PORTLAND, Ore. (KOIN/Stacker.com) — The coronavirus pandemic created a real estate boom driven largely by people buying second homes as vacation properties, including in the Portland metro area.
With the help of Stacker.com, KOIN 6 News put together a list of the cities with the fastest-growing home prices in the area.
Supply and demand drive the real estate market, affecting everything from building and lot values to availability for buyers and sellers. These forces are usually closely aligned with an area’s economy, job market, population, demographics, location, interest rates and several other constantly evolving factors.
Using data from Zillow, Stacker compiled a list of cities with the fastest-growing home prices in Portland, Vancouver and Hillsboro. Cities are ranked by the change in Zillow Home Values Index for all homes and apartments over the last year as of January 2022.
The typical home value in the United States increased over the last year by +19.9% to $325,677.
Below, you will find the top 10 cities in the Portland metro area with the fastest-growing home prices.
#10. Brightwood, OR
- 1 year price change: +25.8%
- 5 year price change: +69.1%
- Typical home value: $452,159 (#78 most expensive city in metro)
#9. Vernonia, OR
- 1 year price change: +25.8%
- 5 year price change: +65.0%
- Typical home value: $340,402 (#94 most expensive city in metro)
#8. Rainier, OR
- 1 year price change: +26.1%
- 5 year price change: +61.9%
- Typical home value: $396,726 (#89 most expensive city in metro)
#7. Brush Prairie, WA
- 1 year price change: +26.1%
- 5 year price change: +67.6%
- Typical home value: $805,738 (#5 most expensive city in metro)
#6. Colton, OR
- 1 year price change: +26.4%
- 5 year price change: +63.3%
- Typical home value: $689,734 (#13 most expensive city in metro)
#5. Welches, OR
- 1 year price change: +26.6%
- 5 year price change: +68.7%
- Typical home value: $475,395 (#67 most expensive city in metro)
#4. Manning, OR
- 1 year price change: +26.6%
- 5 year price change: +81.9%
- Typical home value: $817,656 (#4 most expensive city in metro)
#3. Prescott, OR
- 1 year price change: +26.7%
- 5 year price change: +59.4%
- Typical home value: $308,800 (#96 most expensive city in metro)
#2. Deer Island, OR
- 1 year price change: +27.2%
- 5 year price change: +50.2%
- Typical home value: $478,398 (#66 most expensive city in metro)
#1. Rhododendron, OR
- 1 year price change: +30.9%
- 5 year price change: +75.0%
- Typical home value: $429,889 (#84 most expensive city in metro)
For a full list of cities, click here.
Editor’s Note: KOIN 6 News edited this story originally published on Stacker.com to include only 10 locations on the list, extract specific words and add more words as necessary. This article has been re-published pursuant to a CC BY-NC 4.0 License.