Each month we feature a suburb of Portland, Oregon and share our analysis of its real estate market. To learn more about the other suburbs we've featured, check out our Portland Suburban Real Estate Market Report. And to gain insight into the Portland metropolitan area's overall housing market, check out our latest monthly report and Portland Real Estate Forecast for 2024.
This month, we focus on Wilsonville, a suburb located 17 miles south of Downtown Portland along the Willamette River. Wilsonville is mostly in Clackamas County, overlapping with Washington County to the north. This northern suburb serves as a gateway to the nurseries, vineyards, and farmlands of the Willamette Valley. With plenty to do along the way, Wilsonville is an escape from big city life while also offering convenient access to all of Portland via I-5. The city offers a total of 27 nature parks for outdoor recreation, two of which have waterfront facilities. Wilsonville is also a partner in the Willamette River Water Trail, giving the city plenty of river access. Additionally, the suburb is home to Bullwinkle's Entertainment, the only indoor/outdoor amusement center in the area. Aside from these great attractions, Wilsonville offers residents other benefits such as lower property tax rates and job opportunities with innovative technology companies. Finally, Oregon Institute of Technology’s Wilsonville campus is the only technical university offering higher education in the state of Oregon.
Like other cities in Oregon, Wilsonville is home to a number of local breweries, including Vanguard Brewing, Rum Brewing, and the historic McMenamin's Old Church Pub. There are also several wineries, including Calavera Vineyards. Wilsonville also has a variety of restaurants, including Oswego Grill, Boone's Junction, and Dar Essalam.
Below we discuss the indicators influencing Wilsonville housing market conditions.
Wilsonville's housing inventory is starting to increase
After reaching its highest level in several years, Wilsonville's inventory of homes for sale has remained roughly flat since August of last year but began to increase again in March. The Portland metropolitan area is expected to see an increase in inventory of homes for sale over the summer, which has also been a trend in Wilsonville for the past few years (excluding 2022), and can be seen in the graph below. As spring progresses and more sellers begin to put their homes on the market, Wilsonville's inventory of homes for sale should continue to increase.
Wilsonville, Oregon inventory provided by Fidelity National Title
Wilsonville real estate prices are stable.
In Wilsonville, home prices have remained largely unchanged since August 2023, fluctuating slightly within the $300 to $325 per square foot range. Over the past few years, Wilsonville home prices have seen a moderate increase during the spring season, which can be seen in the Fidelity chart below. With more active homebuyers in the Portland area each spring, increased competition for available homes will likely drive prices in Wilsonville at least slightly higher in the coming months.
The Portland metropolitan area saw an overall decline in home prices last year, with some exceptions. Wilsonville was one of those exceptions, experiencing an average price increase of 1.7% over the past 12 months. Given the track record of stable prices and the metro area's tendency for prices to increase each spring, we should see an increase in Wilsonville home prices in the near future.
Price per square foot in Wilsonville, Oregon. Courtesy of Fidelity National Title.
Wilsonville average days on sale
The number of days homes in Wilsonville stay on the market is beginning to decline slightly after a long period of slow increase since June. Homes for sale in this suburb are now spending an average of 61 days on the market. As you can see from the chart below, homes in Wilsonville tend to stay on the market for shorter periods in the spring when buyers are typically more active. As local housing market conditions continue to favor sellers, we expect this downward trend in days on the market for homes for sale in Wilsonville to continue over the next two to three months.
Average Days on Market Chart for Wilsonville, Oregon. Courtesy of Fidelity National Title.
Wilsonville, Oregon Homes for Sale
Browse all homes for sale in Wilsonville using Portlandhomesforsale.com's interactive map.
Wilsonville, Oregon Real Estate Forecast for 2025
An increase in Wilsonville home inventory indicates that sellers are actively putting their homes on the market, and a decrease in time on the market indicates that homes are selling. At the same time, stable home prices indicate that there isn't yet enough market competition to drive prices up. As more buyers enter the market, we should see a continued increase in Wilsonville home inventory and higher prices throughout May.
As mentioned earlier, Wilsonville homes fared better than most of the metro area during last year's housing market downturn, increasing in price by an average of 2.7% from mid-2022 to mid-2023. With slightly lower mortgage rates and some signs of growth, the Wilsonville housing market is expected to remain stable or better in 2024. Prices will likely begin to rise as spring progresses, peaking toward the end of the season.
Looking at the long term outlook, we expect Wilsonville to perform very well through 2025 for a few reasons. First, despite other areas within the same metro area, Wilsonville has already proven to be a stable suburb that continues to grow. Second, the area's population will continue to grow, and we expect interest rates to fall in 2024, although the overall housing shortage will persist.
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