Most Portland homes lost value this year
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The majority of homes in the Portland metro area lost value in the past year, according to Zillow.
Why it matters: That's the most since 2012 — but the vast majority of homeowners still "have plenty to feel good about," the real estate site reports.
- Many homeowners bought before prices surged in the early 2020s. As of October, the median home value had jumped roughly 67% since the property was last sold.
The big picture: It's a homebuyer's market right now, if you can afford it. Persistently high mortgage rates and prices have sidelined many.
- In Portland, home sellers outnumber buyers by about 49%, Redfin estimates.
Flashback: Only 10% of Portland homes lost value year-over-year between 2023 and 2024, per Zillow.
Reality check: There's a difference between taking a loss and being "underwater," or owing more money to your lender than the house is worth.
- Far fewer homes are underwater today compared to 2019, Zillow chief economist Mischa Fisher says.
The bottom line: "While fluctuations in home values can distress watchful owners, the vast majority are sitting on large equity gains that they can take advantage of when they sell," Fisher tells Axios.