Newberg, Oregon Real Estate Market, 2023 Update
We like to stay informed on the real estate market activity in Portland’s suburbs and share our findings with you in our Portland Suburb Real Estate Market Reports. In this article we bring our focus to the suburb of Newberg, which lies 24 miles southwest of Portland and offers an appealing rural lifestyle with easy access to the city’s amenities. Voted #4 by USA Today in their ranking of the 10 Best Small Town Food Scenes in 2022, and known as the “Gateway to Oregon’s Wine Country” with a number of vineyards in its lush countryside, Newberg holds plenty of appeal. In this article, we’ll focus on how the real estate market is performing in Newberg, Oregon.
Newberg is Experiencing a Decline in Real Estate Inventory
According to Fidelity National Title, inventory in Newberg has begun to decline, positioning the market to favor sellers in the coming months. Typically spring favors the seller and the fall and winter months favor the home buyer in our metro area.
Newberg Real Estate Prices Have Leveled Out
After prices accelerated in spring 2022, the Newberg market has plateaued and prices have remained relatively stagnant for months. This trend has aligned with the slower pace of price increases across Oregon.
According to our fully searchable map of homes for sale, Newberg has 83 homes for sale (at this writing) ranging from $335K to $3,750,000. Such a big range can be expected for the “Gateway to Oregon’s Wine Country.”
This chart below from Realtor.com reveals that as of January 2023, Newberg is in a balanced housing market, with supply and demand at relatively the same levels, so homes are selling at, or very close to their asking prices.
Newberg’s Average Days on the Market
According to Fidelity, Newberg, Oregon homes are currently staying on the market roughly 100 days before going pending, but that number is expected to fall as inventory drops and as more home buyers enter into the spring selling season.
Newberg, Oregon Real Estate Market 2023 Forecast
While on a much smaller scale, the Newberg housing market reflects what we’ve been seeing across the board in Portland suburbs, and to some degree, across the country. The real estate market cooled off dramatically last fall and winter, but is showing signs of picking back up this spring. While the fall/winter season typically favors home buyers and spring and summer typically favor home sellers in our area, the overall sluggishness of the real estate market this year is a deviation from what we’ve seen in recent years. This has led to less than optimistic real estate forecasts across the board. While the city of Portland itself may be fortunate to break even in 2023, we believe the suburbs around Portland will continue to outperform the city center as they did in 2021-2022, and we expect Newberg, Oregon to experience population growth and slightly increasing real estate prices in 2023. As a sign at the city’s border states: “Welcome to Newberg, A Great Place to Grow.”
Interested in Selling or Buying a Home in Newberg?
Whether you are looking to buy or sell, we would love to help you with your next real estate transaction. Contact our top 1% seller’s agents to benefit from our optimized marketing strategy and receive the best possible price for your home. Likewise, if you’re interested in making Newberg your home, our top 1% buyer’s agents are here to show you around and help you find your perfect match. Give us a call or chat with the bot on this site. We’d love to connect!March 3, 2023