Troutdale, Oregon Real Estate Market Report with 2024 Forecast
Each month we like to shine a spotlight on one of Portland’s many desirable suburbs and share our analysis of its housing market to guide your real estate decisions. To discover the other suburbs we have profiled in the past, visit our Portland Suburb Real Estate Market Reports. And for a helpful overview of the Portland area real estate market as a whole, check out our 2024 Portland real estate forecast.
This month we’re highlighting the suburb of Troutdale, located 17 miles east of downtown Portland within Multnomah County. Situated near the confluence of the Sandy and Columbia rivers, Troutdale is Portland’s eastern gateway to the Columbia River Gorge and its plentiful outdoor recreation opportunities via the Historic Columbia River Highway. With the Columbia River as its northern border and the Sandy River its border to the east, residents don’t have to leave home to enjoy the outdoors. The 6.38 acre Glen Otto Park on the Sandy River is the city’s most widely used park, with a swimming beach, riverfront access, children’s playground and more. Columbia Park is home to the popular Imagination Station play feature for children and the city’s only off-leash dog park, which recently opened in October of 2023.
The city offers its residents entertainment in the form of shopping and dining as well. Its historic downtown is home to many boutiques and antique shops, and Troutdale is home to the Columbia Gorge Outlets, a shopping destination for deals on national brands. The McMenamins Edgefield Hotel offers multiple small bars to enjoy meals and drinks, as well as a movie theater, spa and outdoor concerts in the warmer months. With all of these amenities and much more, Troutdale is a great place to call home.
Now let’s explore the statistics that are shaping real estate conditions in this highly desirable suburb.
Troutdale Housing Inventory is Decreasing
Housing inventory in Troutdale has been decreasing since reaching its peak for 2023 in November. The drop in inventory over the Winter months is consistent with the previous three years as you can see on the chart below. Decreasing inventory at this time of year is a result of sellers withdrawing from the market during the holidays and ongoing sales before sellers begin listing again in the Spring. We expect to see a continued decline in Troutdale inventory until the advent of Spring.
Troutdale Real Estate Prices are Increasing Slightly
After reaching their highest peak in recent years in May of 2023, Troutdale real estate prices have been decreasing. Home prices (calculated by price per square foot) began leveling out in September and have remained relatively stable until they began to increase slightly in December. Nearly the entire metro area experienced an overall price decrease in 2023 (with a few exceptions); in Troutdale home prices decreased an average of 4.9% last year.
As you can see on the chart from Fidelity below, prices tend to gradually increase after January each year. We expect to see the same rise in prices as we draw closer to Spring and the shift to the seller’s market that is typical of the Portland area housing market.
Troutdale Average Days on the Market
The average number of days on market chart for Troutdale doesn’t make a lot of sense at first. Typically everything throughout the metro sells faster in the spring, but here we see a lag in the spring. This requires a deeper dive, and the answer is found in Troutdale extremely slow moving luxury home market with an average days on market count of 808 days (see chart below this one). The top half of Troutdale home prices average over 200 days on market to sell. Meanwhile, the bottom half of home prices, move fast, and take less than 30 days to sell. Troutdale is unique in how big that gap is between their higher and lower prices homes. So in reference to the chart below, many of the luxury homes linger over the summer, fall, and winter, (while their days on market numbers climb) before finally selling in the next spring or summer, bringing those days on market down once more.
Typically luxury homes take longer to sell than lower priced properties, but the gap in Troutdale is way bigger than anywhere else we’ve seen in the metro.
Troutdale, Oregon Homes for Sale
Troutdale, Oregon 2024 Real Estate Forecast
The current conditions in Troutdale of increased market time for listed homes combined with lower inventory and slightly increasing prices are creating a more balanced market that can benefit both buyers and sellers. Buyers may be able to find deals from eager sellers whose homes have been sitting on the market, while sellers can take advantage of the demand created by low supply.
Listed homes in Troutdale experienced an average price decrease of 1.3% from mid-2022 to mid-2023 like many areas of the Portland metro area due to the market suppression caused by high mortgage rates. Multnomah County, which includes the suburb of Troutdale, saw a 0.05% tiny increase in population from 2022 to 2023, or a slight decline, depending on which report you’re looking at. Regardless of competing population reports, growth is generally flat. Though we expect most of the population loss is located in the Portland city center where home prices have been hit the hardest and not in Troutdale, Gresham, or other locations within Multnomah County outside of Portland city proper.
In 2024 we expect to see similar market behavior in Troutdale as high mortgage rates (but slightly lower in 24) continue to play a role along with the predictable seasonal cycles of the local real estate market. We anticipate home prices to begin rising in the Spring and remain at their highest for the year in the early summer until decreasing again in the Fall of 2024.
In our 2024 Troutdale, Oregon Forecast, we expect prices to rise 2-3% overall.
Want to Buy or Sell a Home in Troutdale, Oregon?
If you are in the market to buy a new home or sell your current home in Troutdale, reach out to our top 1% buyer’s and seller’s agents. We have over 20 years of experience helping buyers and sellers navigate our local real estate market and we will utilize our expertise to negotiate with sellers or employ our optimized online marketing strategy to market your home. We provide our clients with top-notch service while charging a lower-than-average commission rate. For the best experience selling or buying a home, chat with the bot on this site or give us a call at 503-714-1111. We’d love to connect today!