Market Snapshot: 97201 NW Portland

Market Snapshot: 97201 NW Portland

This week we take a closer look at the zip code of 97210 in Northwest Portland which includes the neighborhoods of: Hillside, Forest Park, Northwest Industrial and a little more than half of Northwest District (parts of which include Nob Hill and the Alphabet District).

This part of Northwest Portland includes residential areas, a large section of Portland’s industrial riverfront, and nearly all of Forest Park. The neighborhoods of Hillside and the Northwest District have many large historic homes as well as some newer condominiums and rental apartment buildings. Unlike some of the other areas of the city we’ve analyzed recently, the numbers in this part of town have gone up quite a bit since this time last year. New listings are up almost 50% and closed sales over 30%. The median home price here increased 11.4% - a significant increase, and one that’s much larger than we’ve seen nearly anywhere else in the city. With a price point 60% higher than the rest of the metro area ($629,000 vs. $392,500), it’s somewhat unusual to see such large increases year over year. But, this area is highly desirable and home to some unique properties that are difficult to find so close to downtown with such great access to shopping, restaurants and other amenities.

The numbers for this area show that the larger market forces we see throughout the metro area can sometimes have less of an effect in neighborhoods that are unique and highly desirable. If we look at this area next month, it’s unlikely that we will see such large increases across the board.