Lake Oswego Real Estate Market Update and 2022 Forecast
Lake Oswego is one of Portland’s most popular suburbs for professionals and families of all kinds. Residents move to this city, located a mere 8 miles from Portland, to enjoy its natural beauty, excellent public educational system, and sense of community. Of course, there is its name sake, Lake Oswego with surrounding parks and water activities. Then Lake Oswego also boasts its own downtown shopping area and is known for its highly rated schools and low crime rates.
As we near the end of 2021, let’s take a look at how the real estate market in this desirable Portland suburb compares to the current Portland metro real estate market.
Current Lake Oswego Real Estate Market
October 29th, 2021, numbers from RMLS.
- Current active listings: 60
- Average days on market: 72
- Median List Price: $1,200,000
- Pending sales: 101
- Average days to pending: 42
2021 Year-to-Date Lake Oswego Real Estate Market
- New listings: 1742
- Pending sales 2021 vs 2020: 13.6%
- Closed sales: 1,403
- Average sale price: $932,800
- Median sold price: $775,000
- YTD sales price increase: 19.5%
Despite much of the Portland metro area experiencing a typically fall real estate market slowdown, Lake Oswego’s market is staying pretty hot. One of the indicators of a local real estate market is counting the active vs. pending numbers. With only 60 active and 101 currently pending (they’ve accepted an offer) Lake Oswego is clearly still hot in the fall months. See our month to month breakdown of the best time to buy or sell a home in our local metro here.
How Lake Oswego Compares with the Greater Portland Metro Area
While Lake Oswego is a Portland suburb, it helps to see how it stacks up against the entire Portland metro area. Median home prices in Lake Oswego exceed all of Portland metro’s. Lake Oswego’s price increases in the past month are not drastically different between the two, but Lake Oswego’s is —Portland metro at 4%, Lake Oswego at 6%—Lake Oswego’s is higher.
Lake Oswego makes up 13.55% of Portland metro’s inventory at the moment, and the days it’s taking to move that inventory is less there.
Greater Portland Real Estate Market Year-to-Date
Closed sales are higher than any recent year and market time (time it days to sell a home) is about half from 2019 in the entire metro area.
Forecast for Lake Oswego Real Estate Market 2022
We completed our greater Portland real estate market forecast for 2022 recently. All major real estate industry players are predicting an increase in home prices next year and not a crash. The suburbs of Portland have vastly outperformed the city proper’s real estate market since COVID19 began. We fully expect Lake Oswego’s real estate market to outperform the city of Portland’s market in 2022 as it did in 2021. I expect the Lake Oswego market to increase by 12% in 2022 due to continual demand for housing outside of Portland city limits.
Interested in Selling or Buying in Lake Oswego ?
Get in touch with us! Our team has helped both sellers and buyers complete over 2,000 local home sales and has extensive experience in Lake Oswego. Call our top 1% buyers or sellers agents today at 503-714-1111. We’d love to help you make your next move with ease.October 29, 2021