ZIP Code Market Report
97131 — Nehalem, OR
Data through February 2026 · Updated monthly
Avg Home Value
$561,355
▲ 1.5% year-over-year
Month-over-Month
-0.7%
▼ 0.7%
Single Family
$559,231
Condo / Co-op
--
The average home value in the 97131 ZIP code (Nehalem, OREGON) is $561,355 as of February 2026. Home prices are rising, up 1.5% compared to last year.
A 3-bedroom home in 97131 is valued at $577,191. 1-bedroom units start around $564,459.
The market in 97131 has a $568,003 spread between bottom-tier homes at $372,054 and top-tier homes at $940,057. Bottom-tier properties represent the primary opportunity range for real estate investors using the 70% rule, fix-and-flip, or BRRRR strategies.
This report is part of the Tillamook County market area in OREGON. For a broader view of the housing market including rent data, market activity, and affordability analysis, see the full Tillamook County report.
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Market Snapshot
97131 Housing Market at a Glance
Key metrics for the last 3 months with trend direction.
| Metric | Dec 2025 | Jan 2026 | Feb 2026 | 3-Mo Change |
|---|---|---|---|---|
| Avg Home Value | $568,390 | $565,323 | $561,355 | ▼ 1.2% |
| Single Family Value | $554,100 | $556,919 | $559,231 | ▲ 0.9% |
Home Values
97131 Home Value Trend
Historical home values for ZIP code 97131. Switch between All Homes, Single Family, Bottom Tier, and Top Tier.
Source: Zillow Research ZHVI / ZORI · Updated monthly
By Bedroom
What Homes Cost in 97131
Median home values by bedroom count in this ZIP code.
| Bedrooms | Median Value |
|---|---|
| 1 Bedroom | $564,459 |
| 2 Bedrooms | $483,169 |
| 3 Bedrooms | $577,191 |
| 4 Bedrooms | $763,861 |
Property Types
Home Values by Property Type in 97131
How different property types compare in this ZIP code.
All Homes
$561,355
Single Family
$559,231
Bottom Tier
$372,054
Top Tier
$940,057
Data Sources and Methodology
Home value data for ZIP code 97131 comes from the Zillow Home Value Index (ZHVI), updated monthly. ZHVI measures the typical home value using Zillow's automated valuation model, smoothed and seasonally adjusted.
This report was last updated February 2026. Data is refreshed on the 17th of each month.
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