Key Points:
- As it says on every license plate, Oregon is definitely a ‘State Of Excitement’. Offering a diverse mix of bustling urban life and serene natural beauty. Before you start dusting off your hiking boots and purchasing flannel shirts in bulk, take a moment to understand the real estate market of some of its biggest cities.
- Portland, Salem, and Eugene are the three main players of Oregon, each bringing something unique to the table. While Portland brings the hipster touch with microbreweries and indie music scene, Salem serves the history buffs with its ancient museums and structures. Not to mention, Eugene’s valuable contribution to the education scene with its prestigious schools and universities.
- The median home price in Portland has seen a nifty jump from $426,300 in 2020 to an anticipated $614,800 by 2024. It seems buying a home in Portland might just require a Portland-size paycheck in future years. Incidentally, this trend mimics many white-hot housing markets around the country.
- Salem, on the contrary, is representing the affordable squad, with the prices expected to hover around $363,300 by 2024, offering a reasonable option for budget-driven buyers. In Eugene, home prices shall reach an estimated $422,800 by 2024, making us wonder if affordability will indeed remain a part of Eugene’s charm.
- Oregon offers a high quality of life with hikes, the wine country and the Pacific Ocean at your doorstep, but that comes with a side note of higher taxes in comparison to other states. Sadly, a tax-free shopping spree doesn’t make up for it.
My Hot Take:
Anyone looking to buy a house in Oregon, remember: take it slow-w-w. No need to rush faster than a jackrabbit on a date! It’s clear that Oregon’s real estate market isn’t going all Oregon Trail on us. Despite economic ups and downs, our lovely trinity- Portland, Salem and Eugene are playing their cards close to their chest, each serving a distinct slice of Oregon house-pie. The prospects vary, from Seattle-like prices that make you feel like David facing Goliath, to the more modest housing prices that offer a breath of fresh air (or in this case, home affordability). It’s like choosing your favorite child, isn’t it? The catch: the dreaded taxes! But hey, taxes are taxes, can’t argue with them without running into the risk of an IRS audit! So, if you’re walking down the home buying lane in the state of Oregon in 2024, keep your vision 20/20, choose wisely, and remember folks, every home has its charm, probably even more than Portland’s microbreweries!
Oregon’s Largest Cities: A Homebuyer’s Guide for 2024
Original article: https://www.redfin.com/blog/biggest-cities-in-oregon/
