Market Snapshot: 97219 SW Portland

Market Snapshot: 97219 SW Portland

This week we take a closer look at the zip code of 97219 in Southwest Portland. This area covers a large swath of SW which includes the neighborhoods of Multnomah, Markham, Arnold Creek, Collins View, Riverwood, among others. The area is largely residential and includes a number of large green spaces including Tryon Creek.

Like much of the west side, this area of Portland has higher home prices than the rest of Portland. The Median Home Price in this area last month was $459,000 - almost 18% higher than the metro area as a whole. This represents a slight increase of just 1.75% over this time last year. 97219 is one of the largest area codes in Portland and is largely residential so it’s not surprising to see the price change mirror that of Portland as a whole, which saw just a 2.6% increase last month over the previous year.

New listings were up significantly in this area last month - nearly double what they were last January - pointing to a busy February for closings on the west side. Closed sales were also up, this time by nearly 50%, but the length of time it took those homes to sell also increased significantly to 84 days. With the market slowing down, buyers sometimes feel like they can take their time, so homes will be on the market longer pushing the average Days On Market higher.