Milwaukie, Oregon Real Estate Market, 2023 Update
This month we are assessing the real estate market in the Portland suburb of Milwaukie. Each month we choose one of Portland’s many desirable suburbs and provide an analysis of its housing market. Our Portland Suburb Real Estate Market Reports are a great resource if you’d like to learn more about real estate conditions in suburbs we are covering.
Milwaukie, Oregon is a Portland suburb that is sometimes confused with Milwaukee, WI by those outside of Oregon. The city center of Milwaukie is roughly 6 miles south of downtown Portland and neighbors its southeastern border. With a diverse selection of restaurants, bars, shopping, and outdoor activities, it is a desirable place to live in its own right, with its proximity to Portland’s city center an added bonus. Milwaukie residents can kayak or swim in the Willamette River and grab a drink at Breakside Brewery. It is also home to the world famous Bob’s Red Mill.
Milwaukie Real Estate Inventory is Low
Inventory in Milwaukie was at its highest in October of 2022, and has dropped throughout the year to a level consistent with spring of last year. Numbers may be on their way back up in the near future, but these current low levels are a contributing factor to an active spring market. Prime selling conditions may not last much longer, however: as you can see on inventory chart below, an upward turn in market inventory began during this same time period last year.
Milwaukie’s housing inventory mirrors fluctuations similar to those of Portland. Proximity likely plays a role, as well a cooler 2023 market forecast for the Portland metro area overall. Since we expect a shorter selling season this year, the current low supply of homes should begin to climb back up once buyer activity wanes toward the beginning of summer.
Milwaukie Real Estate Prices Are Holding Steady
While price per square foot took a small dip in January, prices have remained steady throughout the year as seen on this chart below from Fidelity National Title. This long period of consistent prices is encouraging news for homebuyers. And once inventory begins to increase as expected in the summer, this market shift will be reflected in decreasing home prices.
Milwaukie Average Days on the Market
Milwaukie is currently experiencing a seller’s market, which you can see illustrated on the chart below in the steady drop in days on the market through the spring season. Currently houses are staying on the market for approximately 42 days, and may drop a little further during peak selling conditions, before they rise again in the slower fall and winter months.
Milwaukie, Oregon Homes for Sale
Browse all Milwaukie homes for sale using the interactive map on Portlandhomesforsale.com.
Milwaukie, Oregon Real Estate Market 2024 Forecast
The current seller’s market in the suburb of Milwaukie is likely drawing to an end in the coming weeks, as low inventory and sales suggest strong activity, but steady prices indicate a lack of competition that would drive prices higher. Homebuyer activity will start to slow, and as new homes are added to the market toward the end of spring and the beginning of summer, price drops will inevitably follow.
Despite these cooler market conditions, the housing market in Milwaukie has been strengthened by the popularity of Portland’s suburbs in recent years, when suburb growth has outperformed the city itself. So we expect its growth will continue beyond drops in home prices through the colder seasons. After a gradual market decline through the end of the year, we should see increased market activity and a rise in home appreciation once again in the spring of 2024.
Ready to Buy or Sell a Home in Milwaukie, Oregon?
Whether you are looking to buy or sell a home in Milwaukie, we would love to be a part of your success story. Our experienced top 1% buyer’s agents are experts at negotiating on behalf of our clients. And our top 1% seller’s agents will employ our optimized marketing strategy to give your home the most exposure for the fastest, most rewarding selling experience (not to mention we charge less than most). We have tons of sales experience in Milwaukie with over 2,000 homes sold overall. Give us a call at 503-714-1111 or chat with the bot on this site. We’d love to connect today!May 29, 2023