PORTLAND, Ore. — Rising interest rates and a miserly housing inventory continued to depress home sales in the Portland region last quarter.
The same factors also held prices at relatively high levels and extending the time that homes remained on the market, according to Regional Multiple Listing Service data.
Across 108 ZIP codes in Clackamas, Columbia, Multnomah and Yamhill counties in Oregon, plus Clark and Skamania counties in Washington, there were 6,972 homes sold in the second quarter of 2023, a 35% increase over the year’s first quarter but a 39% decline from the same quarter last year.
Median sale prices on average dipped to $580,000, as opposed to $599,000 last year. At the same time, the median time it took to sell a home almost doubled to about 10 days, from the five days it took during last year’s second quarter.
We ranked Portland metro-area ZIP codes equally on the following four factors:
- Most homes sold during the quarter
- Most homes sold per 1,000 owner-occupied units (the latter statistic comes from the U.S. Census Bureau’s 2021 figures)
- Highest median sale price
- Fewest median days on market
Despite the adversity, some neighborhoods were still popular with homebuyers. Six out of the top 10 hottest 'hoods were located inside Portland city limits, including 97202 (Sellwood/Eastmoreland), which fared extremely well. In the suburbs west of the city, 97123 (Hillsboro), logged enviable figures, as did the 97229 ZIP code, which includes Northwest Heights next to Forest Park, Bethany and Cedar Mill.
The Portland Business Journal, a KGW news partner, has the rankings of 78 neighborhoods here.
