Finally, the number one neighborhood with homes is selling the fastest is the Lafayette neighborhood of Portland, ZIP Code 97127.
Surprisingly, this is south of downtown by quite a bit. It's located north of McMinnville off of Highway 99 W., about 5 to 10 minutes from the interstate at about 25 to 30 minutes from downtown Portland. Lafayette has an average days on the market at just 10 days.
The reasoning could be the lack of inventory. There are only about 7 to 10 properties for sale in this entire community, typically priced from about $100,000-$380,000.
The median sales price is currently $242,200 with a price per square foot at $165. The median rent comes in at about $1400 per month.
Other neighborhoods that made the list of the top 25 include Gladstone, Cully, the Hawthorne or North Tabor neighborhood, St. John's, Ladd's addition, Hollywood, and the Foster/Powell neighborhood. These homes have an average days on the market between 17 and 20 days.
So what is all this tell us? Well for starters, homes are flying off the market in the Portland area. Buyers are seeking more affordable options further outside of the city, which also drives up prices for the entire metro region.
If you're interested in learning more about any of these neighborhoods or would like a complete list of homes that meet your search criteria and price throughout Portland or even Vancouver, contact our office today.