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Market Intelligence · OR / Portland

Portland, OR 97223 Housing Market

The typical home value in Portland, OR 97223 is $581,911, down 0.5% over the past year as of September 2026. The median list price is $597,796, and homes are taking a median of 60 days to go under contract.

Updated September 2026Median value$582K

The median home value in Portland, OR 97223 is $582K as of September 2026, down 0.5% year over year, according to Zillow ZHVI. For a read on your own home, start with a free consultation: a licensed local pro will walk you through your numbers and your options, with no obligation.

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Typical 97223 range

$535K to $628K

This is an automated estimate, not an appraisal. Actual value is determined by current market conditions and professional evaluation. It is provided for informational purposes only and is not an offer to buy or a promise of value.

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12-month value trend

-0.5% over 12 months

Typical home value in 97223 over the last 12 months: $585K in Sep 2025 to $582K in Sep 2026 (-0.5%).

Sep 2025$585K

Sep 2026$582K

The numbers

What is the 97223 housing market like?

Typical home value

$582K

Down0.5%YoY

Median list price

$598K

Down0.4%MoM

Days on market

60

Up17.6%MoM

Homes for sale

105

Down2.8%MoM

Price cuts

29.9%

Down20.4%MoM

New listings

38

Down5.0%MoM

Sources · Zillow ZHVI (September 2026) / Realtor.com (September 2026) / FRED (October 2026)

The outlook

97223 housing market forecast 2027

0.0%

Zillow forecast, 12 months to September 2027

Zillow forecasts typical home values in 97223 to stay roughly flat by September 2027 (no change).

Over the 12 months through September 2026, typical home values in 97223 fell 0.5%, per the Zillow Home Value Index.

Will home prices drop in 97223?

Zillow's forecast does not point to a meaningful drop: it expects typical home values in 97223 to stay roughly flat by September 2027 (no change), after a 0.5% decline over the past 12 months. Forecasts are not guarantees: mortgage rates, inventory, and the wider economy can move values either way.

Forecast: Zillow Home Value Forecast, published October 2026. A forecast, not a guarantee.

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The comparison

How do 97223 home prices compare?

  • 97223$581,911
  • Portland$547,291
  • Oregon$456,438
  • United States$285,347

Median Zillow home value (ZHVI), as of September 2026. Comparison levels are medians across every ZIP code with Zillow data (Portland: 32 ZIPs; Oregon: 339 ZIPs; United States: 26,262 ZIPs).

Context

Inventory in 97223 stood at 105 homes for sale as of September 2026, with 38 new listings coming on the market. That gives buyers a reasonable number of options without flooding the market. At the same time, 29.9% of listings have taken a price cut, which suggests sellers are adjusting expectations to meet buyers where they are. Homes are sitting for a median of 60 days, so this is not a fast-moving market. For a seller, pricing correctly from the start matters more than testing the market with an ambitious number.

Monthly payment

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20% · $116,382

Common questions

What people ask us.

How much is a home in 97223 worth?

The typical home value in 97223 is $581,911 as of September 2026, down 0.5% over the past year.

How long does it take to sell a home in 97223?

Homes in 97223 spend a median of 60 days on the market as of September 2026.

Are sellers in 97223 cutting their prices?

As of September 2026, 29.9% of active listings in 97223 have had a price cut.

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