Because of Aurora’s relatively small size, current, reliable and detailed information on our local housing market is highly valued. Given Aurora’s equidistant location between Portland and Salem, when assessing Aurora local real estate it’s helpful to understand figures from both of those significantly larger markets.
Another reason it helps to view reports from both Salem and Portland markets is because while the town of Aurora itself is located inside Marion County, a large geographic portion of Aurora is actually within Clackamas County. This ‘spread out’ effect accounts for a large mixed swath of suburban and rural areas.
Perhaps the most important reason to review both Salem and Portland markets is because each of the respective multiple listing services in those areas have sections that cover Aurora. This overlap means Aurora real estate is actually covered by both Portland and Salem real estate umbrellas.
Aurora home values comprise a mix between those of Portland and Salem. In general, home prices are higher and market times are shorter around greater Portland, compared with Salem. The report that follows shows how both of these markets that straddle Aurora are on the upswing, in terms of home values and reduced housing inventory. The net effect is a strengthening for Aurora, Oregon real estate.
Portland Metro Real Estate
New housing figures for both greater Portland and Salem confirm a sustained strong Oregon real estate market. Particularly noteworthy as we approach Winter is our already low yet still shrinking housing supply, especially compared to years past. Below is a recent inventory table for greater Portland, shown in months of housing backlog.
Inventory A Key Factor
Two key factors illustrate how housing remains one of Oregon’s more economically attractive sectors. These include home inventory and home prices. Portland’s current inventory of homes is down to 1.8 months of supply, a continuation of greater Portland’s sub-two month housing backlog since early Spring.
An eight year glance at Portland area home values shows how home prices have not only recovered, but surpassed their prior high water mark. The average Portland metro area home price rose 6.1% compared to last year and now stands at $353,400. View the latest complete report, including Portland neighborhoods and nearby communities here.
Salem Metro Real Estate
Salem area real estate is not quite as strong as Portland, but definitely strengthening. Witness the nearly 25% drop in home inventory over the past month alone. This brings greater Salem into a marginal seller’s market and may foreshadow even lower inventories ahead.
Salem Home Prices Surge
Salem area home prices are up 9.5% compared to this time last year and now average $233,600. View the complete Salem area report, including neighborhoods and nearby communities here.
The Bottom Line
Barring unpredictable forces like significantly higher mortgage interest rates or a jump in regional unemployment, Aurora, Oregon real estate is poised to continue moving upward, with moderate home price increases likely to follow for the short to mid-term.
Thinking About Selling?
A great time to consider selling is now, while our Aurora, Oregon real estate market is strong. For a free report on what your property could sell for, Contact Certified Realty, our AuroraOregon.com sponsor, using the convenient contact form below.