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Market Intelligence · OR / Portland

Portland, OR 97231 Housing Market

The typical home value in Portland's 97231 ZIP code is $686,659, up 1.7% over the past year as of September 2026. The median list price is $707,725, and homes are spending a median of 108 days on market.

Updated September 2026Median value$687K

The median home value in Portland, OR 97231 is $687K as of September 2026, up 1.7% 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 97231 range

$632K to $742K

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

+1.7% over 12 months

Typical home value in 97231 over the last 12 months: $675K in Sep 2025 to $687K in Sep 2026 (+1.7%).

Sep 2025$675K

Sep 2026$687K

The numbers

What is the 97231 housing market like?

Typical home value

$687K

Up1.7%YoY

Median list price

$708K

Up0.3%MoM

Days on market

108

Up10.2%MoM

Homes for sale

50

Flat0.0%MoM

Price cuts

41.1%

Up10.2%MoM

New listings

4

Down50.0%MoM

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

The outlook

97231 housing market forecast 2027

-0.4%

Zillow forecast, 12 months to September 2027

Zillow forecasts typical home values in 97231 to stay roughly flat by September 2027 (down 0.4%).

Over the 12 months through September 2026, typical home values in 97231 rose 1.7%, per the Zillow Home Value Index.

Will home prices drop in 97231?

Zillow's forecast does not point to a meaningful drop: it expects typical home values in 97231 to stay roughly flat by September 2027 (down 0.4%), after a 1.7% rise 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 97231 home prices compare?

  • 97231$686,659
  • 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

The 97231 market in September 2026 shows 50 homes for sale with a median list price of $707,725. The typical home value is $686,659, up 1.7% over the past year. Homes are moving slowly, with a median of 108 days on market, and only 4 new listings came on during the month. A notable 41.1% of listings have taken a price cut. For sellers, the data points to patient buyers and pricing pressure, so setting a realistic asking price from the start matters more than testing the top of the market.

Monthly payment

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20% · $137,332

Common questions

What people ask us.

How much is a home in 97231 worth?

The typical home value in 97231 is $686,659, up 1.7% over the past year as of September 2026. The median list price is $707,725.

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

Homes in 97231 are spending a median of 108 days on market as of September 2026. That is a slow pace, and 41.1% of listings have taken a price cut.

How many homes are for sale in 97231?

There are 50 homes for sale in 97231 as of September 2026, with 4 new listings added during the month.

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