ZIP Code Market Report
97233 — Portland, OR
Data through February 2026 · Updated monthly
Avg Home Value
$396,225
▲ 0.8% year-over-year
Month-over-Month
-0.3%
▼ 0.3%
Single Family
$404,264
Condo / Co-op
$235,862
The average home value in the 97233 ZIP code (Portland, OREGON) is $396,225 as of February 2026. Home prices are stable, up 0.8% compared to last year.
A 3-bedroom home in 97233 is valued at $396,481. 1-bedroom units start around $257,346. Single-family homes average $404,264, while condos average $235,862.
The market in 97233 has a $131,320 spread between bottom-tier homes at $325,354 and top-tier homes at $456,674. Bottom-tier properties represent the primary opportunity range for real estate investors using the 70% rule, fix-and-flip, or BRRRR strategies.
Looking ahead, Zillow's forecast model projects home values in the 97233 ZIP code will decrease 0.5% over the next 12 months, bringing the projected average to approximately $394,244. This modest projected change should be factored into any investment analysis for properties in this area.
This report is part of the Yamhill County market area in OREGON. For a broader view of the housing market including rent data, market activity, and affordability analysis, see the full Yamhill County report.
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Market Snapshot
97233 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 | $398,537 | $397,342 | $396,225 | ▼ 0.6% |
| Single Family Value | $402,561 | $403,416 | $404,264 | ▲ 0.4% |
Home Values
97233 Home Value Trend
Historical home values for ZIP code 97233. Switch between All Homes, Single Family, Bottom Tier, and Top Tier.
Source: Zillow Research ZHVI / ZORI · Updated monthly
By Bedroom
What Homes Cost in 97233
Median home values by bedroom count in this ZIP code.
| Bedrooms | Median Value |
|---|---|
| 1 Bedroom | $257,346 |
| 2 Bedrooms | $304,222 |
| 3 Bedrooms | $396,481 |
| 4 Bedrooms | $451,491 |
Property Types
Home Values by Property Type in 97233
How different property types compare in this ZIP code.
All Homes
$396,225
Single Family
$404,264
Condo / Co-op
$235,862
Bottom Tier
$325,354
Top Tier
$456,674
Forecast
12-Month Home Value Forecast for 97233
Zillow projects home values in 97233 will decrease 0.5% over the next year, reaching approximately $394,244.
Current Value
$396,225
Projected Change
-0.5%
▼ 0.5%
Projected Value
$394,244
Source: Zillow Home Value Forecast (ZHVF). Forecasts are not guarantees.
Data Sources and Methodology
Home value data for ZIP code 97233 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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