Portland Homes with ADUs Sell for 8% More – 2022 Report
When most people think of adding an ADU to their property, they immediately think of rental income potential. Or maybe they simply want extra living quarters for a family member or for frequent guests.
While having the ability to add more space and generate income is a bonus, did you know that having an ADU on your property also increases future resale potential an adds value to your overall property?
Finding a Home for Sale with Additional Living Quarters is Easier than Ever
Thanks to our patent-pending technology, Portlanders can search for homes that have ADUs on a dynamic real estate map. Our software indexes every word written about every property for sale in our local MLS, RMLS, and then looks for keywords like second kitchen, ADU, mother-in-law apartment, and more, in order to compile a constantly updated listing of Portland homes for sale with extra living quarters. You can see them here.
Adding an ADU to an Existing Portland Home is Easier than Ever
Adding an ADU to your property in Portland is easier than ever now, thanks to the Portland Residential Infill Project. New zoning allows Portland residents to add two additional structures (ADUS) with fewer restrictions.
For more information, check out our 2021 ADU Guide.
So, just how much more can you expect from a home with an ADU?
How Much More is Your Home Worth with an ADU?
In the last 90 days of writing this article 1,510 Portland detached homes with at least 2,000 sq. ft. sold without an ADU inside or outside their home. These 1,510 Portland homes sold for an average of $275 a sq. ft. and took an average of 26 days on the market to sell. Their average sold price was $788,696 and their average sq. ft. amount was 2863.
In the last 90 days of writing this article 59 Portland detached homes with at least 2,000 sq. ft. and an ADU inside or outside their home. These homes with ADUS sold for an average of $296 a sq. ft. and took an average of 29 days on the Portland real estate market to sell. Their average sold price was $881,929 and their average sq. ft. amount was 2978.
This report was generated from available RMLS data.
Result? Similar Portland homes with ADUS vs. those without recently sold for roughly 8% more per sq. ft.
In 2022 one could reasonably expect Portland homes with ADUS to sell for 8% more per sq. ft.
Increase in ADUs Nationwide
According to 2020 research by Freddie Mac, homes sold with ADUs across the country saw a 5.2% increase between 2000 and 2019. The study also found that from 2003 to 2019, listed ADU rentals increased by 2.3% and the number of leased rental listings increased by 1.7%. In the end, they identified 1.4 million single-family properties with ADUs in the U.S.
Freddie Mac also found that the Portland metro area had the fastest level of ADU growth. This is a clear indication that some of the city of Portland’s policies favoring ADUS are working.
Increase in ADUs in Portland
Based on the Freddie Mac survey, Portland saw a 22.3% increase in ADU growth between 2015 and 2018.
Right now, there are many homes for sale in Portland with ADUs or ADU potential. We can only expect this number to increase in the coming years with Portland’s new zoning and the continued population increase in the Portland metro area.
Portland ADU Rules and Regulations
One of the easiest ways to own property with an ADU is to buy it already in place. But what if you love where you live and aren’t really in the market? The prospect of new construction can be daunting, for sure. However, with the city in support of this burgeoning real estate development and more and more companies providing services specific to ADU construction, it might be easier than you think.
Learn more about the city’s of Portland’s permit regulations on ADUs.
In the Market for a Home for Sale with an ADU (or two)?
Curious about owning a home with an ADU? Our team of top 1% buyers agents and 1% sellers agents have their finger on the pulse of Portland’s ADU real estate market. Give us a call today! We can help you find what you’re looking for.November 26, 2021