Home Values Rising in Oregon Amid Coronavirus Crisis
See how the housing market is doing in the Beaver State during COVID-19.
Current home values in Oregon
Home values have been rising throughout Oregon and are up 5.8% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $566,169, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in Oregon: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $566,169 home at 3.33% would give a typical Oregon homebuyer a monthly payment of $1,991, assuming a 20% down payment.
How the Oregon housing market stacks up
Oregon families can take a walk through the woods, but still be close to the water
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Oregon, they're predicted to rise 4.9%.
Homes right now are going on the market in Oregon at a median price of $222 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
Oregon home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $371,104 |
| 2019 | $350,663 |
| 2018 | $338,133 |
| 2017 | $316,883 |
| 2016 | $285,700 |
| 2015 | $253,842 |
| 2014 | $232,425 |
| 2013 | $213,275 |
| 2012 | $195,917 |
| 2011 | $196,750 |
| 2010 | $216,100 |
| 2009 | $229,733 |
*2020 price average through March 31, 2020.
How much for an average-sized home?
Here's what a 2,500-square-foot home in Oregon is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $555,807 |
| 2019 | $535,000 |
| 2018 | $512,500 |
| 2017 | $482,500 |
| 2016 | $437,500 |
| 2015 | $392,500 |
| 2014 | $360,000 |
| 2013 | $335,000 |
| 2012 | $305,000 |
| 2011 | $302,500 |
| 2010 | $332,500 |
| 2009 | $355,000 |
*2020 price average through March 31, 2020.
