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Portland is a left-coast city steadily adapting to the changes driven by population growth.
The good news that with preparation and market awareness, buyers and sellers are able to find a home to love. What clients need is an understanding of growth, density, value, interest rates, neighborhood character, and individual needs.
Here’s the 7 Layer Salad of Portland’s Real Estate landscape:
1. According to data tracked by moving companies, Oregon is the number one destination in the country.
2. Portland city planners are preparing for 260,000 new residents by 2035.
(Data here is from Portland’s 2035 Comprehensive Plan).
3. Estimates are that 30% of new residents are expected to move into downtown, and another 20% will disperse throughout neighborhoods. The remaining 50% will live in other centers, villages like Montavilla and Hillsdale, or along corridors, which are busy thoroughfares like SE Hawthorne and N. Mississippi. The intent is to increase density where public transit, bike, and pedestrian infrastructure is readily accessible.
3. The city expects that in this same time frame 140,000 new jobs will be added.
4. Portland will grow UP and not OUT. Our Urban Growth Boundary protects agricultural and forested areas, along with the local outdoor and wildland attractions that bring so many people here to begin with.
5. Portland is home to 95 neighborhood associations, each with a distinctive character and unique set of community priorities, including schools, land-use, equity, and gentrification.
6. The headlines for the past two years have focused attention on the lack of available housing inventory, rising prices, lack of affordable housing alternatives, and development of new market-rate rental and multifamily units. All of those conversations will continue for the foreseeable future.
7. While interest rates have remained low and lending restrictions have eased since the recession, the new administration in Washington DC will impact the economic landscape, interest rates, and inflation. It’s too soon to tell how much and how soon, but we are all watching for market signals that point to future trends.
How all these layers impact Portland’s reputation as a friendly, entrepreneurial, green, creative, and quirky place is a story that unfolds day by day. However, as a Portland native, I’m optimistic that our vibrant neighborhoods, village centers will continue to drive innovations in sustainability, community interaction, and cooperation.
If you would like to discuss how to negotiate Portland’s real estate market and find Room to Live, call or email anytime. I’m always happy to discuss how you can find a place in our shared future.
Licensed since 2003 • Portland Native • Pearl District Resident