Gresham, Oregon Real Estate Market 2023 Report with Forecast
We regularly provide a real estate analysis of one of Portland’s suburbs to help you understand how the market might affect your buying or selling decisions and when might be the best time to act. To learn more about market activity in other suburbs we have covered, check out our Portland Suburb Real Estate Market Reports.
In this article we’ll look at the suburb of Gresham, Portland’s immediate neighbor to the east. Gresham’s city center is located 16 miles from downtown Portland, with easy access via the MAX Light Rail. Not merely a town on the way to explore Mt. Hood or the Columbia River Gorge, Gresham is a destination in its own right as home to the beautiful Oxbow Regional Park, and 30+ city parks, including Gresham’s very own Japanese Garden. Gresham is the 4th largest city in Oregon with a thriving downtown full of excellent restaurants and several breweries/hop houses, including Mad Cow Brewing Company and The Hoppy Brewer, which regularly hosts live music. With these advantages and more, Gresham is a great place to live and enjoy access to Oregon’s wonderful outdoor playgrounds.
Gresham’s Housing Inventory is Rising
Gresham’s housing inventory reached its peak in early November of 2022, then dropped for several months before beginning to plateau in March of this year. Inventory began to rise again in June 2023 and is continuing to grow, signaling the fall season market shift that comes with diminished buyer demand: less competition and more affordable prices for buyers.
We can see in the chart below how the real estate market in Gresham mirrors market activity in Portland. This year, inventory in Gresham was at its lowest during the spring months when buyers in the Portland metro area are typically the most active. If we compare levels of inventory from this year’s selling season to the Spring of 2022, we can see that though inventory decreased, there were much fewer sales overall in 2023. A variety of factors have contributed to a cooler market this year – namely high interest rates – which explains the shorter, less productive spring seller’s market. As summer comes to an end, we should expect the level of housing inventory in Gresham to continue to rise through September and then start dropping in advance of the major holidays.
Gresham Real Estate Prices Are Flat
As you can see on the below chart from Fidelity, after prices steadily lowered from October to December of 2022, they began to stabilize in January and have remained steady with little fluctuation so far this year. With our projected increase in housing inventory throughout the rest of the year, we expect to see decreasing prices a bit over the next few months.
Gresham Average Days on the Market
The number of days that a detached home sits on the market has steadily decreased since March, with houses currently staying on the market an average of 50 days. As we move out of the seasonal hotter seller’s market and into the Fall season, we can expect homes to stay on the market longer as new homes are listed and buyer activity wanes.
Gresham, Oregon Homes for Sale
Browse all Gresham homes for sale using the interactive map on Portlandhomesforsale.com.
Gresham, Oregon Real Estate Market 2024 Forecast
Over the last twelve months, from mid-2022 to mid-2023, Gresham, Oregon dropped 1.3% in price. Fairly close to flat, but still a slight decrease. In Gresham, Oregon real estate market in 2024, I do expect that market to remain fairly flat, minus the ups and downs of the seasons.
While the length of time on the market for listed homes has gradually become shorter and prices have remained relatively stable, the steady increase in housing inventory in Gresham signals a seasonal turn toward a more buyer-friendly market. We know from decades of analyzing the housing market in the Portland metro area that this is the time of year that buyers begin to drop out. This will lead to a simultaneous increase in inventory and decrease in prices through the end of the year as lack of demand and high supply pressures sellers to price their homes competitively.
Despite this year’s cooler market conditions, we can confidently project that Gresham’s proximity to Portland and relative affordability will continue to draw new homebuyers in the coming year. The suburbs of Portland are continuing to draw higher numbers of homebuyers than the city itself, so we can reasonably expect the housing market in Gresham to be reinvigorated with active buyers and rising prices once again in the Spring of 2024.
My forecast for the Gresham, Oregon real estate market in 2024 is minus 1% in home prices overall. Then, whenever the interest rates finally drop again (many are talking late 2024 or early 2025) I expect overall real estate prices in Gresham to rise again.
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