There is a lot going on with real estate trends right now thanks to the recovering economy. Despite predictions of doom in the wake of the most contentious presidential election in decades, the economy has proven resilient and 2017 looks to see continuing improvement.
This has been notable in job market growth and real estate markets. Portland, Oregon has been ahead of the curve in both instances over the last few years. What does this mean for Portland lofts, condos, and homes? What does it mean for Portland residents and newcomers?
There is no denying that Portland is an extremely popular place to seek employment and settle down. However, booming population growth of late has left very little in the way of surplus in the housing market. Here is what Portland buyers and sellers should anticipate for real estate trends for 2017.
Tech Drives Population Growth
Portland has not been labeled the “Silicon Forrest” for nothing. Major development in the tech industry in this urban area has spurred incredible population growth. According to the U.S. Census Bureau, Portland gained 40,000 new residents between 2014 and 2015 in the metro area alone. It is a trend that also continued into 2016 and is likely to move right into 2017.
Because of this, demand for housing has steadily increased over the last few years. Although naysayers have predicted a resultant crash in the housing market, it has yet to materialize. By all accounts, the market will continue seeing such gains throughout 2017.
The Pacific Northwest Leads the Nation
2017 will hold only good things for the real estate market. Though, once again, it looks like the Pacific Northwest will be the leader of the pack. Since 2015, this region has seen the most market growth. Prediction of values and sales for Seattle and Portland modern homes will remain higher than other areas in the nation once again.
Cross Laminated Timber
It will be some time before building Portland condos, lofts, and apartments from this remarkable product. Made by gluing small pieces of wood together to form massive supports beams, some have described Cross Laminated Timber (CLT) as “plywood on steroids”. The product is touted as closer to carbon neutral than more common building materials such as steel and concrete.
Thanks to high-profile projects like Framework, an 11-story CLT building created by Lever Architecture, Cross Laminated Timber can start finding its way into growing Portland neighborhoods and larger building projects in the coming years.