Happy Valley, Oregon Real Estate Market Update 2022
Head SE from Downtown Portland, and in about thirty minutes, you’ll be in Happy Valley. This high-end Portland suburb sits between Mt. Scott and Scouters Mountain in the northwest corner of Clackamas County. Happy Valley’s footprint takes up 8.32 square miles, comprised mostly of land, with .04 square miles of water.
After being officially incorporated in 1965, Happy Valley took its time growing. It stayed small until the late 1990s, then became one of Oregon’s fastest growing cities. A look at the U.S. Census shows us how the suburb has changed, even in the past ten years: 13,903 residents in 2010, with 23,733 in 2020, and 25,679 in 2021.
To learn more about Happy Valley’s real estate market, keep reading. But first, let’s see what makes this growing Portland suburb a place more and more people want to live.
Happy Valley Facts and Features
Many aspects of a community or city make it a desirable place to live, and we all have our own ideas about what that means, based on needs and likes. To help you sort out whether or not Happy Valley might be for you, take a look at a few of the city’s features.
Happy Valley is blessed with numerous parks, managed by the North Clackamas Parks and Rec Department. Pioneer Park has the usual park amenities like a basketball court, picnic plaza, and open lawn to name a few. The park also has a figure eight trail, both paved and soft-surface, a wetland boardwalk, and forested natural area access. Mount Talbert Nature Park is a lush refuge from the din of daily life with hiking trails and wildlife. Ella V Osterman Park is a 31-acre area that overlooks the Clackamas area, and Scouters Mountain Nature Park offers a lovely view of Mt. Hood and more hiking among a centuries-old shady forest. These are only a few of Happy Valley’s many parks.
Food carts are a staple in the Portland metro area, and Happy Valley Station is one of the best you’ll find. Priding itself on cleanliness and variety, the pod currently has 18 vendors offering food and drinks that represent some of the best around. From pastries and coffee to beer, wine, and cocktails on tap, not to mention cuisine from around the world, Happy Valley Station is a go-to for residents and visitors alike.
If you need to commute to Portland for work or fun, you’ll be glad to know that Trimet’s Green Line will get you there and back to Happy Valley. While the 1.5-hour trek might be too long for some, it’s a great way to decompress, collect your thoughts, and maybe catch up on some reading, while also saving on the high cost of gasoline.
Happy Valley’s Name
The story behind the name is a short one. Lore has it that back in the day, local boys who imbibed a bit too much cider helped acquire the name of this Portland suburb.
Focus on Community Events
In Happy Valley, local government is dedicated to making the city not just a safe place to live and visit, but to also encourage and facilitate community bonds through activities and special events.
Take, for instance their Concerts in the Valley series that take place mid-July through late-August, Fourth of July Family Festival, Harvest Fest, and Annual Tree Lighting event. Happy Valley also has outdoor movies in the park during the summer and an annual National Night Out, a campaign to promote police-community partnerships and community connection.
Happy Valley’s shopping needs are served by Clackamas Town Center, a two-level mall taking up over 1M square feet of space. Here, you’ll find a wide variety of shopping options with anchor stores like Macy’s, J.C. Penney, and Dick’s Sporting Goods. Other stores include Coach, Express, Fuego, H & M, J. Crew, and many, many more. You’ll also find plentiful options for eats and drinks, as well as a 20-screen movie theater.
Happy Valley Real Estate Market Today
There’s no denying that Happy Valley is a suburb that isn’t for everyone, simply by virtue of real estate prices. At this writing, homes for sale in Happy Valley range from $574,000 to $2,500,000.
According to Fidelity National Title, home prices in Happy Valley have flattened out recently, and the market there is starting to cool. Inventory is starting to rise as you can see from the chart above.
They also show that the number of homes on the market in Happy Valley ranged from 52 to 81 over a 90-day period, taking anywhere from 50 to 83 days to sell.
According to Redfin, while single family home sales in Happy Valley have slowed (a decrease of 34% year over year), those that are selling are spending an average of a mere six days on the market. Median home sales price has increased by 24% to $765,000 (there are a lot of million plus homes in the area causing the overall average to be rather high). Basically homeowners trying to get prices from the 2022 peak are not selling, while homeowners pricing lower for the current market, typically are.
Activity in Happy Valley Real Estate Market
Oregon, in general, has seen fairly consistent activity in terms home viewings since early 2022. However, as we’re starting to see everywhere, home shopping is slowing down from the fast paced bidding war period we saw over the past two years, resulting in the low inventory/high demand equation. Summer is a time when the market typically heats up, but from the chart below, we can see the drop of activity across the state. The below chart is a weekly buyer traffic report from RMLS.
Based on the above information from Redfin, it’s clear that Happy Valley is mirroring this decrease in activity.
Happy Valley Real Estate Market Forecast 2023
We recently wrote about the shift in people leaving city living behind and heading for the suburbs for a slower paced quality of life. COVID has blurred the lines between home and work, allowing more people have more freedom in choosing where they live.
We expect the work-at-home trend to continue, now that many companies have seen their employees’ increase in productivity while working remotely. With its ideal blend of access to nature and high-quality living, Happy Valley will likely continue to attract the attention of those seeking the quiet, upscale life with easy access to city culture.
2023 forecasts are currently all over the board for the U.S. as a whole with major industry players either predicting price growth or price decrease. However, we believe the Happy Valley, Oregon real estate market will remain fairly resilient. While prices there will likely drop in fall and winter of 2022, there should be a spring and summer rebound. We predict home prices in Happy Valley will rise a modest 3% in 2023.
Buying or Selling a Home in Happy Valley?
As we’ve said, you can expect to pay more for a home in Happy Valley than in most parts of Portland. When you’re investing your hard-earned dollars in a home, you want to work with a licensed real estate agent who has plenty of experience. We do. After almost twenty years in the Portland metro area, our top 1% seller’s agents and our top 1% buyer’s agents can lead you down the right path to the home of your dreams. To get thing moving, simply chat with the bot on our site or call our direct lines. We look forward to hearing from you!July 6, 2022