Did you know that Happy Valley, first incorporated back in 1965, is one of the fastest growing and most popular communities throughout the Portland Metro area? It's population last year was just under 22,000 residents and its growth since 2010 tops out at a whopping 46%. In the late 1990s, Happy Valley became one of Oregon's fastest growing cities even though it was hit one of the hardest during the foreclosure crisis. Since then, it has bounced back with a vengeance.
Currently, the median sales price for a home in Happy Valley is at $508,000. That's approximately $197 per square foot. The median rent is also some of the highest in the metro area at $2400 per month.
The real estate giant Zillow poses Happy Valley is actually a cold market or what would consider a buyers market. This means that there are a lot of properties for sale and with the home index value of $513,000 and a 5.5% increase over last year, we feel this is actually a pretty balanced market.
The highest appreciating neighborhood since 2000 includes those around SE. 145th Ave., Sunnyside Road, city center, and SE. Spring Mountain Dr. The median home values sit between $520,000 and $515,000. The majority of homes for sale in Happy Valley are between $415,000 and $552,000. Less than 4% are under $100,000 in less than 1% are over $1.4 million. Total appreciation since 2000 has increased by nearly 94%. That's great news for homeowners that have stayed in their homes for at least 10+ years and now are planning to sell.
Because we are heading into the fall and winter season, the days on the market statistic has increased slightly over the last couple of months. We are currently at 72 days. But that's just over two months on the market. This means we have an absorption rate of less than three months, and a balanced market has an absorption rate of six months. This absorption rate means that if no more listings hit the market today it would take less than three months for all the properties to be sold.
Currently, there are about 180 properties for sale in Happy Valley, down 4% from last month and down 5% from last year.
Whether you are buying or selling, the Happy Valley market is great right now. I often tell buyers that fall is a great time to consider purchasing real estate because you have less competition and more breathing room to decide on negotiations. In a hot real estate market, buyers need to make quick reactions, so now we can sit back, and really make thoughtful, informed decisions on real estate contracts and negotiations. Whether you are buying or selling give us a call today.