Boring Oregon Market Update 03-24-14

Single family homes listed for sale in Boring, Oregon are at a current median list price of $372,200 whereas the average list price is $399,327. The average time it takes to sell a residential property in Boring is remaining stable at at 188 days on market. Inventory of homes for sale is increasing, which may be a sign of more sellers willing to get their feet wet as prices increase and some of the housing crisis woes are put behind us. What remains to be seen is whether this combination of increased properties and acreage parcels available and the increasing prices can remain in lockstep. As the theory of supply & demand has it, this increased supply may satiate demand and either cause a price dip or at least slow the price increase. Time will tell, as historically low inventory has created something of a vacuum in the housing sector.

Factors When Considering Residential Acreage For Sale in Boring, Oregon

With asking price rising along with the number of homes on acreage for sale also rising one may question the sustainability of the market. However, another factor worth considering is the quality, size and type of properties being listed. For example, more higher end homes may be coming onto market in Boring and skewing the statistics or homes that are similar but have value adding features such as riding arenas, equestrian stables, farmland or pastures may increase the value of one home over another that may look very similar otherwise.

Boring, Oregon Rural Homes, Quartile Market Data

Homes in the top two price tiers feature average lot sizes of 2.5-5 acres with the top tier homes averaging 10 years old and upper/second tier homes coming in at 34 years old. Other differences between top tier and upper/second tier are average square feet, at 3374 and 2405 respectively. Top tier homes for sale in Boring, Oregon are lingering on the market for an average 344 days which may be explained by their lofty $606,000 price tags whereas upper/second tier homes are selling in 136 days with an average price of $414,150. Lower third tier homes come in at $349,475 average asking price and sit on 1-2.5 acre average lot size. These third tier homes average 43 years old and 1664 square feet. The most affordable homes fall into the fourth pricing tier at an average asking price of $196,950 and sit on parcels 1-2.5 acres in average size. All pricing tiers but the top tier spend an average of 136-138 days on market while top tier properties take more than twice the time to sell.

03-24-14 boring oregon housing date