Oregon City Real Estate Market 2022 Update and Forecast
With more people opting to leave city life behind and slip away into suburbia, it’s nice to know places like Oregon City exist. Its palpable historic richness, thriving downtown area, and prime location at the confluence of the Willamette and Clackamas rivers make this charming Portland suburb worth serious consideration. If you’ve been thinking of relocating to a quieter, more calm lifestyle, this lovely city might be for you.
One of the first things to consider when thinking about relocating to a new locale is the area’s real estate market. We took a look at the market in Oregon City, and here’s what we found.
Oregon City Real Estate Market Report, Spring 2022
For the current month, the most recent RMLS report shows that Oregon City saw 167 new listings with 113 active. Pending sales sit at 136 with closed sales at 117 and a total market time at a mere 13 days. The average sale price for single-family homes in Oregon City came in at $619,900, with pending sales dropping by 22% from 2021.
Year-to-date numbers show that pending sales have dropped by 10.7% to 519, with 605 new listings and 475 closed sales and the average sale price up 18.7% at $611,000.
All this said, Oregon City is still enjoying a very strong seller’s market.
Per Fidelity National Title, a look at Oregon City’s overall, real-time market profile shows a median days on market of just 14 days.
Oregon City Real Estate Inventory
Oregon City inventory has continued to drop with the market seeing about 40 homes on average with no marked distinction between 7-day and 90-day averages.
Inventory in Oregon City remains at historic lows, averaging under fifty homes for sale at a time in the last few months.
Oregon City Real Estate Market Forecast 2023
The greater Portland metro real estate market is starting to cool off. Home buyer traffic is leveling off and inventory is rising. This is due to rapidly increasing interest rates. Every suburb around Portland has been outperforming the city center, but this market slow down will eventually make its way to Oregon City. We expect prices to continue to rise through the summer then stabilize in the fall, potentially drop over the winter. Then 2023 should see modest gains. Overall, we still expect real estate prices to increase in Oregon City 10% from spring 2022 to spring 2023. The wild, nearly 20% annual prices increases should be over.
Interested in Buying Real Estate in Oregon City?
We have extensive experience in the Portland metro area, including Oregon City, and we’d love to help you find your next home or condo. Likewise, if you’re ready to sell your Oregon City home, we’d love to put our reasonable 4% commission rate and our customer-first approach to work for you. Chat with the bot on this site or contact our top 1% buyer’s team or our top 1% seller’s team today. We’d love to work with you!May 17, 2022