Market Snapshot: 97211 NE Portland

Market Snapshot: 97211 NE Portland

This week we take a closer look at the zip code of 97211 in North/Northeast Portland which includes the neighborhoods of: Woodlawn, Concordia, Vernon, King, and Alberta Arts. Plus the neighborhoods of Bridgeton, East Columbia and Sunderland that are all north of Columbia Blvd., near the Columbia River.

This area of inner northeast Portland includes some of the higher priced neighborhoods on the east side - specifically those parts of Concordia, King, and Vernon that make up what’s known informally as the Alberta Arts district. Even small homes in this area command a higher price, as evidenced but the median price of $475,000. By comparison, the rest of the metro area has a median home value of $392,500 - a difference of over 20%. Looking at the market compared to this time last year we see that the price has dropped just a bit - 1.5% with one fewer home selling than this time last year. The slowing trends we’re seeing in the market overall are seen here as well with 11 fewer homes listed this year compared to last year and homes taking longer to sell. The market typically dips this time of year (compared to the spring and summer), but the decreases we’re seeing compared to last year are not as common.

After years of price increases, home values around Portland are slowing down to a more reasonable rate. In some areas, such as this one, these prices are even dropping a little to adjust to the slower demand. That demand is naturally lower due to higher prices, but also with interest rates raising buyers are not as quick to make offers as in years past. As we head into the holiday season we expect to see prices across the city continue to ease up and this part of NE Portland will be no different.