Market Snapshot: 97239 - SW Portland
- By Tim Pitts
- October 5, 2018
This week we take a closer look at the zip code of 97239 in Southeast Portland which includes the neighborhoods of: Homestead, Hillsdale, South Portland, and parts of the Southwest Hills
This area of Southwest Portland is relatively close to downtown, has some large green spaces, and includes the campus of OHSU. Homes in this area are typically more expensive than the rest of the metro area and the Median Home Price* reflects that at $449,000 - 10% higher than the median price of the metro area as a whole. In this area, the median price dropped 5.4% last month compared to this time last year. Closed sales were also down from 41 to 22 - a drop of almost 50%. But new listings were up over 70%, so it’s likely that some of the activity just came a little later this year. Next month we should see the number of closed sales jump back up again. The average days on market also increased from last year, but is right in line with the average for this area. In the last 12 months the average days on market was 52, so even though it looks like a large increase, in reality this month last year was an unusually low number. In areas with higher home prices the number of homes sold tends to be lower and they generally take longer to sell because there are fewer people shopping in that higher-priced market. So when comparing these numbers to the market as a whole, it’s not surprising to see longer average days on market and fewer closed sales.
With it’s close proximity to downtown and reputation as a good neighborhood for families this southwest neighborhood will likely stay popular, with higher priced homes, for some time.
*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.