Portland, OR 97229 Real Estate Market Report

ZIP Code: 97229
Report Date: May 2026
Market Temperature: HOT
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.

---

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.

---

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.

---

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.

---

Property Taxes

---

Liquidity & Velocity

---

Market Trends & Context

Understanding Market Temperature

A Hot market indicates strong buyer demand with limited inventory, typically characterized by rising prices, quick sales (low days on market), and inventory levels below historical averages.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in the Portland 97229 area are averaging 6.39%, reflecting the prevailing market conditions for property owners in this region as of May 2026.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

---

Key Findings

1. The primary indicator of market value is the median sold price of 774,900, which, together with a reported price year-over-year trend of flat, suggests recent transaction prices are holding steady rather than appreciating or declining.

2. Observed liquidity dynamics point to slower sales velocity: the median days on market is 176, which may indicate pricing friction or extended time-to-close even though the broader market temperature is hot, creating localized seller advantage in competitive segments.

3. Financing and rental context are headwinds for some buyers and investors: current 30-year fixed mortgage rates are averaging 6.39% and interest rate pressure is described as elevated, while median market rent of 1,859 is showing a down year-over-year trend, indicating softer rental demand and affordability pressure.

---

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.

Portland, OR 97229 Real Estate Market Report

ZIP Code: 97229
Report Date: May 2026
Market Temperature: HOT
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.

---

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.

---

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.

---

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.

---

Property Taxes

---

Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

---

Market Trends & Context

Understanding Market Temperature

A Hot market indicates strong buyer demand with limited inventory, typically characterized by rising prices, quick sales (low days on market), and inventory levels below historical averages.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in the Portland 97229 area are averaging 6.39%, reflecting the prevailing market conditions for property owners in this region as of May 2026.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

---

Key Findings

1. The primary market-value indicator remains the median sold price of $345,000, which represents the most reliable signal of recent transaction activity and should be prioritized over asking prices when setting expectations for offer strategy.

2. There is a meaningful gap between the median listing price of $289,500 and the median sold price of $345,000, which may indicate pricing friction and seller expectations that differ from recently completed transactions; market participants should treat the median sold price as the representative recent sale and price accordingly. flat

3. Liquidity is slower than typical given the median days on market of 379, pointing to prolonged listing durations that may reflect buyer hesitancy or condition/price mismatches; this slower sales velocity appears alongside relatively constrained active supply rather than broad market oversupply. moderate

4. Market conditions are characterized as hot by market temperature while interest rate pressure is elevated, with current 30-year fixed mortgage rates averaging 6.39% in the area—this combination suggests brisk buyer competition for properly priced homes but higher financing costs that can limit some buyer segments.

5. Rental dynamics are softening with median market rent at $1,650 and a rent year-over-year trend of down, which may reduce investor cash-flow expectations and shift some demand toward owner-occupiers rather than landlord-driven purchases.

---

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.