The growth of the Hillsboro Real Estate market over the past 5 years has been a sight to behold. More people have learned the “not-so-secret” secret of Hillsboro in that it is the perfect place to live for just about anyone. Property values continue to climb and expansion is always a part of the driving force behind the success of the market and its diverse residents. When you realize that Hillsboro is rural enough to give you the privacy that you want while remaining close enough to Portland to really give you the city living you love then you can see why Hillsboro is second to none.
Hillsboro isn’t just a great place to live, however. The true majesty lies in the fact that Hillsboro is an amazing investment with loads of potential (resale and rental potential). Over the last six months the average price for a Hillsboro house for sale was $283k (up 20k from only months ago) while the average price for a Hillsboro condo for sale was $171k. The truly enticing part of the investment begins and ends with the low overhead needed to obtain it. Prices remain incredibly affordable so as to keep the growth of Hillsboro going in order to drive the market.
The market isn’t being driven by expansion alone, however. A lot of the fluctuations a market experiences has to do with the amount of competition there is and the Hillsboro Real Estate market has plenty. There are currently 29 active listings and 9 pending listings (31% pending ratio) for condos while there are 528 active listings and 217 pending listings (41% pending ratio) for houses. This represents 3.2 and 2.4 months of inventory for condos and houses respectively which lends to the idea that Hillsboro is still in a seller’s market which will continue to drive prices up. Prices continue to rise and yet Hillsboro remains affordable. How can this be?
Well, Hillsboro won’t be its affordable self forever which is ever the reason to invest now. Resale value of the homes on the market is incredible as the average house only spends 92 days on the market with a list-to-sale ratio of 99% while the average condo spends 100 days on the market with a list-to-sale ratio of 98%. The properties are flying off the shelves and it is this desirability that has led our Hillsboro Real Estate agents to close 61 condo listings and 926 house listings over the last six months. This alone shows that there is incredible investment potential available, but there are always more amenities than we can account for.
Hillsboro remains one of the go-to markets around the Portland area, but is more or less in line with the potential of all Portland suburbs. As a place to live it derives most of its amenities from Portland while being the nest-egg every family desires. If you take an objective look at all the markets surrounding Portland you will see that they are all overwhelmingly positive and that their futures look bright. It just so happens that some futures are brighter than others.