Recent regional housing figures suggest a continued increase in Newberg area home prices. Much of this renewed demand is tied to a reduced inventory of homes currently for sale.
Recent home inventory figures from the Regional Multiple Listing Service (RMLS) show that unless more houses are placed on the market, our region would be out of homes to purchase in just 2.8 months. This is a considerable under-supply, since many consider our housing market equilibrium to be somewhere between a 4 and 6 month backlog. As a result, buyers now have less selection and sellers can command higher home prices.
Home prices throughout Yamhill County rose 13.4% over the past year. View the latest complete real estate report by clicking the above Market Action image or click here. There you’ll find detailed information for your town or neighborhood on page two.
For more information about home sales in your area, or to find out what your property is worth in today’s market, contact Certified Realty, serving greater Newberg since 1950 at 503-682-1083.