One of the more amazing things about the Forest Grove Real Estate market is that it has this unbridled willingness to expand both the market for houses and the market for condos. There are plenty of developers in the in the Hillsboro/Forest Grove area looking to create wealth and prosperity by building a stronger core market that appeals to both families and young professionals. This is how Forest Grove continues to expand to this day as younger and younger professionals and families seek the solitude that Forest Grove can provide while still remaining close enough to Portland to enjoy the wonders of the big city.
Not only are the developers making Forest Grove more appealing to the younger generation, the market itself shows that the price difference between the average condo and the average house to be closer and closer every year. For instance, our Forest Grove Real Estate agents have found that the average price of a condo is $173k while the average price of a house is $259k. This difference of only $86k is one of the lowest of all of the Portland suburbs and is part of the reason for the growth and expansion Forest Grove is going through. Younger families can afford to move here and many, quite often, do.
The price of both condos and houses are largely dictated by the market itself. When there are a lot of properties on the market the cost of houses and condos can drop significantly. Over the past six months there have been 645 active listings and 236 pending listings (37% pending ratio) for houses while there have been 62 active listings and 33 pending listings (53% pending ratio) for condos. Now condos and houses have a monthly inventory of 1.9 months and 2.7 months, respectively, which is indicative that Forest Grove is in a seller’s market. Not only can you buy affordable homes, but the market is ripe for selling your home as well.
Another determining factor of the seller’s market is how long the properties stay on the market. The average house spends 58 days on the market with a 100% list to sale ratio while the average condo spends only 75 days on the market with a list to sale ratio of 100%. Houses and condos sell rather quickly in the Forest Grove Real Estate market, however, as the winter months approach the weather will have a cooling effect on the market and houses and condos will sit on the market for longer periods of time. The prime time to buy a home in Forest Grove is swiftly approaching.
Forest Grove is now and has always been a place that is all about family. With the dissolution of the idea of the traditional nuclear family there are more and more different types of families looking to buy a home in a family friendly environment. Good schools propel Forest Grove to the forefront of the Portland suburbs in terms of family-friendliness, but the willingness of the city to be accepting of everyone is what really makes Forest Grove a special place. We hear the homes aren’t too bad either!