We’ve all been caught in a whirlwind of changes to our dear city. Serious traffic, homeless camps, increasing cost of living to name a few. While we enjoy the booming economy and abundance of jobs, the changes to our daily lives have not gone unnoticed. Everyone has been asking for months (maybe years) how much more can the city grow? We may have finally reached our plateau.
According to Elliot Njus article in The Oregonian on June 26, 2018 “Portland area’s home prices climb slower in April than those of the anti as a whole for the first time in more than 5 years”. At Nurture Realty, we’re watching this with a very careful eye & adjusting our expectations accordingly. This type of slowing requires careful monitoring and continuous communication with our active seller clients. In Elliot Njus previous article from June 18th he says “Homeowners looking to sell, having watched the red-hot run of recent years, are still adjusting to the slower gains.”
Everyone seems to have an explanation for the market change and most agree it’s the slow down in people moving to Portland. Taxpayer Foundation of Oregon’s article in the Oregon Business Report states “One likely factor is the aging of the Millennial generation. As members of this mini Baby Boom enter their thirties and look to buy houses and raise families, they seek out suburbs and more affordable metropolitan areas.” Also noted in the article are increasing taxes, commute times, and burglaries; in addition to underperforming schools and the ever present homeless camps.
In 2011, the writers of Portlandia claimed Portland is the city where 30 year olds go to retire. I don’t think they saw this coming.