Happy Valley, OR—97086
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Happy Valley, OR
As of Oct '25, the median home price in Happy Valley, OR is $684,000, with a year-over-year change of -0.1%. This indicates that home prices in Happy Valley, OR are flat. According to Zillow, the 1-year price projection is -0.6%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $684,000 | -0.1% |
| Single Family | $692,000 | -0.3% |
| Condos | $329,000 | -2.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $360,000 | -2.4% |
3 Bed | $586,000 | 0.0% |
4 Bed | $736,000 | -0.4% |
| 5 Bed | $843,000 | -0.4% |
% of Housing Stock
Rental Trends — Happy Valley, OR
As of July '25, Rentcast reports the average rent in Happy Valley, OR is $2,780, with a year-over-year rent change of -2.1%. Per bedroom, the median rent as of July '25 in Happy Valley, OR is 1-bedrooms: $1,580, 2-bedrooms: $2,000, 3-bedrooms: $2,930, 4-bedrooms: $3,490. The most common rental property sizes in Happy Valley, OR are 2-bedroom and 1-bedroom, accounting for 35.9% and 30.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,800 | $2,780 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,600 | $1,580 |
| 2 Bed Rent | $1,950 | $2,000 |
| 3 Bed Rent | $2,800 | $2,930 |
| 4 Bed Rent | $3,500 | $3,490 |
% of Rental Stock
Property Listings — Happy Valley, OR
As of Oct '25, Realtor.com reports that the median days on market for a home in Happy Valley, OR is 76. This is a increase of 34.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 36.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $740,000 | -4.0% |
Listing Count | 200 | 8.0% |
| Listings as % of Homes | 0.7% | 8.0% |
Days on Market | 76 | 34.0% |
Demographics — Happy Valley, OR
As of the latest ACS Survey released in 2023, Happy Valley, OR has a population of 33,700, which has increased by 8.7% over the past 5 years. Happy Valley, OR is a moderately popular place for families, as children make up 22.0% of the population. The area has a moderately educated workforce, with 43.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 18.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 33,700 | 8.7% |
% Under 18 | 22.0% | -3.9% |
% Seniors | 18.4% | 31.4% |
% WFH | 18.5% | 176.1% |
% w/ College Degree | 43.1% | -7.5% |
As of the latest ACS Survey released in 2023, Happy Valley, OR is a predominantly white area, with 63.1% of the population identifying as white. The white population has shrunk by 7.5% in the last 5 years. The second most common race or ethnicity in Happy Valley, OR is asian, making up 16.7% of the population. Foreign-born residents account for 18.0% of the population in Happy Valley, OR, and this percentage has increased by 11.1% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 63.1% | -7.5% |
% Black | 2.1% | 10.5% |
% Hispanic | 8.9% | -5.3% |
% Asian | 16.7% | 12.1% |
% Foreign Born | 18.0% | 11.1% |
Mortgage and Risk — Happy Valley, OR
According to HUD data as of 2023, there were 632 mortgage originations in Happy Valley, OR, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 52.0%, with 14.0% above 90% LTV (elevated). This implies medium mortgage risk in Happy Valley, OR. Investor activity is low, as 1.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 632 |
% Conventional Loans | 93.0% |
% Government Loans | 7.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Happy Valley, OR
As of 2024, the percent of homes in Happy Valley, OR under the Section 8 program is 8.9%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Happy Valley, OR, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 423 |
Total Units Section 8 | 421 |
% Rentals under Section 8 | 8.9% |
% Occupied Section 8 | 83.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $130 | $1,600 | $1,730 |
| 2 Bedroom | $30 | $1,950 | $1,980 |
| 3 Bedroom | -$80 | $2,800 | $2,720 |
| 4 Bedroom | -$310 | $3,500 | $3,190 |
Affordability — Happy Valley, OR
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.6 |
| Median Home Price | $684,000 |
| Median Household Income | $103,000 |