Milwaukie Real Estate Market Report and 2022 Forecast

milwaukie oregon real estate

Of all the Portland suburbs, Milwaukie is one of the most charming with its rich history and focus on quality of life. This little burg offers Oregon homeowners and home buyers the best of both worlds—the serenity of small-town living and easy access to the city.  

After a surge in the real estate market, Milwaukie is holding steady despite a lack of inventory, a common issue in the Portland area. It seems that many potential home buyers are becoming hip to all that Milwaukie has to offer. Thanks to the MAX, Portland’s acclaimed light rail system, Portlanders who work in the city are looking to Milwaukie for their next home.

If you’re dreaming of a change of pace yet don’t want to give up all the city has to offer, Milwaukee may just be the answer.

Want to know more about Milwaukie, Oregon? Check out our post — 5 Things You Didn’t Know about Milwaukie, OR.

Milwaukie History: From Mill Town to Bedroom Community

Historically, one of the area’s first and most active shipping ports, Milwaukie was a lumber and milling hub for the west coast in its early years. Even today, despite its size and tranquil vibe, the buzz of activity and thriving commerce surround the town. It sits on the Willamette River near the welcoming and walkable Sellwood neighborhood, and I-205 and the Milwaukie Expressway border the east and west, respectively.

The Expressway was the natural thoroughfare used by Portland commuters before the MAX was expanded to the area. It wasn’t uncommon for commuters to get caught up for hours in rush hour traffic. Now, the MAX’s Orange Line allows commuters and visitors alike to make the 22-mile trek between Portland and Milwaukie in about 40 minutes. Without a doubt, this access is partially responsible for the vitalization of the town.

The once sleepy community is now mimicking some of what makes Portland attractive. Milwaukie boasts a food cart pod next to the Orange Line and an expanded waterfront park. Also, Milwaukie’s walkability score puts it third in the state, only 15 points below Portland. Needless to say, this growing community is enjoying an upward swing. It’s also one of the safest Portland suburbs to call home, according to the FBI. According to the Census Bureau, Milwaukie’s population grew by 2.3% between 2010 and 2019.

Milwaukie’s Real Estate Future

Milwaukie isn’t slowing down in its efforts to improve its quality of life for everyone. In fact, the town has plans to change zoning to allow more ADUs, meaning more density per lot, similar to Portland’s new high density RIP plan. The entire Milwaukie higher density real estate plan can be found here. Milwaukie doesn’t have a lot of space left for new construction, so most of the new housing will come from increased zoning density. The suburb has a lot of large lots within its borders that could host more housing units.

Milwaukie, Oregon 2022 Real Estate Forecast

We recently finished our greater Portland real estate market forecast for 2022 and put it at a 9% housing price increase. While Milwaukie trailed a little behind the rest of the metro in 2021, we believe it will remain strong in 2022 and predict a 8% Milwaukie real estate market increase.

Today’s Milwaukie Real Estate Market vs. Portland Metro Market

  • Average number of days to sell a home in Milwaukie = 7
  • Average number of days to sell a home in Portland metro = 8
  • Average sales price in Milwaukie = $577,700 
  • Average sales price in Portland = $583,600
  • Average Milwaukie price increase in the last 12 months = 16.6%
  • Average Portland price increase in the last 12 months = 14.2%
  • Average Milwaukie price increase YTD = 16.6%
  • Average Portland price increase YTD = 18.5%

The numbers above are from the RMLS Market Action Report for August 2021.

Search for Milwaukie Homes for Sale

Interested? Milwaukie, Oregon currently has 68 homes for sale. See all Milwaukie homes for sale here.

Best time to buy a home in Milwaukie, Oregon is in the Fall

We’ve written before on this real estate blog about the potential for growth in Milwaukie. The suburb should be a good long term investment, especially considering its low crime rates and accessibility to other parts of the metro.

In the greater Portland real estate market, inventory increases and sits longer in the fall months, making it easier to buy. See our month to month breakdown here of the best time to buy a home in our area.

Talk with a Milwaukie Expert

Want to know more about this up-and-coming community? Our small but might team has completed over 2,000 local home sales and has extensive experience in Milwaukie. Call our top 1% buyers or sellers agents today at 503-714-1111.

September 17, 2021
AUTHOR

Stephen FitzMaurice

Stephen FitzMaurice, Realtor is a top 5% real estate agent in the U.S. A Principal Broker in Oregon, Managing Broker in Washington, he has been licensed since 2003 for residential real estate sales. Call his team in Oregon at 503-714-1111 or in Washington at 360-345-3833.

4% max to sell a home in Portland and SW Washington.
4.5% max to sell a home in Salem and Bend.
Over 2,000 homes sold.