Home prices in Portland's metro area are close to approaching peak prices seen at the height of the housing bubble---according to average prices cited by the Regional Multiple Listing Service. A report in The Oregonian, however, tells a slightly different story, and shows that "median prices don't paint a complete picture".
An examination of sales and listing prices in various ZIP codes revealed an uneven market and different rates of recovery in Portland's neighborhoods. Their findings show that:
• Close-in neighborhood prices didn’t fall as far during the downturn thanks to a stable—and limited—supply of housing. • These neighborhoods have also experienced a new level of investment and increasing amenities. • More distant neighborhoods—once seen as affordable—now seem potentially risky to discerning buyers, contributing to an unequal level of growth. • Neighborhoods that now show higher-than-peak prices tend to be those that had lower home prices during the housing run-up in the first place. • Prices should also be considered in light of inflation and income growth. • The diverging recovery is fairly typical of metro areas nationwide.