Portland, OR 97223 Real Estate Market Report

ZIP Code: 97223
Report Date: April 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

Portland, OR (97223) recent transaction activity centers on a median sold price of $599,900, which should be treated as the principal indicator of realized market value for the neighborhood. Listing expectations are higher at $649,900, creating a noticeable price gap versus closed transactions that may indicate seller optimism ahead of buyer-validated pricing. Market velocity is slow relative to typical seasonal cycles: the median days on market is 188 days, which suggests extended negotiation timelines and greater sensitivity to pricing and condition when bringing homes to contract. stable market dynamics and a measured spring uptick in buyer traffic point to a balanced to slightly seller-favored environment locally, but not a rapid appreciation phase.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

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Property Taxes

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Liquidity & Velocity

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

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Key Findings

1. The neighborhood's primary valuation signal is the median sold price of $599,900, which indicates the representative recent sale level and should guide appraisals and pricing strategy.

2. There is a persistent pricing gap between the median listing price of $649,900 and the median sold price of $599,900, which may indicate softened seller expectations or the need for more aggressive pricing to achieve contract activity.

3. Transaction liquidity appears muted given the median days on market of 188, suggesting slower sales velocity and the need for sellers to plan for longer marketing windows or to incentivize buyers.

4. Location-level pricing density is relatively high with a median price per square foot of 303.1422271223815, which should be used alongside condition and comparables rather than as a standalone justification for premium pricing.

5. Macro and demand signals are mixed: the broader price trend is down and rent trend is down, while market temperature is characterized as neutral and interest rate pressure is moderate, implying prudent underwriting and conservative pricing assumptions for investors and owner-occupants.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.