West Linn, Oregon Real Estate Market Report with 2024 Forecast
Each month we like to focus on one of Portland’s many unique and desirable suburbs and provide a snapshot of its housing market to inform your real estate decisions. If you’d like to dig deeper, check out our Portland Suburb Real Estate Market Reports to learn more about the other suburbs we have covered. And for more insight into our local housing market, our 2024 Portland real estate forecast provides a valuable overview of the Portland metro area.
In this article we’ll spotlight the suburb of West Linn, located approximately 15 miles south of Portland in Clackamas County. West Linn is a highly desirable place to live, and according to census.gov, 97.5% of its residents aged 25 or older have graduated high school and the median household income is $124,098. Schools in West Linn continue to rank highly by outside third parties compared to the rest of the state and boast a state champion high school football team and nationally ranked high school basketball team. Bordered by both the Willamette and Tualatin Rivers, West Linn provides plentiful river access for its residents to enjoy water sports. Other outdoor recreation options include the Nature Conservancy’s Camassia Natural Area and Willamette Falls. In addition to being a great place to enjoy the outdoors, West Linn has a vibrant and revitalized historic downtown full of unique shops and restaurants. In all, its idyllic setting and desirable amenities make West Linn a welcoming place to call home.
Now we’ll shift our focus to real estate and examine the biggest contributing factors to West Linn’s housing market.
West Linn Housing Inventory is Decreasing
After a long period of steady increase from May through October, the inventory of listed homes began decreasing in November. As you can see on the chart below, the pattern of inventory levels in 2023 is consistent with the past two years, and we expect to see a similar drop in numbers over the next few months. Every year the advent of the holiday season prompts sellers to drop their prices or withdraw from the market and wait for the new year to re-list their homes.
While the housing inventory trends of the last three years have been similar, the chart illustrates that inventory in West Linn reached much higher levels this year than in 2021 and 2022. We can attribute this to the current high mortgage rates and ongoing inflation that have effectively discouraged would-be buyers. These significant factors played a key role in the overall cooler Portland housing market in 2023 for the Portland metro area and the rest of the country.
West Linn Real Estate Prices are Steady
As demonstrated on the Fidelity chart below, detached home prices in West Linn have remained relatively static over the last year. The recent slight decrease has returned prices close to the average price per square foot in November of 2022. The still-high level of housing inventory in West Linn should contribute to price drops as motivated sellers compete to sell early in the holiday season.
West Linn Average Days on the Market
After increasing since September, listed homes in West Linn are now staying on the market for an average of 86 days. This high number is consistent with the seasonal cycles of the Portland metro real estate market, as buyer interest wanes and sales taper off in the colder months of the year, especially as the holidays approach. We expect to see the number of days for homes still on the market to continue to lengthen throughout the winter months.
West Linn, Oregon Homes for Sale
West Linn, Oregon Real Estate Market 2024 Forecast
Sale prices for homes in West Linn increased by 1% in the 12-month span from mid-2022 to mid-2023, despite suppressed market conditions over the past year. The ongoing trend of homebuyers choosing to live in Portland’s suburbs over the city itself, plus West Linn’s desirable location and proximity to Portland are contributing factors to its thriving housing market.
The high level of detached home inventory still available in West Linn combined with relatively steady prices provide an opportunity for homebuyers to shop for a wider range of homes. These current market conditions also create the potential to find a deal as sellers are pressured to lower their prices throughout the holiday season.
We expect similar market performance in 2024 for West Linn as high mortgage rates persist and continue to impact the housing market. Market conditions will likely warm up once again in the Spring of 2024 when homebuyers begin actively searching for homes and competition drives prices higher.
Want to Buy or Sell a Home in West Linn, Oregon?
Whether you are looking to buy or sell in West Linn, reach out to our top 1% buyer’s and seller’s agents. We have more than twenty years of experience assisting buyers and sellers in the Portland metro area and beyond – and we can help you every step of the way, whether through expert negotiations or our optimized marketing approach. On top of this, we charge a lower-than-average commission rate while providing a higher level of service. Chat with the bot on this site or give us a call at 503-714-1111 today!