More Homes Surge Past 500K In Portlands 25 Most Expensive Neighborhoods

Dated: October 27 2014

Views: 394

By now you already know: Portland's real estate market is on the rise.

As one of the last relatively affordable cities on the West Coast, it comes as little surprise that the city is riding a wave of development, and in parallel, cresting home prices.

Each quarter, with help from our friends at Regional Multiple Listing Service, the Business Journal gathers home sales data for the greater Portland metropolitan area. Yesterday we examined the 25 neighborhoods that saw the most home sales in the third quarter. Today we look at the 'hoods with the most expensive average home prices.
Click here to see if you live in one of Portland's 25 most expensive neighborhoods

The average price for the 7,933 home sales closed in the third quarter was $340,029, a modest 2 percent increase over the second quarter.
Of the 25 most-expensive neighborhoods (the data is actually divided by ZIP code, for which we have, to the best of our abilities, assigned identifiable neighborhoods), 14 fall inside the city of Portland's boundaries.Here are a few other takeaways from the third quarter:
  • Lake O rising: Lake Oswego ZIPs made three appearances on the list this quarter, all in the top 10.
  • There are expensive neighborhoods in (almost) every corner of Portland: Of Portland's five quadrants (we know, that's an oxymoron), only North Portland lacked an entrant on the list of 25 most-expensive neighborhoods. NoPo's Arbor Lodge/Kenton (97217) appeared on the list in the second quarter but narrowly missed in this ranking.
  • The top of the market continues to swell: There were five neighborhoods with an average home sale price above $500,000 in the third quarter. While that figure matches the second quarter count, two 'hoods narrowly missed the milestone in this report: OHSU/Hillsdale/SW Hills (97239) at $499,304 and Pearl/Old Town (97209) at $496,060.
Source
Blog author image

Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 30 years in the industry, Mark has gained experience in ....

Latest Blog Posts

Fannie Mae Cuts Origination Forecast For 2022

Limited inventory, supply chain disruptions and concerns about inflation have led economists at Fannie Mae to lower their mortgage origination forecasts for the remainder of this year and into 2022

Read More

How Long Does A Home Seller Have To Respond To An Offer

When you make an offer on a house, you might be wondering: How long does it take a home seller to respond to your offer?There’s nothing worse than sitting around waiting—especially when you’re

Read More

Forbearance Numbers Fall As Borrower Exits Remain High

Servicers’ forbearance portfolio volume fell once again last week, as exits remained elevated compared to requests or re-entries. The total number of loans in forbearance dropped by eight basis

Read More

How Much Does It Cost To Build A House And Is It Cheaper To Buy Or Build

How much does it cost to build a house? The median price of constructing a single-family home is $296,652. That’s for an average-sized house of 2,594 square feet, which boils down to $115 per

Read More