Lake Oswego most expensive real estate market in Oregon, report says
Coldwell Banker compared four-bedroom, two-bath homes in 19 communities across the state
Lake Oswego is the most expensive real estate market in Oregon with an average listing price of $652,682, according to a Home Listing Report released today by Coldwell Banker Real Estate.
Klamath Falls ranked as the most affordable market in the state, the report says, with an average listing price of $229,651.
The annual report, which looked at 19 real estate markets in Oregon (and more than 2,000 markets nationwide), only ranks the average listing price of four-bedroom, two-bath homes. Other affordability reports provide average or median prices for all homes in a given area, but the company says its study better addresses how much a home in one market would cost if the same home were located somewhere else in the country.
The data provided in this report does not come as a surprise, as the Lake Oswego area is consistently ranked at the top in price point, regardless of the market conditions, says David Sly, principal managing broker of Coldwell Banker Seal – Lake Oswego. I believe this is driven by the local community, the schools and its proximity to Portlands urban core. Our schools are top-notch and are one of the main driving factors of families moving to our community -- thus the demand for housing in Lake Oswego is always there, always has been and more than likely always will be.
Mike Grady, Coldwell Bankers president and COO, says its important to understand that in many markets, the average list price included in the companys rankings may be considerably higher than what were seeing as the average sales price, given a variety of factors. These include the price fluctuations that certain neighborhoods may experience within a certain market, how high-end luxury listings affect the average and the fact that only four-bedroom homes were included.
Still, he said the information is useful for anyone who may be considering relocating from one part of the state to another, or from one side of the country to the other.
In that sense, Grady said, it is a true representation of affordability and can help people make an educated decision.
Interestingly, West Linn isn't mentioned in the Coldwell Banker report. But that may be because markets without at least 10 four-bedroom, two-bathroom listings on www.coldwellbanker.com between January 2016 and June 2016 were excluded from the ranking.
According to the Home Listing Report:
The 10 most expensive markets in Oregon
Lake Oswego: $625,682
Oregon City: $405,270
The 10 most affordable markets:
Klamath Falls: $229,651
To see the full report, go to bit.ly/2cd92UN.