Portland Real Estate Trends: Great News for Green Home Market

Portlanders take pride in their concern for sustainability, and the market is proving that such concern extends to their homes. According to the Portland Business Journal, construction and renovation of Green-certified homes is on the rise even in this difficult Real Estate market. Green homes are making up more of the market share in the Portland area, and the price of green (energy and water efficient) construction has dropped significantly. This means that green building has become a priority for homeowners and builders in the area, and we can expect to see a steeper rise in Green construction and renovation in the future.

The Earth Advantage Institute reported 403 green-certified homes sold in the year that ended April 30, or 23 percent of the new home market. Two years earlier, 833 green-certified homes sold in Portland, but represented only 14 percent of the pre-recession market. Over the same period, the premium for a green home dropped to 18 percent, from 21 percent.

“Green Certified” refers to homes certified by Earth Advantage, Energy Star or the U.S. Green Building Council’s LEED for Homes certification. According to Sean Penrith, executive director of Earth Advantage:

“As energy efficiency and healthier homes gain more attention, builders and homeowners increasingly place value on home certification. It is very encouraging to see the market share of certified homes continue to rise over the past three years despite the difficulties in the residential markets.”

The figures are based on data reported by real estate brokers to the RMLS for Multnomah, Clackamas, Columbia, Washington and Yamhill counties in Oregon, and Clark County in Washington.

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