Market Snapshot: 97266 SE Portland

Market Snapshot: 97266 SE Portland

This week we take a closer look at the zip code of 97266 in Southeast Portland. This area covers parts of the Powellhurst-Gilbert and Pleasant Valley neighborhoods as well as all of Lents. Located in outer Southeast Portland, this area has seen rapid price growth in recent years - the Median Home Price increased by nearly a third from 2016 to today. As closer-in neighborhoods have become unaffordable for many, the less expensive neighborhoods of outer east Portland (and the surrounding suburbs) have become more desirable, especially for first-time home buyers. Last month the Median Home Price in 97266 increased to $310,000 - 3% higher than the month before, but still more than 20% lower than the rest of the Metro Area as a whole. While many parts of town are seeing prices level out (or even fall a small amount), the historically less expensive areas near the edge of the city limits will likely continue to rise through the year - though at a much slower rate than we’ve seen recently.