Forest Grove Real Estate Market Update and 2022 Forecast
Out past Hillsboro and Cornelius, lies Forest Grove. Less than 30 miles from Portland and with a population of 26,225, this enticing little pocket of Oregon is nestled in the Tualatin Valley, surrounded by wine country and wetlands.
As with pretty much all Portland suburbs, Forest Grove is growing. Annually, it has seen a 2.93% growth in population, and since the 2010 census, it has increased by a whopping 30.32%. It’s no wonder, considering the city’s idyllic location at the base of Tillamook State Forest in the foothills of the Coast Range.
We’ll take a look at how the real estate market is doing in Forest Grove in a bit. First, here’s what this lovely city is all about.
Forest Grove, Oregon Facts and Features
First off, Pacific University has a branch in Forest Grove. Needless to say, having the region’s top private research university in town contributes to Forest Grove’s character. The university’s commitment to shaping and empowering its students to be highly contributing professionals in business, education, healthcare, the arts and sciences, business, education, and healthcare fields can’t help but filter into the city’s culture.
And speaking of culture, as we’ve already mentioned, wine country surrounds Forest Grove. In fact, seven wineries call Forest Grove home: Apolloni Vineyards, Dauntless Wine Company, David Hill Winery, Gresser Vineyard, Montinore Estates, Risdall Ranch, and Tualatin Estate Vineyards. This alone gives an indication of the vibe in the area and the love and attention to the earth you’ll find here.
Forest Grove also has three breweries: Ridgewalker, Waltz, and Sake One (believe it or not, sake is brewed not distilled!). You’ll also find ample pubs and in Forest Grove, all of which serve as not just watering holes or places to dine out, but spots to gather with friends and forge strong community bonds.
Maybe one of the best features of Forest Grove is Fernhill Wetlands, part of over 700 acres owned by Clean Water Services. Not only is Fernhill a water filtering site using natural treatment systems, but it also holds the designation of Important Bird Area. It’s a great place to immerse yourself in nature while you wander the trails, do some birding, and catch a glimpse of wildlife.
Forest Grove Real Estate Market Today
Per the most recent RMLS report for, the average sales price for homes in Forest Grove is $538,200, a 15.4% price increase from March of 2021. Last month alone saw 172 closed sales. This increase in closed sales could be due to the time of year, as we typically see an uptick in activity as spring approaches. RMLS also reports that there are 165 pending sales and 63 active listings currently in Forest Grove. (Keep in mind that RMLS reports Forest Grove and Hillsboro combined.)
As we can see from the image below, it’s a very strong seller’s market right now in Forest Grove.
As of the writing of this article, Fidelity National Title shows the seven-day average of days on the market as 10, with a 90-day average of 39 days on the market. That’s a pretty fast turnaround and contributes to the strong seller’s market we’re seeing. And of course, there’s the continuation of lack of inventory we’ve seen since the beginning of the COVID pandemic.
The graph below shows the lockbox activity for all of Oregon. When we consider the total number of people—20,400—getting out, in just one week, to view homes and the total number of homes for sale— we can see the normal hot spring market is already underway.
Forest Grove Real Estate Market Forecast
As we mention above, Forest Grove home prices have increased over 15% in the past year, which outpaced Portland proper (with increases averaging about 11%, all quadrants combined). Despite the projection that prices across the country will continue to increase, but slower, may be true for Forest Grove, as well.
But with the current and continued strong seller’s market and people leaving the city for the suburbs, it’s likely that Forest Grove’s prices will increase more than Portland’s in 2022. See our in-depth 2022 Portland real estate market forecast here.
We forecast that Forest Grove’s real estate market prices will increase 12% in 2022.
While inventory is low, you can find all homes for sale in Forest Grove here. With spring on the horizon and summer soon to follow, we can expect the available inventory in Forest Grove to pick up.
Buying or Selling a Home in Forest Grove?
Whether you’re considering making a new home in Forest Grove or venturing off on your next adventure and need to sell your home, we can help. Our top 1% buyer’s team and top 1% seller’s team have almost 20 years of real estate experience in the Portland metro area. Give us a call today or chat with the bot on our site. We’d love to hear about what you’re looking for and help you find it!March 18, 2022