Gresham Real Estate Market: 2021 Update
Known for affordability, diversity and a welcoming attitude, the Gresham real estate market east of Portland is experiencing renewed interest after 2020 turned the real estate market on its head. Whether you’re considering getting out of the city and closer to the Columbia Gorge, or are looking for a starter home in an affordable neighborhood, Gresham and the neighboring cities of Troutdale, Fairview and Wood Village provide bountiful options. Plus, they are closer to the ever-gorgeous Mt. Hood and many of the homes come with spectacular views (article photo).
Gresham vs. Troutdale/Fairview/Wood Village
With a population of over 110,000, Gresham is the second biggest city in the Portland metro area after Vancouver, Washington, or the largest if you’re not counting Washington. What started as a farming community in the early 20th century became a bustling suburb to Portland several decades later. Today, the MAX light rail connects the two cities in a 45-minute commute; driving takes less than half an hour. A proudly working-class city, Gresham is home to Mt. Hood Community College and contains many parks and natural areas.
Troutdale, Fairview and Wood Village are much smaller cities located to the northeast of Gresham, and they frequently top the “best suburb” lists for the Portland area. Although Troutdale, being the most remote from the larger cities, has fewer school options than Gresham, it has the best access to the Sandy River, a favorite local fishing/swimming/boating spot. It’s also the Gateway to the Columbia Gorge, which brings thousands of tourists every summer for hiking, windsurfing and sailing.
Current Gresham Real Estate Market
The Regional Multiple Listing Service, which has the most comprehensive real estate market data for the Portland metro area, considers Gresham, Troutdale, Wood Village and Fairview (as well as the outlying towns of Sandy and Corbett) as a unit when it comes to market activity. The most recent report shows that the median year-to-date sale price for a home in this area is $378,000. That’s a 5.2% increase over last year. Homes in this area sold in an average of 37 days in November 2020, compared to 41 for the Portland metro area as a whole, and there were 126 active listings.
How do home values differ between Gresham and some of the smaller cities to the Northeast? In Gresham, Zillow reports a current (December 2020) Home Value Index of $384,666. Prices go up from there: The HVI for Fairview and Troutdale hover around $396,000. The exception is tiny Wood Village with an HVI of just $338,114.
2021 Gresham Real Estate Market Forecast
These low prices (compared to Portland proper and the metro area overall) won’t last long. Zillow predicts over 10% price growth for Gresham and its adjacent cities over the next 12 months. That’s on par with the 10% growth they reported for this region in 2020, which was slightly faster than Portland’s metro’s overall 8.5% growth rate. Portland city proper, on the other hand, is hardly growing at all. Keep tuned to our site for an updated Portland Population Growth article soon.
According to a 2020 Portland Monthly report, Troutdale and Wood Village were two of the fastest-growing suburbs in terms of home prices between 2015-2019. We expect these hotspots to become much hotter in the post-COVID era. Though still affordable, these cities contain fantastic investment opportunities.
Ready to make your move to a home in Gresham, Troutdale or any of the other fantastic communities Northeast of Portland? Contact our top 1% buyer’s agents today!January 1, 2021