Tualatin Real Estate Market Update and 2022 Forecast
Despite its location—only a 15-minute drive from Portland—Tualatin, Oregon boasts a peaceful, small-town vibe with a population over 28,000. One of the fastest growing cities in Oregon, Tualatin has much to offer, and people must be getting hip to this fact because the city has seen an 8.57% population increase from the 2010 census.
Before we get to the city’s real estate market activity, let’s take a look at what makes Tualatin such a desirable place to live.
Tualatin, Oregon Facts and Features
Nestled in the northwest corner of Washington county (and a small portion of Clackamas county), Tualatin is home to nature lovers. Quiet and picturesque, the city is graced with the Tualatin River just to the north. Tualatin Commons, a downtown green space park complete with a lake, is a favorite spot for residents and visitors alike. For those who like to get out and explore, the mountains and the ocean are just a couple of hours away.
Tualatin is home to some of the most highly rated schools in Oregon. Crime rates here are lower than the national average, and the residents tend to be college educated. Bridgeport Village, Tualatin’s European-style outdoor mall, is a popular shopping destination for many.
While the recent vote on the proposed light rail system between Portland and Tualatin didn’t pass, it’s still on the table and awaits funding. Having this added bonus will make the city’s already-close proximity to Portland even easier, offering the best of both worlds: a quiet, nature-focused life with big-city amenities.
Tualatin has a lot of newer construction homes, leading in part to the suburb having higher prices than Portland city proper.
Tualatin, Oregon Real Estate Market Today
As is to be expected, due to the seasonal drop we always see this time of year and the COVID pandemic still holding sway, inventory is down.
Price per sq. ft. in Tualatin keeps rising with no signs of stopping. Currently it hovers at about $300 a sq. ft.
Tualatin’s average home price is about $525,000 right now, courtesy of RMLS.
2022 Tualatin Real Estate Market Forecast
Tualatin home prices have fallen just a bit over the winter, but that is a seasonally expected trend. Realtor.com reports that, despite the present subtle price drops over this last winter, home prices in Tualatin were up 16% from the year prior, with a sale-to-price ratio of 100%. Since 2020 the suburbs around Portland have been outperforming the city proper. We expect this trend to continue in 2022 with the Tualatin real estate market appreciating 12% in price and Portland property values appreciating 8%.
Currently there are almost no homes for sale in Tualatin. You can find all Tualatin homes for sale here. This is a normal trend in Jan. with the expectation that inventory will slowly increase over the spring and be significant by mid-summer.
In the months ahead, as temperatures start to heat up, we can expect that the real estate market in Tualatin will as well.
Buying or Selling a Home in Tualatin, Oregon?
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