Sure, by many markers, Portland's housing market is slowing down. But by one very critical marker, the market remains as bustling as ever.
That metric, as it has so often been in and around the growing Rose City, is price. In analyzing RMLS data for this, the third and final piece of our second quarter 2018 Hottest 'Hoods series, we found the average for all 99 Portland-area ZIP codes the data service tracks was $462,238 during the time frame. That's a 5 percent increase from the same period during 2017, when the average price was $440,155.
The price increase is astronomical, at 14.4 percent, when comparing figures during the same three-month period of 2016 to the quarter that just ended.
A few other nuggets unearthed from the RMLS data:
- Year-to-date through June, the average sales price is 453,400, a 6.2 percent increase from the first half of 2017.
- Seventeen of the top 25 ‘hoods for highest average sales price are in Portland city limits.
- The same ZIP code has been No. 1 for at least the last three years in Q2. The same top 5 have appeared in the top five, albeit in a different order at various times.
Our Hottest 'Hoods coverage examines three factors that indicate which areas count the most residential real estate activity. Yesterday, we explored the neighborhoods in which homes sold the fastest during 2018's second quarter. On Tuesday, we disclosed the areas in which the most homes sold.
The Portland Business Journal is a KGW News partner.