The adhering to assessment of select counties of the Oregon and Southwest Washington actual estate current market is supplied by Windermere Serious Estate Main Economist Matthew Gardner. We hope that this information may well assist you with building superior-educated authentic estate selections. For further facts about the housing market in your location, please never hesitate to call your Windermere Authentic Estate agent.


Regional Economic Overview

Oregon added 20,400 new employment in the very first quarter of 2022, leaving the state only 36,000 shy of its pre-pandemic peak. I predicted in the fourth quarter 2021 Gardner Report that a total position recovery would occur by this summer. If the current rate of task advancement continues, that forecast will be accurate. The Southwest Washington economy— remaining much smaller—recovered all the work opportunities missing to COVID-19 past summer season. Employment concentrations in Klickitat and Skamania counties are continue to modestly reduce than before the pandemic, but good development in Clark and Cowlitz counties far more than offset the shortfall somewhere else. Oregon’s unemployment price was 3.8%, which is still decreased than the pre-pandemic lower of 3.4% but outstanding all the exact specified the growing labor drive. The jobless fee in Southwest Washington was 5.1%.

Oregon and Southwest Washington Home Profits

In the 1st quarter of 2022, 13,837 residences bought, which is an enhance of 1.1% when compared to the identical interval a 12 months ago, but 22.5% decrease than in the prior quarter.

When compared to a calendar year ago, income rose in much more than fifty percent of the marketplaces in this report. The places exactly where gross sales fell had been predominantly small markets that can fluctuate substantially. That claimed, income dropped in the extra populous Clackamas and Lane counties, but I attribute this to low stock degrees.

Despite the fact that the quantity of transactions dropped considerably from the ultimate quarter of 2021, this was additional a perform of inventory constraints than slack need.

Listing activity has not noticed its spring bump nevertheless, and it will be attention-grabbing to see if this takes place faster than regular given the spike in home loan charges in the to start with quarter.

A bar graph showing the annual change in home sales for various counties in Oregon and Southwest Washington between Q1 2021 and Q1 2022.

Oregon and Southwest Washington Household Price ranges

The speed of household-value expansion is nonetheless tapering, but price ranges rose by 13.2% year in excess of year, which is nicely above the state’s prolonged-phrase normal.

As opposed to the closing quarter of 2021, normal price ranges rose 2.5%, which is particularly impressive given rising financing expenditures.

All counties contained in this report apart from Hood River experienced bigger sale price ranges than a year back, with important boosts in Tillamook and Columbia counties. Practically three-quarters of the marketplaces observed selling prices increase additional than 10%.

The spike in home loan rates has nonetheless to have a substantial influence on rates. Nevertheless, it will be appealing to look at back again in the second quarter due to the fact if there is an influence, this is when we would probable see it.

A map showing the year-over-year real estate market percentage changes in various counties in Oregon and Southwest Washington for Q1 2022.

A bar graph showing the annual change in home sale prices for various counties in Oregon and Southwest Washington from Q1 2021 to Q1 2022.

Mortgage loan Premiums

Typical rates for a 30-yr conforming mortgage had been 3.11% at the finish of 2021, but because then have jumped around 1.5%—the largest raise due to the fact 1987. The surge in premiums is due to the fact the industry is anticipating a 7- to 8-position maximize from the Federal Reserve later this 12 months.

Since the house loan market place has priced this into the fees they are providing these days, my forecast suggests that we are receiving shut to a ceiling in charges, and it is my perception that they will increase modestly in the second quarter prior to stabilizing for the harmony of the yr.

A bar graph showing the average rates for a 30-year conforming mortgage, plus Matthew Gardner's mortgage rate forecasts for Q2 2022 through Q1 2023.

Oregon and Southwest Washington Times on Industry

The average selection of days it took to sell a residence in the area dropped by 6 when compared to a year ago, but it took 10 extra times for a property to go less than deal in comparison to the fourth quarter of 2021.

The average time it took to promote a property in the initial quarter of 2022 was 43 days.

Sixteen of the 26 counties protected in this report saw times on marketplace fall from the initial quarter of 2021, but only 5 counties saw average market place time fall in comparison to the fourth quarter of very last yr. This is probably a purpose of seasonality, and I expect this to right by itself as we enter the spring getting season.

Homes marketed the swiftest in Washington County, in which it took an typical of only 15 days for a household to provide. An additional seven counties noticed an common sector time of less than a month.

A bar graph showing the average days on market for homes in various counties in Oregon and Southwest Washington during Q1 2022.


This speedometer demonstrates the condition of the region’s serious estate current market using housing inventory, value gains, dwelling income, curiosity fees, and much larger financial aspects.

In spite of higher rates and increasing price ranges, customers keep on to be quite enthusiastic. As such, I really don’t foresee any sizeable downturn in need. However, household rate growth could start to taper in the coming months, which is not a negative issue.

A speedometer graph indicating a seller's market in Oregon and Southwest Washington during Q1 2022.

Supplied remarkably minimal stock ranges and solid desire, home sellers nevertheless have the upper hand, while we will have to hold out and see how costs will be impacted by higher mortgage loan fees. As this sort of, I am leaving the needle in the exact placement it was last quarter.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

As Main Economist for Windermere Serious Estate, Matthew Gardner is liable for analyzing and interpreting economic info and its effect on the true estate industry on both a area and countrywide stage. Matthew has over 30 yrs of experienced practical experience each in the U.S. and U.K.

In addition to his working day-to-working day duties, Matthew sits on the Washington Condition Governors Council of Financial Advisors chairs the Board of Trustees at the Washington Centre for True Estate Study at the University of Washington and is an Advisory Board Member at the Runstad Middle for Actual Estate Scientific studies at the College of Washington in which he also lectures in serious estate economics.