Portland among top four housing markets in the U.S.
Move over Silicon Valley. The hottest tech sectors in the U.S. are now Boston, San Francisco, Seattle and Portland.
According to a spokesperson at Redfin, “We’ve talked a lot this year about the great tech migration and how the influx of tech companies, tech workers and tech money is affecting the real estate market in places like Portland, Seattle, Denver and Boston. It should be no surprise that major tech hubs were home to some of the fiercest bidding wars this year, but even we were taken aback when we crunched the numbers to find the nation’s most competitive neighborhoods for home buyers in 2015.
The 30 most competitive neighborhoods of 2015 were all located in just four cities: Boston, Portland, San Francisco and Seattle. The rankings are based on several indicators of competition, including the percentage of homes that sold above asking price, how quickly homes went under contract and the percentage of Redfin offers that faced bidding wars.” In fact, the rankings on the charts below were compiled based on a lot of Redfin broker stats, so other reports could differ somewhat from this list.
As has been reported previously, Portland has been aggressively courting technology companies, and the tactic is working. Many of the high tech industry giants already have offices here, and new tech start-ups are locating here attracted by the relatively lower cost of living as well as other amenities that Portland offers.
As you can see from the chart below, according to Redfin, Portland’s hottest neighborhoods included Hawthorne, Belmont, Brentwood, and Woodstock. Check out the columns showing percentage paid above list price, price increases, and percentage of cash buyers! While most tech businesses report that they are looking for their talent first in the talent pool within Portland, they all too often find themselves being forced to recruit from around the world to find people with the right education, skills and experience to fill the positions.
This is in no way meant to imply that only the four neighborhoods named below were hot in 2015. All of the Portland metro area has been feeling the pressure in the housing market; due to new residents, home buying college graduates, and current residents who are looking to become first time home owners, or to move up or down within the markets.
New and expanding businesses are locating throughout the metro area, and of course, every buyer is looking for different features in their neighborhoods.
Home buying in the four cities mentioned Redfin’s report has definitely become challenging and the forecast is that this trend will continue well into 2016.