The state of Oregon (with its capital city of Salem) is
fast becoming one of the real estate hot spots of the nation. More and more
people are relocating to Oregon, especially Californians, according to
statistics by 3 national moving companies. Its not hard to see why: with a
population creeping up on 4 million, the cost of living is fairly low,
unemployment rates are decreasing and Oregon has plenty of attractions to offer
to new initiates. A rise in economy and job growth is a sure fire way to keep a
real estate market stable and continue to have steadily increasing home value
prices, while a big tourism industry is a great way to continually attract
potential residents to a state.
Oregons economy relies heavily on its agriculture
(cattle, vegetables, fruits, dairy products, wheat) and industries such as
lumber, wood and paper products, machinery, scientific instruments, food
processing and tourism. The unemployment rate, which stayed in and around 7% or
so through early and mid 2000s, has dropped to 5.1, edging closer to the
historical low of 4.7% Oregon experienced in 1995. The median household income
was about $43,262 in 2005 and with more jobs available, more first-time home
buyers can afford a higher home value than previously.
Oregon has seven distinct regions, and between them,
theres something for everyone to do in the Beaver state, which helps keep their
home value median rising. Oregon can be broken down into: Portland Metro, the
Coast, Williamette Valley, Souther Oregon, Central Oregon, Eastern Oregon and
Mt. Hood/The Gorge. You can check out cultural attractions and the nightlife in
the Portland Metro area, drive up and down the Coast and visit famous
lighthouses and fishing villages, visit Williamette Valley for wineries and
scenic covered bridges, or take a trip to Southern Oregon to see the deepest
lake in the US: Crater Lake, which was formed in about 5700BC after a 12,000
foot volcano called Mt. Mazama explosively erupted. Then you can travel to
Eastern Oregon for Hells Canyon and the famous Oregon Trail and north a bit to
the Mt. Hood and the Gorge area to ski, hike and windsurf.
Last but not least is Central Oregon, and currently the
hot spot for real estate activity in Oregon. Central Oregon is a playground of
skiing, golf, hiking, biking fishing and climbing. Bend is the new big area for
real estate in Oregon, especially with job growth in transportation and
utilities, tourism, education and health and government services. The current
home value median in the state of Oregon is about $236,000, while in Bend that
home value median is actually much higher at $279,000. Oregon as a whole is
seeing homes stay on the market for an average of 60-120 days, with homes
taking a bit longer to sell in the Bend area, simply because of the boom there
in 2006, which is slowing down. The Bend, Portland and Klamath Falls areas are
all seeing activity in sales of single family homes, while Salem and Eugene
activity tends to come from "move up" buyers.
According to a federal agency report, home value prices
in Bend appreciated faster than any other city in the nation in 2006. The
market has since slowed down, but home value medians in the area continue to
rise and the inventory of unsold homes has stayed relatively steady since the
first of the year at about 2,250 homes on the market. Though the huge boom Bend
and the rest of Oregon experienced is likely over, with everything Oregon has
to offer and the way 2007 is shaping up, it looks as if Oregon will continue to
enjoy increasing home value prices and one of the
more successful markets in the nation.
Ashley Lichty is a webmaster and the resident SEO of Web
Xtreme, Inc. She has a background in real estate and marketing with an emphasis
in writing.
Realtors