Local markets spotlights 5 different areas across the country, showcasing what is uniquely happening in those housing markets. Local real estate agents, loan officers and appraisers share what characteristics are currently defining their housing markets.
Cannon Beach, Oregon
Located an hour and a half northwest of Portland, the ocean-side community is known for its picturesque beaches and coastline. For this reason, local RE/MAX broker Alaina Giguiere said that traditionally it is a second-home market, so when the COVID-19 pandemic hit two years ago, she was prepared for the worst. “We thought it was going to be a really horriﬁ c year, but I’ve had the best year I’ve had in my 21-year career in real estate,” Giguiere said.
According to Giguiere, home prices in the area have almost doubled in the past six years. “What we see here is extraordinarily low inventory and very high demand,” she said. “One of the agents I have helped her clients win was a house against 18 other offers, but they went $100,000 over asking.” With remote work capabilities making it possible for people to work from anywhere, Giguiere said she is seeing more and more buyers give in to the allure of Cannon Beach. “It is truly spectacular,” she said. “People come here because it is just magical.”