Troutdale Real Estate Market Update and Forecast, 2022 Report
Head twelve miles northeast of Portland and you’ll land in Troutdale. This growing Portland suburb sits at the confluence of the Sandy River (to the east) and the Columbia River (to the north). Interstate-85, which cuts through the town, east to west, becomes Highway 30 and serves as a gateway to the beautiful Columbia Gorge.
According to the U.S. Census, Troutdale had approximately 16,300 residents as of the 2020 census. That’s a tiny increase from 15,962 in 2010 (just over 300 more people in 10 years!). There hasn’t been much real estate development in Troutdale in modern history. It is a stable community with a lot of amenities that doesn’t get much press.
Read on to learn more about how the real estate market in Troutdale is doing. But first, here are a few details about what makes it such a desirable place to live.
Troutdale, Oregon Facts and Features
Outdoor recreation is at the center of Troutdale’s culture. With the Sandy and Columbia Rivers serving as boundaries, the water is always just a short walk away. Mt. Hood National Forest is a forty-minute drive offering hiking, backpacking, mountain biking, camping, kayaking, rafting, sailing, fishing, windsurfing, skiing, and snowboarding. If you love the outdoors, Mt. Hood National Forest has it all.
Troutdale is home to one of the famed McMenamins locations: Edgefield. It’s nice to know you drive—or even bike—such a short distance and experience a tranquil getaway, complete with soaking pools, walking paths that wind through beautiful tree-filled gardens, and overnight lodging with no televisions of phones in the rooms. The 74-acre expanse of Edgefield also boasts a brewery, winery, distillery, and several small bars, along with a golf course, movie theater, event spaces, and live music. You can dine at the Black Rabbit Restaurant, or grab a brew or a glass of wine and head to the library for some quiet time and reading.
While Mt. Hood Community College is officially located in Gresham, it sits right on the southern border of Troutdale. Having a college of 33,000 students in such close proximity can’t help but contribute to the energetic vibe of the city. And the school’s famed jazz program offers concerts year round and an annual, nationally-recognized jazz festival.
The thoroughfare that becomes the Columbia River Highway runs right through Downtown Troutdale, the same one used by generations of pioneers, business owners, and tourists. The city’s Urban Renewal Agency, called The Confluence at Troutdale, was established in 2006 to grow the community’s presence as both a vacation destination and a desirable place to call home. When you visit Troutdale, you’ll see the effects of this renewal with wine shops and other local merchants—like bakers, caterers, jewelers, and photographers—all along the main drag. The relatively new Discovery Block is a boon to the city, as it has not only a provided more space for new business (while maintaining the Vision Clinic in its original, historic building), but it also included the construction of a group of townhomes, a new type of residential structure to the city.
Troutdale Real Estate Market Today
As with pretty much all towns and cities across Oregon and the U.S., inventory is low. This is certainly true for Troutdale, as the image below indicates. As we can see, the first significant drop occurred in response to the COVID pandemic and has remained low since, only getting lower with time.
Very much a seller’s market, as of the writing of this article, Troutdale has 21 single-family homes listed for sale.
The most recent RMLS report shows the Troutdale/Gresham area combined had an Average Sale Price of $479,800 in the previous month, a 18.2% price increase from last year, and an average market time of 26 days.
When we take a look at the Fidelity National Title chart below, we can see, not surprisingly, that home prices have been shooting up in Troutdale, Oregon.
Current State of Troutdale Real Estate
Lockbox activity shows buyer activity in Oregon is on track for a hot summer season.
This activity is up from the previous week’s drop to -11.5%, likely due to the spring break holiday.
Even though inventory is low, people are still looking to buy homes. Given the current state of the market, if you’re selling, chances are, you’ll have plenty of offers and you’ll get your asking price. If you’re buying, it may likely take you longer to find a home.
Of course, only time will tell what’s to come, but NPR writes that this increase in interest rates will likely cool the hot market and new construction builders time to catch up with demand.
With several new subdivisions and an apartment complex under construction, Troutdale is primed to continue its forward growth, which is good news for real estate values and a move toward a balancing out of the supply-demand problem.
Troutdale, Oregon Real Estate Forecast 2023
The suburbs around Portland have been outperforming the city market since early 2020. The move away from the big city to surrounding areas is a national and local trend. Comparing suburbs with suburbs, Troutdale and Mt. Hood have seen some of the biggest increases so far.
We expect home prices in Troutdale to increase another 10% in 2023, despite interest rate activity.
Buying or Selling a Home in Troutdale, Oregon?
Ready to buy or sell in Troutdale? We can help, no matter your situation. Call us today at 503-773-0000 or chat with the bot on our site. Our top 1% buyer’s team and our top 1% seller’s team have the expertise to walk you through the process successfully, thanks to our almost 20 years experience in the Portland metro area.April 18, 2022