Lake Oswego in Oregon is a popular vacation spot where lakeside cabins and estates line the shores. True to the Oregonian form, Lake Oswego maintains a welcoming culture for residents and visitors alike. You will find abundant outdoor activities, from boating and fishing in the lake to exploring iconic local venues, such as Millenium Plaza Park with its yearly festivals or the Lake Oswego Farmers Market.
For those who find a home among Lake Oswego's luxury cabins and estates, it is a rewarding community to become a part of. Whether you are buying, selling, or currently own property, you may want to remain apprised of the current state of the Lake Oswego real estate market. With a lakeside real estate group such as Barnes Portland on your side, you're sure to find the perfect new home or investment opportunity.
Lake Oswego Real Estate Market Forecast 2023
Lake Oswego's housing market has been holding steady for the last few years. With economic shifts, as we have experienced, this is excellent news for community property values. In the previous three years, the total appreciation rate of Lake Oswego properties has been 165.965%, while the average annual rate has increased by 4.30% since 2000. This community of approximately 40,000 people is a thriving vacation spot where people relax under the glorious lakeside sunset all year long.
Home values are steadily increasing in Lake Oswego
If you're wondering how much your property is worth and how much it will be worth in the future, rest assured that the Lake Oswego real estate market has provided steady appreciation. Home values are increasing year on year, which is especially useful considering the unstable economics that some investors or building managers have faced. Owning residential property in Lake Oswego can provide year-round residence, or you can open up your space for vacation rentals for further income opportunities.
June 2022 saw median home prices at about $685,000 rise to $750,000 as of July 2023.
The stabilization of interest rates
There is more good news for those looking to buy a home in the Lake Oswego community or refinance the one they already have. With recent economic events, the Fed increased the national interest rate several times over the year. Those changes appear to have slowed to a stop, providing greater stability for home buyers seeking favorable percentages on a new mortgage loan. Now is a good time to explore options for stable mortgages and investment loans with local Oregon lenders.
Landlord investment for Lake Oswego
Lake Oswego is a popular lakeside destination and a good investment opportunity for landlords building their rental portfolio. However, if your goal is to start a vacation rental network in Lake Oswego, be aware of the regulations implemented in 2019.
Ordinance 2815 limits vacation rentals only to certain residential properties. The vacation rental address must be the primary residence of the hosts. However, you do not need to be present during each period when guests have booked. This complies with the city's home occupation/home business licensing laws to limit the chaos and population changes introduced during a widespread vacation rental implementation.
Net population statistics
Lake Oswego maintains a relatively steady population of about 40,000. The population typically swells in the summer due to tourists and vacationers coming to enjoy the lake either through hotel bookings or by occupying privately owned lakeside homes. Demand is reasonably high when a new home is listed on the market, as both locals and people outside the community are eager to snag a good property in this cozy town.
Clackamas County Housing Market Trends 2023
Lake Oswego is located in Clackamas County, Oregon. Clackamas County has been experiencing a steady rise in the market value of local homes since long before the pandemic. Clackamas County homes have always been on the upper end of the price range compared to national and state averages. The median home prices have been rising in proportion to the national median home values since 2016 and beyond.
Days on the market in Clackamas County
How long a home will take to sell in the Lake Oswego real estate market depends on the season. Oregon is beautifully seasonal, with a distinct real estate difference between the winter and summer months. This also aligns very well with national and state trends. There is typically a peak of real estate purchases near the end of summer and into autumn, shortening the total days on the market during these months. Summer months see the fewest days on the market, while winter months tend to see the most.
Lake Oswego Median Home Prices 2023
Lake Oswego is a highly desirable town with appreciating home prices. The current median home price is about $770,500. This has risen nearly $100,000 in the last year, with no sign of an oncoming price dip. This indicates there are home prices on both sides of the margin, but above the median home price is where competition can get steep among buyers diving for beautiful lakeside properties as they become available. If you are looking for a cozy home base at Lake Oswego, there's no harm in investing in one of the smaller or more modestly priced homes. It is the $1 million and over homes that influence the height of the median home price statistic.
Explore the Lake Oswego Real Estate Market with Barnes Portland
If you are looking for picturesque views, glittering waters, and a charming small town to spend your summers in or invest in long-term, Barnes Portland can help. Contact our welcoming real estate group to begin looking at Lake Oswego homes for sale. Together, you can find the perfect property and design a lakeside lifestyle for yourself, your family, or your long-term tenants.