Milwaukie OR prices climb 18% from last year
Has Milwaukie OR become one of the hottest cities in the Portland metro area? It appears that so many buyers have been priced out of NE and SE Portland that home buyers are looking elsewhere to spend their dollars. Milwaukie has long been an outlyer in the recent Portland metro area housing boom since 2012, but the new Orange line of the Max, scheduled to open on September 12th has brought a lot of attention to the area.
The city of Milwaukie has spent a lot of money improving and updating the downtown area. The waterfront park has undergone a major update and the Farmers market is one of the largest and most diverse in the metro area too. But perhaps the driving factor in the popularity of Milwaukie over the last year has been the opening of the Orange MAX line, scheduled for September 12th.
While home prices have soared in nearby areas, home buyers have been looking just a bit south of Sellwood, Eastmoreland. The end result is that home buyers have finally discovered Milwaukie and are snapping up properties as quickly as they are listed. Home values have soared 18% in just the last year, while housing inventory has dropped to only about 50% of what was available just a year ago. It looks like that trend is likely to continue, especially for homes within walking distance of the new MAX station located just a short distance south of downtown Milwaukie. Residents of Milwaukie had fought the new MAX line fearing that it would cause property values to drop and crime to increase. But in fact, just the opposite has happened so far. Even big investors from outside the metro area are now swooping into Milwaukie buying up large parcels of land for future development.
The grand opening of the new MAX line is scheduled for September 12th with lots of events scheduled that day at all Orange line stations on the way to downtown Portland.