97231 Housing Market Report January 2025•Multnomah County, Oregon

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Housing Prices in 97231, OR

How much do homes in 97231, OR cost?

Housing Market Conditions

Is 97231, OR a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

97231 is a Seller's Market

Difference Since December 2024

Last month, 97231 was a Neutral Market.

Insight

97231 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$662,500$293/SqFt
+$190,000
+40.2%

Based on all homes sold in January 2025

Insight

Homes in 97231 have sold for 40.2% more than they did a month ago.

Summary: The median home sold price in 97231 was $662,500 in January 2025, up 40.2% from last month, and the median price per square foot was $293.

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2024Jan 2025Change YoY
1-$395K
N/A
2$377.5K$490K
+29.8%
3$1.3M$865.6K
-35.4%
4--
N/A
5--
N/A

Summary: 97231 housing price by bedroom type for January 2025, compared to the previous year. The home price for 1 bedroom homes did not change. The home price for 2 bedroom homes increased by +29.8%. The home price for 3 bedroom homes decreased by -35.4%. The home price for 4 bedroom homes did not change. The home price for 5 bedroom homes did not change.

Housing supply in 97231, OR

How many homes are available in 97231, OR?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
27Last MonthJan 2025
252 months agoDec 2024
+8.0 %
Change MoMDec – Jan

Summary: The 97231 real estate market had 27 homes for sale in Jan 2025, a 8.0 % increase compared to Dec 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
6Last MonthJan 2025
42 months agoDec 2024
+50.0 %
Change MoMDec – Jan

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsDec 2024Jan 2025Change MoM
113
+200.0%
266
0.0%
398
-11.1%
433
0.0%
567
+16.7%

Summary: 97231 housing inventory by bedroom type for January 2025, compared to the previous month. The inventory for 1 bedroom homes increased by +200.0%. The inventory for 2 bedroom homes remained the same. The inventory for 3 bedroom homes decreased by -11.1%. The inventory for 4 bedroom homes remained the same. The inventory for 5 bedroom homes increased by +16.7%.

Asking Price vs. Sold Price

How much do homes in 97231, OR cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price2 Homes

At Asking Price1 Home

Under Asking Price3 Homes

Insight

If you're buying a home in 97231, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 6 homes were sold or pending in 97231 in January 2025, up by 50.0% month-over-month. Of the 6 sold homes, 50% were sold under asking, 17% were sold at asking, and and 33% were sold over asking.

Days on Market for 97231, OR

How long does it take to sell a home in 97231, OR?

Breakdown of Home Sale Times

Under 30 Days3 Homes

30 – 90 Days0 Home

Over 90 Days3 Homes

Insight

Many homes in 97231 are selling fast, if you're buying plan to act quickly.

Summary: During January 2025, 6 homes were sold in 97231; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
Last Month1 month agoChange MoM
80 DaysLast MonthJan 2025
109 Days1 month agoDec 2024
-26.3 %
Change MoMDec – Jan

Summary: Homes in 97231 had an average listing age of 80 days in Jan 2025, down by 26.3% compared to the previous month.

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Newest Listings in 97231, OR

What homes are available in 97231, OR?

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MLS Disclaimers and Copyright

Based on information from Regional Multiple Listing Service, for the period 12/01/2024 - 02/01/2025

IDXThe content relating to real estate for sale on this web site comes in part from the IDX program of the RMLS of Portland, Oregon. Real estate listings held by another brokerage firm are marked with the RMLS logo, and detailed information about these properties includes the names of the listing brokers. Listing content is copyright © 2025 Regional Multiple Listing Service, Inc. (RMLS™) Portland, Oregon.

The information on this web site is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. We are not responsible or liable for misinformation, misprints, or typographical errors. All information provided is deemed reliable but is not guaranteed and should be independently verified through personal inspection by and/or with the appropriate professionals. Properties subject to prior sale, change, withdrawal or rental. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/2/2025, 2:20:53 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.