Only two states in the entire country saw a greater jump in home prices in November than Oregon.
Other than Colorado and Washington, Oregon’s 9 percent rise in home prices between November 2014 and November 2015 was the highest in the nation, according to the latest data released by property information company CoreLogic.
Colorado led the nation with a 10.4 percent increase, while Washington saw prices rise by 10.2 percent.
Nationally, home prices increased by 6.3 percent in November 2015 compared with November 2014.
In addition to Oregon running near the head of the pack on a state-by-state basis, the Portland metro region also outpaced many other metro areas in sales price gains. According to CoreLogic, home prices in the metro region, including distressed sales, rose 10.4 percent in the 12 months between November 2014 and November 2015.
That increase surpassed other metro areas like Atlanta and Los Angeles, which each saw prices climb nearly 7 percent.
CoreLogic estimates that home prices nationwide will increase by another 5.4 percent on a year-over-year basis from November 2015 to November 2016.
What this means for you
If you already own a house this is great news! If you don’t, but are currently browsing the market, it’s a tough decision to make when considering the short and long term. In 10 years, property in places like Portland will likely increase greatly in value, but in 2 years a slight pullback is possible. And furthermore, the 3 states which are leading the upward trend in home prices have all legalized recreational marijuana. Maybe the people investing money into each state’s respective metropolitans know something we don’t.