Market Snapshot: 97202 SE Portland
- By Rebekah Markillie
- October 23, 2018
This week we take a closer look at the zip code of 97202 in Southeast Portland which includes the neighborhoods of: Brooklyn, Reed, Eastmoreland, Sellwood-Moreland, and parts of Creston-Kenilworth, Richmond, and Hosford- Abernethy.
This area of inner Southeast Portland includes a mix of high-income (Eastmoreland) and historically lower-income neighborhoods (Brooklyn), plus the large green spaces of Westmoreland Park, Eastmoreland Golf Course, and Oaks Bottom Wildlife Refuge. Along with the other parts of inner-Portland, even the historically lower-income areas of SE Portland have seen revitalization and gentrification in the last 10 years. This has led to the Median Home Price being significantly higher than the metro area as a whole - at $575,000 it is $182,500 (or 46.5%) higher. Unlike the Metro Area (which saw a 3.3% increase), the Median Home Price in this area fell slightly (-1.7%) compared to last year. With only 25 homes sold here last month, it’s hard to read into this minor drop too much. We typically see prices dip in the fall as we move out of the peak real estate seasons of late spring and early summer. We expect volume to begin declining and activity, in general, to be slower from now through the end of the year.
The Average Days on Market (the amount of time it takes for a home to sell) increased significantly last month - similar to what we’ve seen in other parts of the city. Areas with higher-than-average homes tend to have longer-than-average days on market - there is less competition at these price points, so buyers often have the luxury of taking their time. That said, this trend of homes taking longer to sell has not been uncommon in the last few months, even at lower price points. It appears to be a sign of the market leveling out after years of frenzied activity and quickly rising prices.