Tualatin, Oregon Real Estate Market Report with 2024 Forecast

Every month we provide an analysis of real estate conditions in one of Portland’s desirable suburbs to provide helpful insight for your buying and selling decisions. To learn more about our local housing market and discover the other suburbs we have covered, check out our Portland Suburb Real Estate Market Reports. If you’re interested in the greater Portland metro 2024 forecast, go here.

In this article we are featuring the suburb of Tualatin, located 12 miles south of Portland’s city center on I-5. Contained mostly within Washington County (with a small portion in neighboring Clackamas County), Tualatin offers a myriad of recreational opportunities for its residents to enjoy. With over 200 acres of parks, trails, and natural areas, there are plenty of options to explore. The Tualatin River Water Trail is a prized resource for water recreation and exploration, providing users with many access points to swimming areas, trails, and playgrounds. Tualatin also boasts a robust restaurant scene. It is home to Ancestry Brewing, a family-owned brewery with a dedicated following that serves delicious food and hosts local events. Tualatin Commons is a unique 19-acre community space along a lake with a public promenade that hosts regular events like a farmer’s market and outdoor concerts. The City of Tualatin shares on its website that 84% of its 27,000 residents rated their quality of life as good or excellent. For these great features and more, Tualatin is a wonderful place to call home.

Now let’s take a look at the factors influencing the housing market in Tualatin.

Tualatin Housing Inventory is High, Very High

Housing inventory in Tualatin has been steadily increasing since May and has likely reached its peak for the year. When we compare the current level of inventory to numbers in October 2021 and 2022 on the chart below, we can see that inventory has far exceeded levels in recent years. Inventory may continue to increase slightly, but we expect it to begin dropping in the near future as we approach the holidays.

The steep rise in inventory in 2023 that we can see illustrated on the chart below was influenced by this year’s suppressed housing market. Both nationwide and in the Portland metro area, the real estate market has been impacted by mortgage rate hikes and ongoing inflation, deterring would-be homebuyers from buying a home and causing more homes to sit on the market longer. As we draw nearer to the holiday season and homes are taken off the market, we expect to see a steady decrease in housing inventory that will continue through the end of the year.

Tualatin, Oregon Inventory Chart. Courtesy of Fidelity National Title

Tualatin Real Estate Prices Are Dropping

As you can see on the chart from Fidelity below, home prices began dropping in May and have been steadily decreasing to a level consistent with prices in October of last year. With the current high level of housing inventory in Tualatin and overall cooler market conditions this year, we should see prices continue to drop through the end of 2023.

Tualatin, Oregon Price per Sq. Ft Chart. Courtesy of Fidelity National Title

Tualatin Average Days on the Market

The average number of days on the market for Tualatin homes began to decrease in May and continued decreasing until the end of September when the average began increasing slightly. Currently listed homes are sitting on the market for an average of 75 days, a high number that reflects Tualatin’s high level of inventory and indicates that the market is in a cool state. As the holidays draw near and buyer traffic dies down, this number should continue increasing into the new year until the market begins to warm back up in the Spring.

Tualatin, Oregon Average Days on Market Chart. Courtesy of Fidelity National Title

Tualatin, Oregon Homes for Sale

Browse all Tualatin homes for sale using the interactive map on Portlandhomesforsale.com.

Tualatin, Oregon Real Estate Market 2024 Forecast

From mid-2022 to mid-2023, homes in Washington County (encompassing the city of Tualatin) gained a 1.8% price increase over sale prices during the previous 12 months. This points to the continued popularity of Portland’s suburbs for homebuyers, despite the overall cooler housing market of 2023. We will likely see Tualatin’s real estate market perform in at a similar level in 2024, following the regular seasonal pattern of the Portland metro housing market. In other words, we forecast the Tualatin real estate market to increase by 1.5% in 2024.

Tualatin’s currently dropping prices and high level of inventory create the ideal scenario for buyers by offering the flexibility of choice and the potential to score a great deal on a home that has been sitting on the market. This is the time of year when sellers are motivated to lower their prices to secure a sale before the holidays, so now is a good time to shop for a new home.

Looking ahead to 2024, we expect similar market conditions in Tualatin with continued high mortgage rates that have suppressed the housing market overall. We should see the market start to heat back up in the Spring when buyers are traditionally more active and home sales reach their peak for the year.

Want to Buy or Sell a Home in Tualatin, Oregon?

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