Market Snapshot: 97209 - NW Portland
- By Tim Pitts
- August 27, 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 inner NW Portland and the neighborhoods of Old Town - Chinatown, part of the Northwest District, and all of the Pearl District. Together this area comprises the zip code of 97209 and covers a concentrated section of inner NW Portland. This area is highly urban and has a large number of relatively newer construction homes in the way of large scale condominium buildings in the Pearl District. Conversely, the Northwest District (often called Nob Hill) has more larger, older homes built around the turn of the 20th Century. Despite their different neighborhood characters, these neighborhoods are in the heart of the city, so they command a higher price than their counterparts across the river. This means the Median Sales Price* is higher than that of the Portland Metro Area at large. For the month of July the Metro Area Median Sales Price was $401,600, compared to this neighborhood at $479,500, representing a difference of almost $80,000.
Looking more closely at the other statistics, we see that the number of closed sales has dropped, and the average time a home is on the market has increased, both indicating less activity in this neighborhood. Despite this, the Median Sales Price still increased slightly, by 1.5%, indicating that while the market is cooling off, this area is still desirable and inventory is not yet keeping up with demand.
*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.