Today, we’re diving into the latest real estate trends in the Bethany neighborhood, located in ZIP code 97229, Portland. Whether you’re a homebuyer, seller, or just curious about the market, this update will give you the insights you need to navigate this dynamic area. Let’s break it down.
Median Home Prices in 97229
As of March 26, 2025, the median home price in Bethany hovers around $900,000. This figure reflects the premium nature of this sought-after neighborhood, known for its excellent schools, family-friendly vibe, and proximity to Portland’s tech corridor.
Price Per Square Foot Trends
The price per square foot in 97229 is currently averaging $309, though it’s fluctuated recently. Over the past few months, we’ve seen it dip as low as $306 and climb as high as $315. Back in November, it even peaked at $338. These shifts signal a market adjusting to seasonal changes and buyer demand, so if you’re tracking value, this is a key metric to watch.
Days on Market and Price Adjustments
Homes in Bethany are taking a median of 42 days to sell. Interestingly, 42% of listings have experienced price decreases. What does this mean? Many sellers and Realtors are initially overpricing properties, only to reduce them later to attract offers. If you’re selling in 97229, pricing competitively from the start could save you time and stress.
Inventory Rising with Seasonality
Inventory is on the rise, with 166 homes for sale in the Bethany area. This uptick aligns with the seasonal pattern we see every year—March, April, and May bring a gradual increase in listings. Demand remains strong during this period, but it tends to slow down significantly in winter. For buyers, this growing inventory could mean more options, though competition remains fierce.
Challenges for Buyers: High Interest Rates
The market is still tough for buyers, largely due to high interest rates. These rates are keeping affordability in check, even as inventory grows. Meanwhile, new home builders are feeling the pressure and stepping up their game to move properties.
New Home Builders Sweeten the Deal
In 97229, builders like Toll Brothers, Pulte Homes, and Taylor Morrison in North Bethany are offering 4% to 5% of the purchase price in seller concessions. These incentives cover closing costs, rate buydowns, and more—making new homes a tempting option. Compare that to markets like Texas, where builders like Lennar Homes are reportedly offering up to 15% in incentives, a clear sign the new housing market is struggling in some regions. If you’re selling a resale home (say, a 2005-built property), you’re competing directly with these shiny new builds and their attractive perks. Finding the right balance in pricing and presentation is key.
Rental Market Trends
On the rental side, median rent in 97229 is slowly declining. This could be tied to an influx of rental properties, possibly driven by layoffs or homeowners unable to sell. I recently spoke with a homeowner who bought a new home in 2022, only to relocate out of state. Unable to sell, he’s now renting and losing about $1,500 a month on the property—a tough reminder of the risks in today’s market.
Key Takeaways for Buyers and Sellers
- Buyers: High interest rates and competition from new homes with incentives mean you’ll need to weigh your options carefully. The growing inventory could work in your favor, but act fast—demand is still high.
- Sellers: If you’re listing a resale home in 97229, you’re up against new builds with price cuts and concessions. Price strategically to avoid sitting on the market too long.
- Investors: The softening rental market might signal opportunities, but do your homework—some owners are taking losses.
Final Thoughts
The 97229 market in Bethany is a mixed bag right now: rising inventory, strong demand, and a competitive edge from new home builders. Whether you’re buying, selling, or renting, understanding these trends can give you a leg up. Have questions or want a deeper dive? Feel free to reach out for a consultation—I’d love to help you navigate this market.
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