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South Waterfront, Portland, OR—97239

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$587,000
1.6% YoY Growth
Household Income
$109,000
25.8% YoY Growth
Days on Market
92
9.0% Shorter YoY
Home Price Forecast
-0.5%
Median Rent
$1,650
10.7% YoY Growth
1-Bed Rent
$1,500
8.8% YoY Growth
2-Bed Rent
$1,900
4.2% YoY Growth
3-Bed Rent
$2,900
15.9% YoY Growth
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — South Waterfront, Portland, OR

As of Dec '25, the median home price in South Waterfront, Portland, OR is $587,000, 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 -0.5%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$587,000-1.6%
Single Family $669,000-0.7%
Condos $393,000-2.2%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • $319,000
    -4.2%
    2 Bed
    		$469,000-2.7%
    3 Bed
    		$650,000-1.4%
    4 Bed
    		$832,000-0.5%
    5 Bed $870,4660.0%
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    % of Housing Stock

    Studio
    9.8%
    1 Bedroom
    24.9%
    2 Bedrooms
    33.3%
    3 Bedrooms
    20.0%
    4 Bedrooms
    9.3%
    5+ Bedrooms
    2.6%

    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.

    TypeMedian RentAverage 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
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    % of Rental Stock

    Studio
    14.1%
    1 Bedroom
    38.7%
    2 Bedrooms
    35.6%
    3 Bedrooms
    9.9%
    4 Bedrooms
    1.6%

    Property Listings — South Waterfront, Portland, OR

    As of Dec '25, Realtor.com reports that the median days on market for a home in South Waterfront, Portland, OR is 77. This is a decrease of -11.0% 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 26.0%, representing a large inventory and a lot of supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$664,0000.0%
    Listing Count
    		11921.0%
    Listings as % of Homes0.8%21.0%
    Days on Market
    		92-9.0%
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    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.

    MetricLatest CensusYoY % Change
    Population
    		18,2003.2%
    % Under 18
    		14.2%-4.7%
    % Seniors
    		19.3%3.8%
    % WFH
    		26.6%153.3%
    % w/ College Degree
    		73.6%1.2%
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    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

    MetricLatest Census5-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%
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    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

    MetricZip 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%
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    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 SizeHUD PremiumMarket RentMax 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

    MetricZip Code Average
    Home Price to Income Ratio5.5
    Median Home Price$587,000
    Median Household Income$109,000

    South Waterfront, Portland, OR — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Corbett-Terwilliger-Lair Hill, Portland, OR

    97201

    Goose Hollow, Portland, OR

    97205

    Portland, OR

    97204

    Multnomah Village, Portland, OR

    97219

    Bridlemile, Portland, OR

    97221

    Frequently Asked Questions