Real Estate 2018: Hot List

Every Portland Homebuyer Should Know These Neighborhoods Right Now

From high-density condos to suburban splendor, here's how to find what you want.

By Ramona DeNies March 27, 2018 Published in the April 2018 issue of Portland Monthly

0418 real estate neighborhood map revised ov0bjc

Major Appreciation

Median sale prices in hilly Homestead nearly doubled in 2017—from $245K in 2016 to almost $484K. What’s up? For one thing, a market shift from condo sales to single-family homes—more attractive, perhaps, to professionals staffing OHSU’s new South Waterfront properties. There’s buzz here, too, over a possible future light rail route hugging Homestead’s eastern edge. (That hype could yet spread south down Barbur Boulevard, but Hillsdale, Markham, and Crestwood are currently downright sluggish.)

Bargain Condos

Appetite for the aging condos of Sullivan’s Gulch—74 percent of last year’s sales in this I-84-flanking inner NE neighborhood dominated by renters—continues to flag, with median sale prices dropping a further $69K from 2016’s $350K flatline. But those comparatively cheap digs sit very close to lot of action in revitalizing Kerns: here's a peek at the future build-out of the PepsiCo property on Sandy.

Working Families

Abutting Gresham’s Rockwood neighborhood, the middle-income, multilingual families of Glenfair commute by Trimet more than some neighbors (Wilkes to the north and Centennial to the south). Homebuyers also save; this past year’s median price of $306K nabbed, on average, a 1,700-square-foot, single-family home. Strong, long-term appreciation and stable ownership are trends in a hood that is by far the city’s most child-rich, with nearly half of all households home to children under 18.

Going Fast

In 2017, Portland homes sold in an average 31 days—a slowdown from 2016 that played out across town, from Northwest Heights to Pleasant Valley. But bidding wars continued to bristle in some areas, such as Southeast’s Ardenwald-Johnson Creek. Here, homes sold, just like last year, in an average 15 days—with prices rising a median $95K, to nearly $470K. (That's faster than anywhere else except tiny Woodland Park.) Condo-dominated Lloyd District also sold speedily—19 days, on average.

Suburban Dream

Homes in Happy Valley are new—and huge. A median $470K gets you roughly 2,600 square feet; a price its well-heeled residents (median household income nudged up to $106K last year) are clearly willing to pay. Eighty-five percent of residents in this highway-hungry bedroom community are homeowners (the highest city rate outside Maywood Park, a mini-city tucked within Northeast). Happy indeed: this Clackamas city is one of Oregon's fastest-growing places. 

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