Generational Landscape in Oregons Housing Market
Oregons housing market has been shaped by distinct generational forces.
This changing generational mix sets the stage for Oregons evolving homebuying trends.
However, this generation proved resilient.
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Home prices in Oregon climbed steadily through the 2010s, especially in urban centers.
This spurred a homebuying frenzy nationwide and in Oregon.
Pent-up demand collided with rock-bottom financing costs and a desire for more space during lockdowns.
Some took advantage of remote work to relocate from high-priced cities to more affordable or spacious areas.
A portion of Gen X joined this urban exodus.
But this respite was short-lived.
In 2022, inflations surge prompted the Fed to aggressively hike rates.
By 2023, average 30-year rates hovered around 6.8%.
Market Cooling and Stagnation
Statewide, home sales volumes plunged when rates spiked.
Inventory in some markets began to tick up, but largely because houses sat unsold longer.
By 2023 and early 2024, Oregons housing market reached a stalemate of sorts.
Similar drops were reported in other Oregon cities.
Urban vs. ## The Pandemics Geographic Impact
During 2020-2022, that calculus began to change.
The result was a surge in prices and competition in places that had long been sleepy.
Oregons Zoom towns from Bend to Hood River to coastal communities experienced unprecedented demand.
Some even bought second homes in resort areas as investments or future retirement spots.
By 2023, the urban-rural dynamic had somewhat flipped from a decade prior.
The net effect is that Oregons suburbs and smaller cities have grown in popularity relative to Portland.
Even as Portlands market slowed, areas like Central Oregon remained attractive though painfully pricey.
In the late 2010s, despite economic growth, Oregons housing production lagged demand.
Conversely, by 2023, record-high post-pandemic rates made Oregon housing the least affordable it had been in decades.
Generational Housing Transitions
Comparisons with other generations provide further context.
For Oregons Gen X, this reality has defined both the past and present of their homebuying journey.
In the 2010s, they rode the recovery and captured rising equity in an urban-centric market.
