Existing home sales came in at a whopping 6,850,000, beating estimates with the highest print since 2006. Days on market fell from 36 days to 21 days on a year-over-year basis. Cash buyers remain at
More Homes Surge Past 500K In Portlands 25 Most Expensive Neighborhoods
Dated: October 27 2014
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.
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 25+ years in the industry, Mark has gained experience in....
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