Sandy, Oregon Real Estate Market Update and 2023 Forecast
Every month, in addition to our regular Portland real estate market update, we provide a real estate market update on a local Portland suburb, to give you the full picture of what’s happening in the world of real estate across the metro area. This month, we’re looking at the quiet suburb of Sandy, gateway to Mt. Hood. Less than 30 miles southeast of Portland, Sandy has a population of 12,743 and offers a lot more to both residents and visitors than initially meets the eye.
It’s true that this unassuming little burg’s main street is the main thoroughfare that will take you from Portland to Mt. Hood. But there’s plenty to see and do in and around Sandy itself. Take, for instance, plentiful hiking, camping, fishing, and mountain biking. Parks and viewpoints all year long, as well as easy access to Mt. Hood Village and all it offers for winter outdoor enthusiasts, not to mention plenty of places to eat and drink, are part of what make Sandy such a desirable place to live.
Here’s a look at the current real estate market in Sandy.
Sandy Oregon’s Real Estate Market is Stable
In the graph below, from Fidelity National Title, shows Sandy home prices coming in at around $294 per sq. ft. Prices spiked in spring of 2022 like everywhere else in the metro, but have come down this summer, back to 2021 levels.
Real Estate Inventory in Sandy is Making a Comeback
As with everywhere in the Portland metro area and across the country, inventory went into a marked slump since the summer of 2020. Fidelity’s graph below gives a helpful visual and suggests that Sandy’s inventory is rebounding, which is leading to reduced prices.
See all Sandy, Oregon Homes for Sale
Homes in Sandy are Selling At a Reasonable Pace
While homes in Sandy aren’t selling as quickly as they did back in the summer of 2021 when the market was white hot, they are still selling markedly faster than they did in 2019. Fidelity reports a Sandy’s average days on market at 44.
Sandy, Oregon 2023 Real Estate Market Forecast
We recently completed our comprehensive real estate forecast for all of Portland in 2023. We fully expect the suburb real estate markets to continue to outperform the City of Portland proper into 2023. Sandy, Oregon will likely experience modest housing appreciation over the next twelve months, likely a 3-5% increase. This is due to the relatively low (still) inventory available in the area, as well as a drop in new construction, in combination with a growing population (the suburbs around Portland are still growing while the city is not). Higher interest rates will keep appreciation down to lower levels, but it is still likely that housing prices will increase in Sandy in 2023.
Thinking about Selling or Buying a Home in Sandy, OR?
Serving the entire Portland metro area since 2003, we’re certain we can help you find the home you’re looking for in any suburb that calls your name. Give us a call at 503-714-1111 (top 1% seller’s agents) or 503-773-0000 (top 1% buyer’s agents) or chat with the bot on our site. We’ll be happy to help you sell or find a home in Sandy, Oregon or anywhere else in the Portland metro area.September 14, 2022