If you’ve been reading my blog regularly, you know that Lake Oswego has a lot to offer as a place to live. But what’s the price of entry? How much does a starter home in Lake Oswego cost?
Granted there are high end homes lining Oswego Lake with listing prices that are out of many folks’ price range. But the median sales price in Lake Oswego real estate last year for both single family homes and condos was $458,779, so that means that there are more affordable options for homebuyers looking for a way to get in.
Last year 32 single family homes sold in what I would call the entry-level range with the lowest at $170,000 and the highest at $250,000. The median price came in at $222,000 or $125 per square foot.
Condos offered even better opportunities with 144 sales ranging between $79,000 and $250,000. The median price was $139,000 at $110 per square foot.
While buying a house in Lake Oswego may require a little more up front costs, there is comfort in knowing that the value in a Lake Oswego home is likely to hold up and/or increase better and faster than in other Portland metro areas.
Consider some recent clients of mine. They paid $250,000 in April of 2012 for a one level ranch style home with 3 bedrooms, 2 baths, and a 2 car garage on Cobb Way in the Bryant Neighborhood. Over the next 19 months they made improvements: new paint, refinished the hardwood floors, installed new carpets and quartz kitchen countertops. In November of 2013 they sold it in two days for $350,000.
Breaking into the Lake Oswego housing market is doable, but as you can see, good buys require you to act fast. That’s where an experienced Realtor can help. By being plugged into the local market, I can keep you on the fast track when something is coming available. Word of mouth works in real estate just like it does in job hunting.
If you’re interested in seeing if you can start enjoying some of the “52 Reasons to Love Lake Oswego,” give me a call at 503939.9801. I’d love to explore your options with you.