Canby, Oregon Real Estate Market Update and 2023 Forecast
Canby, Oregon is a city in Clackamas County, south of Portland, with a population of about 18,000. It was named after Edward Canby, a Civil War general and platted in 1870.
Canby has its own downtown shopping center with a mix of highly rated restaurants, bars, and retail shops. The city has plenty of parks, a cinema, swim center, museum, library, skate park, and more.
Little known fact, Canby has its own ferry that transports cars and passengers across the Willamette River to Wilsonville, Oregon.
With all of these quaint amenities, it is no wonder Canby, Oregon is a desirable place to live and its real estate market outperforms the city of Portland proper.
While Portland’s home prices have started to drop in late 2022, Canby’s are still rising, as you can see below from the cart provided by Fidelity Title.
Home Prices are Continuing to Rise in Canby
But Inventory in Canby is Rising Too
While prices are still increasing in Canby, so is inventory. It is unlikely that prices will continue to rise much in Canby as we move into 2023.
Homes Sales (Pending Deals) Have Dramatically Dropped in Canby
In what is the headline story for the entire Portland metro, the number of sales is down more than 40% comparing fall of 2022 with fall of 2021. Less home buyers are purchasing due to higher rates. As you can see from the RMLS chart below, Canby still has had some of the highest price appreciation in 2022 (year to date), but the drop in sales for the area (it lumps in Oregon City here) has been consistent with the rest of the metro.
Canby, Oregon 2023 Real Estate Market Forecast
As has been true since 2020, the suburbs have been outperforming Portland proper’s real estate market. While Portland itself may see prices drop substantially in 2023, we do not believe that will be true for Canby, Oregon and other popular metro suburb areas. Typically the inventory buildup is wiped out over the holidays allowing for a spring reset. Likely there will still be far fewer home buyers in 2023, but many of them will be looking to purchase in desirable locations like Canby, Oregon. We forecast Canby, Oregon to appreciate 2% in 2023, over the course of the year, with most of the increases happening in the spring and early summer months, followed by drops in the fall and winter (the season trends in our metro area are consistent year over year and have a massive impact on the market).
Work with an Experienced Realtor
Our top 1% sellers agents have been working in the area since 2003. We charge 4% max. to sell (includes the buyers agent commission) and back it up with a cancel anytime policy for no charge. If you’re looking to purchase in Canby, our top 1% buyers agents have helped hundreds of home buyers find their new place in the suburbs around Portland and would love to connect with you today. Chat with the bot on this site or give us a call at 503-714-1111. We look forward to connecting with you!November 11, 2022