Bethany, NW Portland Real Estate Market 2023 Report
Bethany is a highly desirable NW Portland suburb-like (it is not its own city, it is a unincorporated community) located in Washington County where among other benefits, residents enjoy lower housing and income taxes than Multnomah County while retaining a Portland address. As an additional perk, it is served by the highly rated schools of the Beaverton school district, with two of its high schools ranked among the top ten public high schools in Oregon. The sprawling 260-acre Rock Creek Campus of Portland Community College is also located here, featuring woodlands, wetlands, and grasslands with walking trails and a farm that is open to the public.
(Image is Sunset Over Bethany Lake by Jared White, lic. Creative Commons Attribution-Share Alike 2.0 Generic license.)
Because of its proximity to both downtown Portland and Beaverton, top rated school district, and great employment opportunities thanks to major employers like Nike, Google and Intel – not to mention its plentiful natural areas – it is not surprising that Bethany was named Niche.com’s Best Suburb to Live in Oregon in 2022.
Bethany Real Estate
While the name Bethany refers to a school established in the area over a hundred years ago, by in large, the community area is made up of newer construction homes built in the last ten years, adding to its appeal (for those home buyers that do not want the charm and work involved in owning an older home say on Portland’s east side grid).
While Portland home prices were dropping at the end of 2022, the real estate market in Bethany continued its steady climb, as shown in the chart below from Fidelity National Title. However, there has been a noticeable stabilization of those prices in the last month.
Bethany Home Prices are on the Rise
As you can see above, Bethany home prices have plateaued recently, but the chart below shows inventory is declining as usual after the holidays, which may lead to price increases resuming as we approach the spring (as it typically does).
Bethany’s Home Inventory is Declining
Bethany Home Sales (Pending Deals) are Down
Compared to November of 2021, pending deals in Bethany (NW Wash Co.) dropped considerably during the same month in 2022, with 40.5% fewer sales. However this decrease was consistent with the surrounding region as homebuyers have been deterred by rising interest rates. The last column on the chart below (NW Washington County contains Bethany) from RMLS demonstrates that Bethany homes have had some of the highest price appreciation in the area. This upward price trajectory will likely continue in tandem with the increasing desirability of Portland suburbs. A massive difference here can be found between Bethany’s 15.8% home price rise and North Portland’s 3.4%. While the two areas are near each other geographically, culturally they are worlds apart.
Bethany, Oregon 2023 Real Estate Market Forecast
As we mentioned, Portland’s suburbs continue to draw homebuyers in greater numbers than the Portland city proper (where population has been declining slightly). This trend will likely keep prices appreciating in Bethany and other desirable suburbs while prices continue to drop within Portland’s city limits. In 2023, we predict Bethany’s real estate market to experience its highest growth in the spring and summer and to slow in the fall and winter, in keeping with the predictable seasonal cycle of the Portland metro real estate market. We expect Bethany to increase in price 5% overall in 2023, while Portland city property drops 3% in price in 2023. See our full 2023 Portland metro real estate forecast here.
Work With an Experienced Realtor
Buying or selling within the Portland real estate market requires knowledge and experience to navigate its constant fluctuations. If you are eager to search for your new home in Bethany, our top 1% buyers agents are pros at guiding you to your ideal match. Give us a call today at 503-714-1111 to get started on the road to homeownership. If you’re ready to sell your home, let our top 1% sellers agents professionally list your home for optimal exposure at the best price. We are experts on the Portland real estate market, assisting sellers since 2003. Let our expertise work for you!January 23, 2023