What is the typical home value in 97231?

The typical home value is $709,648, which has increased 0.2% over the past year.

How long do homes take to sell in this area?

The median days on market is 73, indicating a slower sales pace.

Are sellers reducing prices?

Yes, 27.1% of current listings have received a price cut, which is a meaningful share of the market.

Market Intelligence · OR / Portland

Portland, OR 97231 Housing Market

The typical home value in Portland's 97231 ZIP code is $737,475, up 0.2% over the past year. Homes are taking 73 days to sell on average, and 51 properties are currently listed for sale.

Updated August 2026Median value$710K

The median home value in Portland, OR 97231 is $710K as of August 2026, up 0.2% year over year, according to Zillow ZHVI. Get your own home's value and a real cash offer in about two minutes, with sources shown and no obligation.

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Typical 97231 range

$653K to $766K

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

+0.2% over 12 months

Jul 2025$708K

Low $704KHigh $719K

Jul 2026$710K

The numbers

What is the 97231 housing market like?

As of August 2026

Typical home value

$710K

0.2%YoY

Median list price

$705K

4.3%MoM

Days on market

34.2%MoM

Homes for sale

2.0%MoM

Price cuts

37.3%

37.9%MoM

New listings

33.3%MoM

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

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The comparison

How do 97231 home prices compare?

97231$709,648
Portland$559,538
Oregon$464,217
United States$289,821

Median Zillow home value (ZHVI), as of July 2026. Comparison levels are medians across every ZIP code with Zillow data (Portland: 32 ZIPs; Oregon: 339 ZIPs; United States: 26,266 ZIPs).

Context

The market here is moving slowly. With 12 new listings in the latest period and a median list price of $737,475, inventory remains limited but competition is light. Nearly 27.1% of listings have seen price reductions, suggesting sellers are adjusting expectations as homes stay on the market longer. The 0.2% year-over-year gain in typical home value reflects a market that has mostly stabilized rather than gained momentum. For sellers, this is a buyer-friendly environment where pricing strategy and condition matter more than timing.

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