The City of Hermiston and Umatilla County have been taking an aggressive approach to open the door to more investment in residential development through legislative changes and major investments in Hermiston. The City Council recently relaxed lot coverage requirements, and reduced minimum lot sizes in most residential zones. Those actions alone have already jump-started a planned new 129 lot subdivision to be built over the coming years.
The City and County also recently partnered on a $4.5 million investment to dramatically expand water system infrastructure in to Hermiston’s future residential growth area. This investment will directly open more than 300 acres of residential land to development and private investment. This newly serviced land is spread across 14 different parcels which are all at least 10 acres in size and have no more than one home on them currently. With continuing strong growth in employment, and a substantial amount of newly developable residential land added to the community’s inventory, Hermiston is ripe for investment.
Our market in 2018 was a super hot SELLER’S market. This means the inventory of homes is very low, we have a large number of buyers, which is driving the cost of homes upwards. The sellers are in the drivers seats and a large share are accepting offers for MORE than their listed prices. 2018, we’ve seen multiple offers on a large number of listings…especially homes that are priced under $225,000.
STATISTICS
Jan-Aug 2018
Realtors listed 239 homes.
Realtors sold 176 homes.
Median home price $188,500.
The median number of days a new listing is on the market is 27 day.
FUTURE HOUSING SUBDIVISIONS
Currently we’ve got 6 subdivisions building new homes for buyers. Within those subdivisions are about 140 lots available. Another 230 lots that are plotted out — which includes one new neighborhood of about 140 lots due to begin selling in 2019, and the remaining are with current subdivision developers. More large housing developments are slated in the Hermiston area. Watch us GROW!