Lake Oswego is now and has always been the apple of the Oregon’s eye. The lake-front property, the wonderful outdoors, and the stunning architecture are what all cities in Oregon strive to be. Lake Oswego is simply a place that captures the heart and can often become the final destination for any family looking to become part of the majesty that is Lake Oswego. Now, the majesty of the Lake Oswego Real Estate market has always come with a price. However, thanks to home appreciation, Lake Oswego is no longer the most expensive place to live in the greater Portland area. This new revelation now makes Lake Oswego an exciting prospect as an investment opportunity as well as a place to call home.
The price point of Lake Oswego homes has always been a point of contention for many buyers. After looking around at the rest of Portland Lake Oswego seems to be one of the places you can now get the best value for your dollar. According to our Lake Oswego Real Estate agents the average Lake Oswego condo for sale is priced at only $220k while the average Lake Oswego house for sale is priced at $579k. Owning a house in Lake Oswego may still be an expensive endeavor but owning property there is actually one of the least expensive things you can do in all of Portland.
We would be remiss if we did not mention that part of the reason for Lake Oswego’s success has been from its growing competitive market. Currently there are 70 active listings and 18 pending listings (26% pending ratio) for condos that account for 3.9 months of inventory. For houses there are 415 active listings and 127 pending listings (31% pending ratio) that account for 3.3 months of inventory. The inventory in Lake Oswego is still too low to cover the demand of the buyers in the market, however, it is much better than in other places in Portland.
The demand for property in Lake Oswego has always been high, but now that mortgage rates are on the rise the demand for property right now is incredibly high. The average Lake Oswego house only spends 104 days on the market with a list-to-sale ratio of 98% while the average Lake Oswego condo spends 86 days on the market with a list-to-sale ratio of 97%. Neither of these sets of statistics will blow you out of the water but they have led to the sale of 114 condos and 637 houses over the last six months, keeping the Lake Oswego market going in a time of recovery.
Lake Oswego is a memorable place and its real estate market is memorable as well. There are few places that have as much natural beauty and manmade architecture in the same place. Of those places even fewer are located next to one of the most popular cities in the country. Lake Oswego is more than just a smart investment. Lake Oswego is a permanent home for you and your family.