The story of this market
The typical home in ZIP 97221 sells for about $775,203, or $335 per square foot.
Prices are up +2% from a year ago, so sellers still have some momentum. Homes take about 24 days to sell, which is fast. HUD's fair market rent for a two-bedroom is $2,450 a month.
ZIP 97221 — Portland
The 97221 housing market remains highly competitive with limited inventory, driving a steady year-over-year price increase of 2.0%. While demand remains strong due to the area's desirability and proximity to major employers, the market is seeing a slight cooling in velocity compared to the peak of the previous cycle. Buyers should expect a stable environment with high price points and limited price-cut activity.
This ZIP is ideal for established families and professionals seeking a suburban feel with proximity to downtown Portland, offering a mix of mid-century homes and quiet, tree-lined neighborhoods.
Median prices moved up 2.0% year over year.
Homes spend a median of 24 days on market with 3.2 months of supply — a fast-moving market.
28% of listings have cut prices · homes sell at 98.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 3.1% · poverty 4.5% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.2%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 4.2%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net influx — more people moved in than out
ZCTA 97221, Multnomah County, OR
The area generally experiences lower crime rates compared to the broader Portland metropolitan average, with property crime being the primary concern.
Schools serving this ZIP are highly regarded, with many institutions in the Portland Public Schools district maintaining strong academic performance ratings.
The area faces moderate wildfire risk due to its proximity to forested hillsides and urban-wildland interfaces, alongside standard regional flood risks in low-lying areas.
Economic momentum is driven by proximity to the Portland employment core and the Oregon Health & Science University (OHSU) corridor, with steady infill development.
Property taxes are assessed by Multnomah County based on real market value, subject to state-mandated constitutional limits on assessed value growth.
Residents primarily commute via the Beaverton-Hillsdale Highway or I-5, with transit access provided by TriMet bus lines connecting to downtown Portland.
The area features extensive access to green spaces including Gabriel Park and the Council Crest Park trails, with proximity to the Hillsdale shopping district.
The rental market is characterized by low vacancy rates and high demand for single-family home rentals, with limited new multi-family inventory.
The economy is anchored by the nearby OHSU medical campus, downtown Portland's professional services, and a robust local retail sector.
The area is served by major arterial roads connecting to the Portland metro highway network, with limited but functional public transit access.
Development is largely constrained by topography and existing zoning, focusing on infill and residential density improvements.
Multnomah County Assessment and Taxation manages property valuations, adhering to Oregon's Measure 5 and Measure 50 tax limitations.
Parcels are subject to Portland Public Schools, Multnomah County, and various regional service districts including Metro and TriMet.
Property insurance premiums are rising due to regional wildfire risk assessments and general inflationary pressure on construction costs.
Oregon continues to see moderate net domestic migration, though growth has stabilized compared to the previous decade.
Oregon is primarily a non-judicial foreclosure state, requiring specific notice periods and providing homeowners with redemption rights.
Sellers are required to provide a comprehensive property disclosure statement covering material defects and known issues.
Data retrieved from data.census.gov ZCTA profiles.
- Hopscotch Portland4.84 mi
- Oaks Amusement Park4.43.7 mi
- Langer's Entertainment Center4.410.4 mi
- Bullwinkle's4.412.8 mi
- Sky Zone Trampoline Park3.83.2 mi
- Moda Center4.54.1 mi
- Providence Park4.62.7 mi
- Oregon Convention Center4.54.2 mi
- Revolution Hall4.64.3 mi
- Portland Art Museum4.62.8 mi
- Powell's City of Books4.93.2 mi
- Oregon Zoo4.51.4 mi
- Portland Japanese Garden4.62.1 mi
- The Grotto4.78.7 mi
- Providence Park4.62.7 mi
- Portland Japanese Garden4.62.1 mi
- OMSI4.53.4 mi
- The Grotto4.78.7 mi
- Hopscotch Portland4.84 mi
- Portland Art Museum4.62.8 mi
- Portland Japanese Garden4.62.1 mi
- The Grotto4.78.7 mi
- International Rose Test Garden4.82.2 mi
- Laurelhurst Park4.75.4 mi
- Pioneer Courthouse Square4.43.1 mi
- Riverplace Marina4.63.1 mi
- Topgolf Hillsboro4.510.3 mi
- RedTail Golf Center43.2 mi
- Heron Lakes Golf Course4.17.7 mi
- Glendoveer Golf & Tennis4.410.6 mi
- Eastmoreland Golf Course4.34.7 mi
- Washington Square4.43.8 mi
- Clackamas Town Center4.38.7 mi
- Uwajimaya Beaverton4.72.6 mi
- Bridgeport Village4.46.9 mi
- Fred Meyer45.4 mi
- Portland International Airport4.59.3 mi
- Providence Saint Vincent Hospital Heliport4.62.3 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Large community park with trails, sports fields, and a community center.
Highest point in Portland offering panoramic city views and hiking trails.
Local hub for groceries, dining, and professional services.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.