Market Snapshot: 97230 - NE Portland

Market Snapshot: 97230 - NE Portland

This week we take a closer look at Northeast Portland and the neighborhoods of: Argay, Russell, Wilkes, Glenfair and parts of Hazelwood and the city of Gresham. Together this area comprises the zip code of 97230 and covers a relatively small portion of NE Portland. This area is largely residential, and is sometimes referred to as “East Portland” - an area covering all of NE and SE that falls east of Interstate 205. With a Median Home Price* of $337,000, this area is still relatively affordable compared to other parts of NE Portland that are closer-in, and also the Portland Metro Area as a whole (whose Median Home Price is almost $65,000 higher).  Compared to last year, this area’s Median Price has increased by 2.4%. The Median Price in the metro area as a whole only increased by 1.7% last month, indicating that its relative affordability is driving demand.

Compared to last year, the number of new listings and the number of homes that have sold both increased in this area showing that it’s still popular among buyers. Though the average time it takes for a home to sell increased by 7% to 31 days, it is still a full 5 days faster than the overall metro area. As the prices in closer-in and more popular areas become out of reach for some buyers, outlying neighborhoods like these are absorbing buyers who see the lower prices (and often larger lots) as an adequate trade-off to being farther from downtown.

 

*Median Home 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.