Recent conversations with west coast realtors, investors and appraisers shed some light on how the Coronavirus Pandemic in Oregon has will predictably affect the housing markets, home values over the next 6 months to a year.
Zillow Home Values for Portland, OR shows “The median home value in Portland is $467,621. Portland home values have gone up 0.6% over the past year and Zillow predicts they will fall -0.4% within the next year.”
The Zillow shows also the housing market temperature to be ‘Neutral’. That home pricing projection, which does carry some weight and our on location, real time discussions with real estate proffesionals here on the ground in Portland, we believe there’s room for more optimism.
“The next few months, few weeks really, will determine how far these flat numbers will stick with us.” ~Nathan Bernhardt of Bernhardt SwissTrust Appraisal
There’s a lot of ‘wait and see in all of this’. However, if we can take anything from history on these types of global pandemics in the City of Roses, the Portland people came together, making good decisions and made it through as best we could.
We will again do the same thing here in this Coronavirus Pandemic. So, the turnaround timeline is a little hazey, though it will undoubtedly happen by the end of the year.