Lake Oswego, Oregon Real Estate Market, 2023 Update
Each month we highlight the real estate market of one of Portland’s many desirable suburbs in our Portland Suburb Real Estate Market Reports. This month we will take a look at the desirable Lake Oswego, which lies 8 miles south of Portland in an area known for its natural beauty, thanks to its namesake, Lake Oswego, which is surrounded by parks and provides residents with access to endless water activities. Lake Oswego also boasts a highly rated public educational system and its neighborhoods exude a sense of community. Our focus with this article is to provide an overview of the current real estate market conditions in Lake Oswego, Oregon.
Lake Oswego Real Estate Inventory has Stabilized
Inventory in Lake Oswego is starting to level out after a period of decrease over the last several months. The current low inventory will benefit sellers in Lake Oswego as new homebuyers begin to search and bid on existing homes on the market. The seasonal trend of a high number of buyers entering the market every spring creates the ideal conditions for home sellers to enjoy the most profitable outcome on the sale of their home. We can expect inventory in Lake Oswego to rise as we enter the summer months.
Lake Oswego Real Estate Prices are Rising
According to Fidelity National Title, home prices in Lake Oswego have been steadily rising since September of 2022, and as we enter the spring selling season they will likely continue to accelerate, especially as buyers compete for a limited number of homes. And because Oregon buyers have preferred to settle in the suburbs versus the city of Portland over the last few years, it is reasonable to expect that competition will drive prices even higher over the summer months. However, higher inventory in the fall may dampen these prices.
According to our fully searchable map of homes for sale, Lake Oswego has 136 homes for sale (at this writing) ranging from $510,000 to $9,900,000. This wide range reflects the scope of Lake Oswego’s appeal: in addition to being situated around a beautifully expansive lake, it boasts its own downtown shopping area and is known for both its highly rated schools. This suburb is also home to many of Oregon’s famous residents who choose to live in lakeside properties, which accounts for the high end of the housing price range.
Lake Oswego Average Days on the Market
Lake Oswego, Oregon homes are currently staying on the market 134 days on average before going pending. The area’s higher prices compared to other suburbs contributes to the longer intervals between initial listings and final sales. However, since Lake Oswego is a highly desirable place to live, the amount of time properties sit on the market will start to shorten as the spring season motivates buyers to start shopping for homes.
Lake Oswego, Oregon Real Estate Market 2023 Forecast
The patterns we’re seeing in the Lake Oswego housing market parallel those of the Portland Metro area’s suburbs as a whole in its continued growth, while at a slower rate than in previous years. This is due to two factors: a cooler real estate market in 2023, and the relative popularity of Portland suburbs over the city proper. We expect that in 2023, Lake Oswego will continue to benefit from the trend of buyers moving to the suburbs. Increased market activity always comes with Spring, and Lake Oswego’s lower inventory combined with rising prices will contribute to a warmer market for the next few months, which will tremendously benefit sellers and likely shorten average market time for current and new listings.
We expect prices to rise in Lake Oswego overall in 2023, even if there are some price drops this fall.
Interested in Selling or Buying a Home in Lake Oswego?
Whether you are looking to buy or sell, we would love to be a part of your team. Contact our top 1% seller’s agents to benefit from our optimized marketing strategy for the best possible experience in selling your home. Likewise, if you’re interested in making the move to Lake Oswego, our top 1% buyer’s agents would be happy to help guide you in your search for the perfect home. Give us a call at 503-714-1111. We’d love to chat!March 31, 2023