Market Snapshot: 97212 NE Portland

Market Snapshot: 97212 NE Portland

This week we take a closer look at the zip code of 97212 in Northeast Portland which includes the neighborhoods of: Irvington, Grant Park, Alameda, and parts of Beaumont-Wilshire, Sabin, King, and Eliot.

This area of inner Portland is largely residential, but includes stretches of Martin Luther King Jr. Blvd. and NE Broadway Street that are both a mix of commercial and residential. The neighborhoods of Irvington, Grant Park, Alameda, and the Beaumont-Wilshire have long been desirable neighborhoods with large homes and some of the better schools in Portland. In recent years the surrounding neighborhoods and nearly all of North, inner NE, and inner SE Portland have gone through varying degrees of gentrification, pushing home prices higher than they’ve ever been. Last month the Median Home Price* in 97212 was just over $700,000 - over $300,000 (or 74%) higher than the Metro area at large. This represents an increase of 13.4% over last year. The number of closed sales was down almost 50% though, so it’s likely that this increase may be exaggerated due to only 16 homes selling here last month.

Similar to what we saw in SW last week, the number of new listings in 97212 increased almost enough to make up for the dip in closed sales last month. So we may see that closed sales number rebound next month. The time it took for homes to sell also increased significantly last month. This has not been uncommon in the last few months and anecdotally we’ve been seeing this at higher price points as buyers take their time writing offers and negotiating repairs. It’s unlikely we’ll see another double-digit increase in price here next month as we head into the traditionally slower winter months.