Watch prices rise in the 10 most in demand Portland metro real estate markets
It’s human nature to want to know which neighborhood or zip code is leading the market at any given time. And the truth is those zip codes change all the time. But can you guess which zip code topped the list for the last year with almost 19% price appreciation from April 2016 through March 2017?
I can hear a lot of you now. Of course it’s Alberta or Mississippi, Multnomah Village, Orenco Station, or the Pearl? Those neighborhoods have all led the pack in prior reports, but hang onto your hats. None of them are on the list this time. Are you surprised? The truth is that most people want to be home owners whether it’s for the tax credits or just the stability of knowing approximately what your monthly payments will be. But, all of the usual areas have become too expensive for the average buyer so buyers are being forced to look elsewhere to fulfill their dreams of having a home without a landlord.
Suspense it killing you?
OK – zip code 97233 topped the list with the most homes sold. It’s true, it has been one of the most affordable areas in Portland metro forever, but little by little buyers are moving out from close in to downtown, primarily because of rising housing costs. But with 18.6% value increases in just the last year, this area is no longer quite so affordable anymore, and it’s not at the bottom of the list for average home values either. For those who own homes there in 97233, your equity positions just increased dramatically. To put those numbers into more perspective, if you purchased a house in 97233 for $200,000 just one year ago, your house is worth approximately $37,000 more than you paid for it already.
Other cities in the top ten included:
4.6% increase in value – East Mill Plain, Vancouver (98664)
10.7% increase in value – Vancouver Lake, Vancouver (98660)
16% increase in value – South Beaverton/Highland, Beaverton (97008)
9.9% increase in value – Central Gresham (97030)
8.9% increase in value – Tigard/Garden Home (97223)
13.5% increase in value – Five Corners/Vancouver Mall, Vancouver (98662)
7.4% increase in value – Milwaukie (97222)
8.2% increase in value – Central Beaverton (97005)
14% increase in value – North Hillsboro/Helvetia (97124)
Congratulations to all who live in these 10 zip codes. It is probable that more walkable neighborhoods will spring up further out from downtown Portland and Vancouver.