Market Snapshot: 97236 - SE Portland
- By Tim Pitts
- September 24, 2018
This week we take a closer look at the zip code of 97236 in Southeast Portland which includes parts of the neighborhoods of: Centennial, Pleasant Valley, and Powellhurst-Gilbert.
This area of “East Portland” (the informal name for the area covering all of NE and SE that falls east of Interstate 205) is largely residential and includes Powell Butte Nature Park. It is also just about as far South and East as you can get and still be in Portland. Due to its location (and similar to the area of NE Portland that we looked at last time) this part of SE Portland is still relatively affordable compared to much of Portland. The Median Home Price last month was $335,000, about 17% (or $72,000) less than in the Metro Area as a whole. Compared to last year, this area’s Median Price has increased by over 15%. The Median Price in the metro area as a whole only increased by 5.8% last month, indicating that the relative affordability in SE is still driving demand. Because of its location, the prices in this area will likely never catch up to the neighborhoods closer to the city center, but the abundance of larger lots and green spaces makes this area desirable regardless of its proximity to downtown.
The number of homes sold fell last month compared to last year, which is likely a result of the higher prices and a reflection of the slower market we’ve been seeing this year. The average time a home was on the market increased from 36 days to 46 days - an increase of almost 28% (compared to a 15% increase in the rest of Portland). This may also be indicative of a slowing market, but is not that high compared to historical averages for the area - in the last 12 months the average was 48 days.
*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.