Hey everyone, it’s Shawn, your go-to realtor from Portland, Oregon. Welcome back! Today, I’m diving into the latest on the Hillsboro housing market. I’ve got some fresh stats and insights to share, even though I’m riding a bit of a sugar high from those addictive Costco mint chocolates (note to self: grab some real dinner soon). But let’s not skip Hillsboro—it’s a key area, and skipping it wouldn’t be doing my job right. Let’s break it down.
Current Market Snapshot. As of the last two weeks, Hillsboro has 127 active listings on the market. Out of those, 23 are pending, and 24 have sold. That’s a solid ratio—about one in every eight homes is moving, which is encouraging news for sellers. Keep in mind, these numbers reflect the tail end of December, a time when the market tends to soften due to the holidays.Breaking it down further:
- Sold Listings: The average price per square foot for sold homes is $292. This is pretty typical for December, as offers often come in weaker during the off-season. If you don’t have to list right now, it might be worth waiting for spring.
- Pending Listings: Here’s where it gets exciting—the average jumps to $330 per square foot. That’s a big leap from the sold average and awfully close to the 2022 peak of around $339 per square foot, right before mortgage rates spiked. This could signal a rebound, possibly driven by brand-new home sales boosting the numbers. If it’s resale properties pushing this, that’s even better news for the market overall.
- Active Listings: Homes are taking about 1.5 to 2 months to receive an offer, with an average price per square foot around $350.
On the price spectrum, the highest recent sale was $900,000, with the lowest at $345,000. For pendings, we’re seeing highs up to $1.1 million and lows around $440,000. Overall, Hillsboro seems to be outperforming Beaverton right now but lagging a bit behind Multnomah County’s east side.
Interest Rates and What’s Ahead
Shifting gears to the bigger picture: Mortgage rates are sitting at 5.625% for a 30-year fixed (with one point). That’s the lowest I’ve seen in the past four years, and it’s likely to drop further. The government is actively buying up mortgage-backed securities to inject liquidity, which could push rates down to around 5.5% in the next month or so.There’s also buzz around the Fed chair—investigations are underway, and if a replacement comes sooner than expected, we might see rates fall even faster. But remember, lower rates are a double-edged sword:
- For Buyers: More buying power and potentially better deals.
- For Sellers: Stronger offers and higher sale prices.
- The Catch: Increased competition as more buyers flood back in.
In my view, we’re in a sweet spot for buyers right now. Rates have dipped, but competition is still low—folks are recovering from the holiday haze and not fully back in the game yet. That said, keep an eye on the weather. We often get a big snowstorm around the third week of January or early February here in Oregon, which can grind the market to a halt. Roads get tricky, showings drop off, and everyone takes a breather (which we all probably need anyway).Excluding those snowy weeks, I expect the market to ramp back up to normal levels soon. If you spot a listing you love, this could be prime time to act—before things heat up and bidding wars return.
Advice for Buyers and Sellers
- Buyers: Don’t wait if you’re ready. With low competition and falling rates, you might snag a great deal. If nothing catches your eye, tweak your search parameters or hold tight for new inventory. I occasionally get early access to upcoming listings for my clients.
- Sellers: Unless you’re in a must-sell situation or we avoid major global disruptions (fingers crossed on no big wars), consider holding off a bit for potentially better offers as rates continue to ease.
Wrapping It Up
Alright, folks, that’s the scoop on Hillsboro. I’m all over the place today—blame the chocolate overload—but I hope this gives you some valuable insights into the Portland-area real estate scene. Whether you’re buying, selling, or just watching the market, staying informed can help you score better homes, snag deals, or maximize your sale.If you have questions about listing your home, market timing, prep tips, or what to expect, give me a call at 503-515-4499. I’d love to chat. Thanks for reading! If you found this helpful, smash that like button (or share this post), and subscribe for more updates on Oregon real estate. See you in the next one!
Shawn Realty 