How Population Growth Will Affect the Market

PopulationAccording to a recent report from the U.S. Census Bureau Bend is ranked the 35th fastest growing city in the United States. Bend is also the fastest growing city in the state of Oregon, with a population increase of 2,297 people in 1 year or 2.9% growth.

I am not surprised by this growth rate because of the many conversations I have with out of town clients.  Many times my clients come here on vacation to visit family or friends and end up desperately wanting to move to our beautiful town.  Bend offers such a vast variety of entertainment and amenities ranging from skiing, to hiking, to excellent restaurants and shopping.

Bend also offers another draw for folks coming from areas such as Seattle, San Francisco, Portland and the Pacific Coast area, affordable housing.  Many of our incomers are amazed by how affordable housing is in our area.

Furthermore, this influx in newcomers will positively affect our real estate market, especially for those who are considering selling their homes.  Newcomers will add an additional need for housing, creating pressure on the current market.  This pressure will lead to a higher demand which will help creep prices upwards.

In addition, real estate has continued to appreciate and the vacancy rate is still less than 1%.  Due to the beauty of area and the numerous activities the long term possibilities of owning real estate in Bend is among the highest and best in the world.