PORTLAND, Ore. — The city of Portland occupies 145 square miles, less than half the expanse of New York City, but nearly three times the size of San Francisco and considerably bigger than Seattle's 84 square miles.
With nearly 5,000 people per square mile, the Rose City's packs scores of urban districts, historic neighborhoods and upscale pockets that remain highly desirable to homebuyers.
In the third quarter of this year, according to RMLS data. 4,099 homes were sold in 31 Portland-proper ZIP codes with the average of median sale prices at $553,500, lasting an average median of just eight days on the market.
Comparatively, outside of city limits in 68 suburban metro-area ZIP codes, 7,613 homes sold at an average median sales price in of $530,977, with average median market time at six days.
Looking at more recent RMLS data in the October Market Action report for the Portland metro area, housing inventory decreased to 0.9 months (estimated sale time) as listings (3,232) and closed sales (3,129) both declined from September and were lower than October 2020. However, year-to-date, listings and closed sales increased 6.6% and 12.5%, respectively.
Median sale price rose again last month and was up 16.4% year-to-date to $516,000. Median days on the market increased slightly to 26, but homes were selling 42.6% faster year-to-date versus the same period last year. View the slideshow to see the top 25 Portland city limit 'hoods, ranked with equal weight given to the highest number of sales, highest median sales price and lowest median days on market.
If you missed it earlier this week, here are the most active 25 ZIP codes for real estate in Portland's suburbs.