If you’re a skeptic, you’d say, “Prove it,” and I wouldn’t blame you.
Well, here’s the proof.
According to the RMLS (Regional Multiple Listing Service) Lake Oswego home values have appreciated 11.3 percent so far this year. That means every night while Lake Oswego homeowners are sleeping, they can almost hear the floors creaking, “cha-ching.”
That beats what homeowners in West Portland (8.5%), West Linn (10.1%) and Tigard/Tualatin (4.8%) are earning while they snooze.
The only area that tops Lake Oswego this year is Southeast Portland that saw a 12.5% increase. But when you look at another statistic, you realize that Lake Oswego still owns bragging rights.
That percent increase is based on the average price of homes in the area. So Southeast Portland has gone up 12.5% on a median price of $461,217. Lake Oswego’s 11.3% is based on a median home of $658,487 going up in value. So Lake Oswego homeowners are still ahead of the game.
Granted Lake Oswego homes had some catching up to do. When the real estate crash hit in 2008, prices over the next four years saw a 30.2% decline. So far they’re recovered 21.1% of their value when they were at their peak.
Southeast Portland’s recovery has come quicker because it didn’t get hit as hard. But even at full recovery, the average home value is almost $200,000 less than in Lake Oswego.
So consider giving a whole new meaning to the saying, “Sweet dreams.” Buy a home in Lake Oswego and earn money while you sleep (or if you already live here, consider whether a move to a different house and/or neighborhood might be a good way to take advantage of this appreciation).
If you’d like to see some real examples of homes that make you money while you catch some zzzz’s, give me a call at 503.939.9801. I’d love to show you around!