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More homes surge past $500K in Portland’s 25 most-expensive neighborhoods

0-header*304By 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.

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