is up or at the peak. Buck the trend! Buy low and sell high is always correct, but for the most part the general public does the opposite, because they get scared. Already own a home? Do yourself a favor and pick up an investment property while the Portland housing market is down.January 4, 2019