PORTLAND Ore. – Thanks to the recent Corelogic Case-Shiller 20-City Composite Index which analyzes home prices across the United States we know that real estate prices nationwide increased by over 5% in May, year-over-year, and the Portland Oregon Real Estate market was one of 6 real estate markets that saw the biggest price gains nationwide.
About The Portland Oregon Real Estate Market
In May of 2016 Portland Oregon saw a year-over-year price gain of 12.5% and this of course won’t surprise anyone considering the fact that Portland has continued to see record price gains over the last two years with other Northwest Cities like Seattle and Washington.
As of August 2016 the median home price in Portland Oregon is $378,600 and the real estate market continues remain warm according to Zillow and many other analysts as 7.4% growth is expected this year alone.
Real Estate Market Predictions
Moving into the fall months of 2016 we can expect the Portland Oregon Real Estate market to pick up steam especially considering the fact that many buyers typically take their home search efforts up a notch once their children are back in school and with the 2016 holidays looming around the corner it’s likely that buyers will be eager to wrap up their home search and buy a home before Thanksgiving, Christmas and New Year’s.
Another big factor that’s been in play all year long is historically low mortgage interest rates (currently 3.33% for a 30-year fixed mortgage loan) and with no sign from the Federal Reserve that interest rates could rise anytime soon 2016 is proving to be another record year for real estate nationwide