A Seller’s Housing Market in Clackamas CountyJanuary 4, 2021
The Price of Homes
The median sales price of homes in Clackamas County has steadily risen from a low of $223,350 in January 2012 to $502,000 in November 2020 or by 125%. Over the past year, the median sales price of a home in Clackamas County increased by $62,175 or by 14.1%.
Zillow, a leading real estate and rental marketplace, expects seasonally adjusted home values in the country to rise by 7% during the 12 months ending September 2021 even with the uneven return of buyers and sellers created by the arrival of the coronavirus. What is driving this growth in the price of homes? According to Norada Real Estate Investments, the present housing market is being driven by two factors: a shortage of available housing inventory and extremely low interest rates. This double-digit annual growth in sales prices show a significant lack of inventory and an incredible demand for housing.
The Number of Sales
The average number of monthly housing sales in Clackamas County increased from 562 in 2019 to 599 in 2020 through November, an increase of 6.6%. Multnomah and Washington counties also saw an increase in the average monthly sales for this period at 5.1% and 9.4%, respectively. According to Realtor.com, the number of housing sales in the Portland-Vancouver-Hillsboro MSA is projected to increase by 8.1% in 2021.