Portland real-estate prices are soaring in the Portland metro area, with home sales climbing 7% last year, according to the National Association of Realtors.
The Portland area is home to one of the fastest-growing cities in the country.
But the rise is just the tip of the iceberg.
Here’s what you need to know.
The fastest-rising metro area in the U.S. is Portland, Oregon.
Home sales jumped to $1.35 billion in the fourth quarter of 2016, up from $818 million in the third quarter, according for NAR.
In addition, home prices climbed 5.6% year-over-year to $721,000, the NAR said.
The growth in Portland, home sales have been outpacing the national growth, NAR data shows.
Home prices in Portland have increased by 22% over the last five years, and by a whopping 50% since 2010, NARR data shows, while the national home price growth rate has slowed.
The NAR figures show that home prices in the metro area increased in every quarter between 2009 and 2016.
That is more than double the national average of 3.7% growth.
“Home prices have more than doubled since 2010,” NAR president and CEO John Hennessey said in a statement.
“The average price of a single-family home in the city increased nearly 40% in the first three quarters of this year to $2.6 million, nearly five times the national rate of 5.7%.
The average price in Portland has more than quadrupled over the past five years.
The region also has the highest average rent in the nation, at $1,400 a month, and has seen the highest rate of home foreclosure in the United States, according the U-S Census Bureau.
The trend has been consistent across the country, according Hennesseys research.
Home buyers can still get their hands on some good bargains in the region.
For instance, the city of Portland is home of the iconic Oregon Trail, which stretches over 2,200 miles.
The Trail is a 1,600-mile route that takes visitors through Oregon and beyond to the Cascade Mountains, a popular destination for hikers and snowboarders.
It’s one of those things where if you look at it, you’ll be able to appreciate it, and then the other day you’ll have another reason to come,” Hennesseys said.
Home price growth is outpacing growth in other big metro areas.
For the second year in a row, home-price growth in the most expensive markets in the Northeast and Midwest is outpearing the growth in those regions’ most expensive areas, according NAR research.
In fact, home price gains in the top five metro areas in the second quarter of this decade outpaced the top-most metro areas’ growth rates, according data compiled by NAR for Realtor.
“Over the last year we’ve seen the top 10 metro areas with the most home sales see their average home prices rise by over a quarter and their average rents increase by over four times,” Henssey said.
In comparison, the top 5 metro areas saw their average housing rents drop by a quarter.
The most expensive metro area for renters is the Boston metro area.
Boston’s median home price in the last quarter of 2018 was $539,000.
The median rent in Boston is $2,099, according Realtr.
Home-price gains are outpacing inflation.
The rate of increase in home-value growth is faster than the national inflation rate of 1.3%, according to NAR’s data.
In 2016, the average home value in Boston increased 4.4%, according for Reamportor.
But in the quarter ending in March 2019, the number of homes with a value of more than $2 million rose by 17.9% to 3,937, according on Reampontor.
That’s the highest growth rate of any major U.N. region, according U.K.-based group BNP Paribas.
In the same quarter, the median home-ownership rate increased by 8.4 percentage points to 63.3%.
In contrast, the inflation rate was 0.6 percentage points lower in Boston in the same time period, according BNP-ASB.
Home rents are rising faster than incomes.
Home values are up 6.7 percentage points over the same period in Portland and 7.5 percentage points in Boston.
“In Portland and Boston, home values have grown more rapidly than median household incomes over the years,” according to Reamprontor data.
The average home in Portland increased 6.3% over four years, while in Boston the median value increased 3.3%; both cities saw their median home values increase by 6.5