South Waterfront, Portland, OR—97239
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — South Waterfront, Portland, OR
As of Oct '25, the median home price in South Waterfront, Portland, OR is $595,000, with a year-over-year change of -1.6%. This indicates that home prices in South Waterfront, Portland, OR are decreasing. According to Zillow, the 1-year price projection is -0.7%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $595,000 | -1.6% |
| Single Family | $675,000 | -0.9% |
| Condos | $401,000 | -2.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $328,000 | -4.1% |
2 Bed | $478,000 | -2.6% |
3 Bed | $659,000 | -1.3% |
4 Bed | $844,000 | -0.8% |
| 5 Bed | $881,000 | -0.2% |
% of Housing Stock
Rental Trends — South Waterfront, Portland, OR
As of July '25, Rentcast reports the average rent in South Waterfront, Portland, OR is $1,830, with a year-over-year rent change of -10.7%. Per bedroom, the median rent as of July '25 in South Waterfront, Portland, OR is studios: $1,300, 1-bedrooms: $1,560, 2-bedrooms: $2,050, 3-bedrooms: $3,180, 4-bedrooms: $3,670. The most common rental property sizes in South Waterfront, Portland, OR are 1-bedroom and 2-bedroom, accounting for 38.7% and 35.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,650 | $1,830 |
| Studio Rent | $1,290 | $1,300 |
| 1 Bed Rent | $1,500 | $1,560 |
| 2 Bed Rent | $1,900 | $2,050 |
| 3 Bed Rent | $2,900 | $3,180 |
| 4 Bed Rent | $3,400 | $3,670 |
% of Rental Stock
Property Listings — South Waterfront, Portland, OR
As of Oct '25, Realtor.com reports that the median days on market for a home in South Waterfront, Portland, OR is 72. This is a decrease of -4.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 41.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $708,000 | -3.0% |
Listing Count | 155 | 29.0% |
| Listings as % of Homes | 0.8% | 29.0% |
Days on Market | 72 | -4.0% |
Demographics — South Waterfront, Portland, OR
As of the latest ACS Survey released in 2023, South Waterfront, Portland, OR has a population of 18,200, which has increased by 3.2% over the past 5 years. South Waterfront, Portland, OR is a less popular place for families, as children make up 14.2% of the population. The area has a highly educated workforce, with 73.6% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 26.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 18,200 | 3.2% |
% Under 18 | 14.2% | -4.7% |
% Seniors | 19.3% | 3.8% |
% WFH | 26.6% | 153.3% |
% w/ College Degree | 73.6% | 1.2% |
As of the latest ACS Survey released in 2023, South Waterfront, Portland, OR is a predominantly white area, with 74.7% of the population identifying as white. The white population has shrunk by 4.7% in the last 5 years. The second most common race or ethnicity in South Waterfront, Portland, OR is hispanic, making up 9.8% of the population. Foreign-born residents account for 9.6% of the population in South Waterfront, Portland, OR, and this percentage has decreased by 22.6% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 74.7% | -4.7% |
% Black | 3.1% | 3.3% |
% Hispanic | 9.8% | 15.3% |
% Asian | 5.6% | 0.0% |
% Foreign Born | 9.6% | -22.6% |
Mortgage and Risk — South Waterfront, Portland, OR
According to HUD data as of 2023, there were 333 mortgage originations in South Waterfront, Portland, OR, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in South Waterfront, Portland, OR. Investor activity is low, as 2.0% of loans were by investors. 3.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 333 |
% Conventional Loans | 93.0% |
% Government Loans | 7.0% |
% Investor Loans | 2.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 3.0% |
Loan Activity
Rentals and Section 8 — South Waterfront, Portland, OR
As of 2024, the percent of homes in South Waterfront, Portland, OR under the Section 8 program is 3.0%. 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. In South Waterfront, Portland, OR, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 192 |
Total Units Section 8 | 157 |
% Rentals under Section 8 | 3.0% |
% Occupied Section 8 | 85.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $420 | $1,500 | $1,920 |
| 2 Bedroom | $290 | $1,900 | $2,190 |
| 3 Bedroom | $100 | $2,900 | $3,000 |
| 4 Bedroom | $130 | $3,400 | $3,530 |
Affordability — South Waterfront, Portland, OR
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.6 |
| Median Home Price | $595,000 |
| Median Household Income | $109,000 |