Tigard, Oregon Real Estate Market Report with 2024 Forecast
Each month we highlight one of Portland’s many suburbs to provide a snapshot of how its local real estate market is performing. Our hope is to provide a helpful guide for your buying and selling decisions in the Portland area. To find and learn more about real estate activity in the suburbs we have covered, our Portland Suburb Real Estate Market Reports are a great resource.
In this article we’ll take a look at the suburb of Tigard, Portland’s neighbor to the southwest, with its city hall located about 9.5 miles from Portland’s city center. Residents of Tigard can take advantage of several great recreational opportunities. Summerfield Golf Course is a 9-hole course included in a 55+ planned community, and the suburb is surrounded by courses in neighboring cities. The regional Fanno Creek Trail passes through Tigard and provides a wonderful way to enjoy the outdoors, relax, and bike or walk through nature. One of the Portland area’s premier shopping destinations, Washington Square Mall, can be found in Tigard. To demonstrate a strong commitment to its residents, the most recent self-published report card on Tigard reveals a city that prioritizes equity issues, recreation, health and accessibility. In the spirit of community and entertainment, Tigard hosts the annual Tigard Festival of Balloons. This particular nonprofit puts on the festival to raise awareness for other local nonprofits and provide a way to bring the community together.
Now let’s explore how real estate is performing in this area.
Tigard Housing Inventory Remains Steady
After Tigard housing inventory peaked at the end of November 2022, numbers slowly declined until May of this year when inventory remained fairly steady with little fluctuation. Inventory levels in September are consistent with numbers during same month last year, but drastically different from the much lower inventory we saw in 2021. Due to the seasonal cycles of the Portland area real estate market, we can expect available inventory in Tigard to begin rising as we head into Fall.
As demonstrated by the chart below, inventory was only moderately affected by market activity in Tigard in 2023. The sluggishness of the housing market in this area reflects the larger picture of the 2023 Portland market as a whole, which was less productive than in recent years due to higher mortgage rates. While we expect an overall rise in inventory over the cooler months of the year, housing inventory will likely decrease as we begin to approach the holiday season.
Tigard Real Estate Prices Are Dropping Slowly
The Fidelity chart below demonstrates that real estate prices began increasing slightly in September of 2022 and continued slowly increasing through July of this year, at which point prices began a gradual descent. We expect the trend of lowering prices to continue for the near future, considering the relative high level of inventory and current stagnation in Tigard’s housing market.
Tigard Average Days on the Market
After the number of days on the market for listed homes in Tigard increased significantly from May 2022 until June of this year, the number has remained high with very little fluctuation (currently an average of 97 days). This statistic is unsurprising given the flat housing inventory and price trajectories over this same period of time. Considering the seasonal cycles of the local real estate market, the average number of days on the market for detached homes will continue to increase (if only slightly) through October, when the market typically experiences a temporary increase in buyer activity.
Tigard, Oregon Homes for Sale
Browse all Tigard homes for sale using the interactive map on Portlandhomesforsale.com.
Tigard, Oregon Real Estate Market 2024 Forecast
Despite this year’s cooler market, Tigard real estate has experienced a 2.7% price increase over the past 12 months (mid-2022 to mid-2023). However relatively static housing inventory and prices have created a neutral market in 2023 and we expect to see similar conditions in 2024 (along with the usual seasonal fluctuations).
Fall is typically the best time of year for home buyers in the Portland metro area, and Tigard’s high number of homes sitting on the market longer plus decreasing prices create the conditions that will benefit buyers. Buyers who are interested in purchasing a property in Tigard will have more homes to choose from and will be able to take advantage of the price drops that come with competition.
The trend of the last few years is for the suburbs of Portland to draw more homebuyers than the city itself. While the Tigard housing market has been somewhat static in 2023, the popularity of the suburbs plus the predictable seasonal cycle of the local market should translate to increased market activity and home sales in the spring of 2024.
Overall for the 2024 forecast for the Tigard, Oregon real estate market, we expect housing to increase 2%. There is little expectation that interest rates will lower until late 2024 or sometime in 2025. If rates drop faster, that appreciation number will likely go higher, but all expectations are for a similar year in Tigard real estate, a relatively hot spring and early summer followed by a cool summer and a sluggish fall and winter.
Want to Buy or Sell a Home in Tigard, Oregon?
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