Market Snapshot: 97206 - SE Portland
- By Tim Pitts
- August 13, 2018
**Every month RMLS releases statistics on the Portland Metro Area as a whole. But not every neighborhood is the same, so we're running a series on the neighborhoods of Portland to get a better look at different parts of the city!
This week we take a closer look at SE Portland and the neighborhoods of South Tabor, Foster-Powell, Mt. Scott-Arleta, Brentwood-Darlington, and Woodstock. Together (with small parts of Richmond, Creston-Kenilworth, and unicorporated SE Portland) this area comprises the zip code of 97206 and covers a large swath of inner SE Portland. As prices have risen sharply in North and NE Portland in recent years, SE Portland has become increasingly desirable as an area where relatively affordable homes are still available. As of June, SE is the only quadrant in Portland whose Median Sales Price* is still below $400,000 - it currently sits at $307,000. Southeast Portland has also been the target of a number of large housing development projects and affordable housing sites in recent years.
New listings and closed sales were both down last month in this area, which is reflected in the very slight increase in Median Sales Price. The Portland Metro Area overall saw Median Sales Price increase by over 7% last month, while the part of SE Portland only saw an increase of 0.8%. The amount of time it takes a property to sell has also increased compared to this time last year - up over 40% from 21 days to 30 days.
*Median Sales Price represents the middle point of all home sold during a specific time frame; half of all home sold were more expensive than the median, and half were less expensive. The Median is considered a more accurate gauge of home prices because it is not influenced by a small number of unusually high or low prices.