Clark County Home Values Forecast
Summer is in full swing here in Clark County, but the weather isn’t the only thing with a hot forecast. For Clark County real estate, the market is sizzling with no cooling trend on the immediate horizon.
Good News For Home Owners
The Columbia River frames Clark County to the south and west.
According to the latest Zillow report, Clark County home values have shot up 8.7% since last year, which is a big leap. Zillow predicts home values will continue to soar—increasing another 3.5% within the next year. The market of low inventory and high demand allows listing prices to be pushed higher, which has been pulling sale prices up too. The median listing price in Clark County right now is just over $400,000. This has shot median home sales prices right into the $350,000s. If you own a home in Clark County and are thinking about selling, this is good news. Homes are sitting on the market less time too. In 2010, the average home was on the market a little over three months. Now, homes are grabbed up in just 45 days. For home owners thinking about renting out their homes, Zillow reports the median rent price in Clark County is $1,795, which is only about $100 lower than the overall Portland Metro area.
The Challenge For Home Buyers
If you’re looking to buy a home in Clark County, you may be watching the market and wondering if you should jump in now or wait for prices to start coming down. According to the local consensus of expert opinions, it doesn’t seem likely values here will slow down or plateau any time soon. The way prices are steadily climbing, the longer you wait, the more the same house will cost you. This means if you’re ready to buy, the time is now.
Growth Spurt
Clark County is growing quickly. People love it here, and the word is getting out. Here are some reasons it’s such a great place to live, plus there’s the new waterfront, and we can’t leave out the beer. Data from the US Census Bureau shows about 50,000 new people moved here between 2010 and 2017 – approximately 12% growth. That’s also a lot more competition in a real estate market where supply can’t keep up with demand.
Build a Home vs. Remodel a Home
This competitive market may lead buyers to consider buying a home and remodeling it to become their dream home. On the surface, this may seem like good thinking, but consider the advantages to having a brand new home built exactly the way you want it. Unexpected situations can pop up with existing homes that end up taking more time and costing more than a new build. Plus, with a brand new build, you have more flexibility to select options which improve your home’s energy efficiency, which is easier to accomplish with new construction rather than retrofitting.
Like all weather patterns, the winds do eventually shift and so do the temperatures. These trends we’re seeing in real estate right now are just that: trends. Some trends last longer than others, but in time, interest rates will rise, inventory will catch up, and demand will slow down. However, one thing that isn’t predicted to change drastically is home values. Even after rising values eventually level off, homes are not expected to lose value, which means the climate for real estate in Clark County will continue to be favorable. If you’re in the market for a new home, give us a call to talk about what you’re looking for.
