Market Snapshot: 97218 - NE Portland
- By Tim Pitts
- August 6, 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 North Portland and the neighborhood of Cully, with a little of Roseway and Wilshire too. Cully comprises the vast majority of the 97218 zip code and is one of the largest neighborhoods in Portland, geographically. It is also one of the most diverse neighborhoods in terms of both residents and types of housing available. This mix of housings types (and therefore prices) may account for some of the 6.77% drop in the median home price* from June of 2017 to June of 2018. Despite this drop, the number of houses for sale and the number of homes that sold were both more than 4% higher than last year. Taken together with the decrease in the number of days it takes the average home to sell, the area appears to be in higher demand this year than last.
*Median 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 accurage gauge of home prices because it is not influenced by a small number of unusually high or low prices.