Gresham Real Estate Market Predictions for 2022

Gresham Real Estate Market Predictions for 2022

Will we see a real estate market crash or record prices in Gresham in 2022? Kip Johnson predicts what we will see in the 2022 Gresham real estate market. If you’re a first-time homebuyer or a homeowner on acreage, you will want to read this all the way through.

Where will Gresham home values go in 2022?

In 2021, we saw Gresham home values increase by 19.7%, with the median home value coming in at $458k. This is substantial when the median of Multnomah County only increased by 14.2%, with the median home value in Multnomah County at $507k.

So, where will Gresham home values go in 2022? Will Gresham see a real estate market crash in 2022 as a lot of people fear? Large cities across the country are experiencing people moving out at high volumes, flocking to the suburbs in search of larger homes and larger lots, and the people of Portland are following suit. This is due to discovering they can work remotely and make their money go farther with a home in the suburbs.

Because of this, I predict that Gresham home values will continue to rise in 2022 and we will see at least a 12% gain over the year, especially in higher price range homes. We will see a slight slowdown of the market as many first-time buyers get priced out of the market, but much of the market will continue to go up just like last year, although we will not reach the 19% gain mark again.

If you have a home that’s higher-end or on acreage, get ready to see your Gresham home value skyrocket at a higher percentage than it has in the last 14 years. If you have a crazy price in your head that you would sell your home for, text it over to me and I’ll let you know if you’re actually crazy or not.

Kip Johnson - Cell: 971-645-2019

Prices of First-Time Homes in Gresham in 2022

At the end of 2021, we saw lower end “starter home” prices in Gresham, Oregon coming in between $360k and $375k. Through 2022, we will see those prices push into the low $400k range. What does this mean for first-time homebuyers? Waiting isn’t in your favor – my real estate market predictions for Gresham in 2022, unfortunately, include values rising to the point where first-time buyers are often priced out of the market for single family homes.

Where will Gresham rental prices go in 2022?

Rental prices in Gresham will explode in ’22, coupling mandatory forbearance in ‘21 and rental laws swinging to be more in favor of renters in Oregon, especially in Multnomah County. This has made landlords want to exit the rental market and look for better returns on investment in other investment markets, making rental properties in low supply and extremely high demand. When you combine this with the shortage of housing available in Gresham, it creates a double-edged sword in the rental market that leads to rents skyrocketing.   

Mortgage Interest Rates Over 2022

The Fed has recently stated that we will see three rate increases over the next year. What does this mean for homebuyers? Most people think we will have substantial mortgage interest rate hikes. I personally believe we will not see rates over 4% in 2022. Now, I’m not a mortgage broker or a financial advisor, and this prediction is strictly based on my own research and opinion.

Will there be a Gresham real estate market crash in 2022?

Could the Gresham real estate market crash in 2022? Yes, but that isn’t going to happen in the current economic market without something completely unpredictable happening, and anyone saying otherwise isn’t a reliable source. I don’t think people need to worry about a real estate market crash for Gresham in 2022.

If you have any questions about my Gresham real estate market predictions for 2022, you’re concerned about getting priced out, or if you want to go ahead and list your home, contact me to see how I can help you with your specific situation.

Kip Johnson - 971-645-2019 - [email protected]

Phone(503) 667-7000

Email[email protected]

Address Jones Group, REALTORS®
718 N Main Ave.
Gresham, OR 97030

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