Portland Real Estate Forecast 2018

portland appreciationThe Portland Real Estate Forecast 2018 was presented by John W. Mitchell Economist from Portland State University yesterday. Here are my top take-aways:

  1. Portland is the 25th largest City in the US, but has the 9th largest population of Millennials (most educated cohort). We have 36 colleges & universities within 50 miles.
  2. Oregon is listed as number 6 out of 48 for year over year in Job Growth, as of September 2017. The Northwest region has the strongest economy in the country.
  3. Oregon ranked number 7 for Net Domestic Migration (people moving to Oregon), Washington was number 3 and California was number 48.
  4. Personal income is rising faster than the national average and unemployment is lower than the national average.
  5. Portland job growth year to date is 33,500 with the largest being in Education and Health followed by Construction. We are experiencing a shortage of skilled workers.
  6. Even though housing prices are at an all time high, we are still the most affordable City on the West Coast.
  7. Portland’s biggest challenges in the future will be a lack of buildable land and a traffic problem that is quickly becoming one of the worst in the nation.

We expect to see the strong housing market continue into 2018 but with a slight slow down in the level of appreciation.  All the indicators above show why we are not in a ‘housing bubble’ but rather in an expanding market that should continue baring any unforseen national or global disasters.

Speak Your Mind

  • (will not be published)