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re:PDX is written by Ron Ares, broker and market analyst affiliated with M Realty LLC in Portland, Oregon.
Phone: 503-460-7992
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Portland Metropolitan Area Median Home Prices, 2000 – 2009
I put together a graph showing Portland-area median sale prices by month from 2000 through 2009.
The smooth curves show annual growth rates between 3% and 6% (from bottom to top) if you had purchased the median-priced home in January 2000. From 2000 through early 2004, home prices rose consistently in the 3 to 4% range. Then you can see the bubble pricing taking effect, jumping the growth curves and peaking in the summer of 2007.
The mid part of 2009 showed a plateau of $250,000 for a few months in a row, but even with homebuyer tax rebates and low interest rates, prices have continued their descent. Prices are now roughly equivalent with those of early 2005.
Click for a larger image.
Again, this is just a broad look at median pricing for the metro area in general (Portland, its suburbs, plus Yamhill and Columbia counties). I suspect the closer-in neighborhoods would fare better than the outlying areas, but that’s just an educated guess.
The question remains. When federal stimulus and interest rate support programs expire, what will happen to the market?
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