Beaverton, Oregon Real Estate Market, 2023 Update
Every month we highlight a different suburb of Portland and provide an overview of real estate conditions in the area for those who are interested in buying or selling. To learn more about the housing market in a particular Portland suburb, check out our Portland Suburb Real Estate Market Reports.
This month we turn our attention to the suburb of Beaverton, whose city center is roughly 8 miles west of downtown Portland and neighbors its western border. Known for being home to Nike’s corporate headquarters and a number of other large employers like IBM, Reser’s Fine Foods and Tektronix, Beaverton is a desirable place to live for many workers desiring a convenient commute. In addition to plentiful job prospects, the suburb of Beaverton offers outdoor recreation in the form of green spaces, trails, and parks. The Beaverton Farmer’s Market, which runs for the months of February through November each year, is a destination market that showcases local fresh produce, baked goods and an array of handmade items. Beaverton residents can also enjoy wine tasting right in their backyard at vineyards like Cooper Mountain Vineyards or Hamacher Wines or take advantage of convenient access to the full extent of what Oregon wine country has to offer.
Beaverton Real Estate Inventory is Climbing
Beaverton inventory was at the highest level we have seen in a few years in October of 2022. It continued to decrease throughout this year, but began slowly rising again toward the end of April. As demonstrated on the chart below, inventory continues to increase, signaling a turn away from the seller’s market of the spring and towards the homebuyer’s market that usually begins to develop in the late summer and continues to accelerate as we head into the fall season.
Housing inventory in Beaverton follows trends that are similar to those in Portland, partly due to its close proximity and the effects of both high mortgage rates and inflation on the housing market as a whole. As these conditions have deterred buyers and sellers, slower real estate activity has led to a shortened selling season for the metro area in 2023 and we expect inventory to continue to climb throughout the remainder of the year.
Beaverton Real Estate Prices Are Decreasing
We began to see a decrease in Beaverton home prices (calculated by price per square foot) in the month of April as well. As you can see on the chart below from Fidelity National Title, prices have continued on a downward trajectory. When combined with the factor of increasing inventory, we can expect prices to continue to fall as the market increasingly shifts to favor buyers in the coming months.
Beaverton Average Days on the Market
The chart below illustrates the slow down of the Beaverton, Oregon market since the rate increases started in summer of 2022. Even with a slight recent drop in time on market, the 77 day average is still high. We expect the length of days on the market for detached homes to begin rising once again by late summer.
Beaverton, Oregon Homes for Sale
Browse all Beaverton homes for sale using the interactive map on Portlandhomesforsale.com.
Beaverton, Oregon Real Estate Market 2024 Forecast
Real estate market conditions in the suburb of Beaverton are quickly shifting from a seller’s market to a buyer’s market as housing inventory continues to increase while prices begin to drop. Fewer days for homes on the market relative to the past several months reveals continued buyer activity, but because of our familiarity with the seasonal trends of the Portland market, we expect the number of active buyers to wane throughout the summer season and into the fall. Beaverton home prices are likely to be flat by the end of 2023, with fall price drops wiping out the 2023 slight rise in prices.
While we expect prices to continue to drop and the housing market to cool down through the rest of the year, we anticipate continued growth in this highly desirable suburb of Portland. Growth that will likely begin starting again in the spring of 2024. Over the last few years, we have observed an increase in popularity of Portland’s suburbs over the city itself (declining population in Portland, but rising population in every suburb around Portland) and we should see that trend continue once we move past the more sluggish housing market of the fall and winter months and back into the spring of 2024, when buyers will far exceed inventory once again and reinvigorate the real estate market in Beaverton. In Beaverton, Oregon our (way too early) forecast for prices in 2024 is a 5% increase. If mortgage rates drop in 2024 (no one is sure if that will occur), then we expect Beaverton home prices to rise a lot further due to its close proximity to Portland and ever increasing amenities.
Ready to Buy or Sell a Home in Beaverton, Oregon?
Whether you are looking to buy or sell a home in Beaverton, reach out to our expert buyer’s and seller’s agents. We have more than twenty years of experience assisting buyers and sellers in the Portland metro area and its suburbs and can help you every step of the way, whether by negotiating the best terms or using our optimized marketing strategy. On top of this, we charge a reasonable commission rate (lower than average) while providing a higher level of service. Chat with the bot on this site or give us a call at 503-714-1111 today!July 3, 2023