Market Snapshot: 97217 - North Portland
- By Tim Pitts
- September 4, 2018
This week we take a closer look at North Portland and the neighborhoods of: Kenton, Arbor Lodge, Overlook, Humboldt, Piedmont, East Columbia, Hayden Island, Bridgeton and parts of St. Johns. Together this area comprises the zip code of 97217 and covers most of North Portland. This area is largely residential, but encompasses some industrial zones north of Columbia Blvd. and large swaths of green space and wetlands north of St. Johns. The prices in North Portland don’t quite reach the heights we saw in last week’s snapshot of NW Portland, but this area is still considered close-in and the Median Home Price* of $422,000 reflects that.
Similar to the metro area as a whole, prices in North Portland continue to increase, but at a much slower rate than we saw a few years ago. Compared to last July the Median Home Price was up, but by only one half of one percent (0.50%). Looking back over the last four years, we see that the Median Price has increased steadily (adjusted seasonally), going from $320,000 to $422,000 over that time - an increase of almost 32%. This is very close to the increases we’ve seen across the Portland Metro Area, which saw prices appreciate by 35% over that time.
Compared to last year, the number of new listings and the number of homes that have sold both dropped, though not by much. This slowing of the market is reflected in the average days on market going up over 25% to 29 days (or just under 1 month). Prices appear to have caught up with the rampant demand we’ve seen for close-in property over the last few years. It’s not unsurprising to see the market cooling off a bit now, especially as we are heading into the last weeks of summer.
*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.