Which areas in Portland are among the 25 hottest markets in 2015?
It’s no surprise to those buyers who have been active in the market this year. The market is hot and buying a house is very competitive. In fact, some buyers have found themselves bidding on multiple homes only to find themselves outbid again and again.
So which areas are the hottest this year? According to Portland Business Journal, the 25 hottest markets in 1st quarter (based only on the number of houses sold) in 2015 are:
It’s interesting to note that the majority of the most active neighborhoods would be considered higher priced, but there are also lower priced areas in the mix. Foster Powell at #3 on the chart above, has been historically somewhat of a sleeper neighborhood, and in fact, all of 97206 has seen a real surge in buyers this year. Also note that Gresham, generally considered an area to seek out homes in the far east part of Portland is on this list twice, so home buyers who can no longer afford close in east Portland are moving further east in order to find homes that are more affordable. This is driving up prices in outer east Portland neighborhoods.
The 2nd quarter of 2015 has been equally active, if not more so, and it will be interesting to see which areas are, according to Portland business journal, the most active. In fact, the forecast is that the number of buyers out there is increasing as the year progresses. With an almost historic low inventory of houses available, this might turn out to be a year for the record books in the Portland metro area.
Stay tuned. I will keep updating information as it becomes available.
You might also like to Oregon ranks 10th in the nation among states for appreciation in house prices, according to the federal report.
Oregon ranks 10th in the nation among states for appreciation in house prices, according to the federal report.