Irvington: Historically in Demand- Is Winter Your Chance to Get in?

Irvington, a historic, pristine neighborhood of Victorians and Craftsman bungalows in NE Portland, has enjoyed extreme popularity among homeowners for several years, commanding a median sold price of nearly $500K, well above the metro median, less than $300K. The Miller House, typical of the kind of home and grounds found on these tree-lined streets, is just an example showcasing the slightly European, tranquil and nostalgic flavor of the neighborhood (Photo courtesy Sanfranman59/Wikimedia Commons.)

Miller House, Irvington, Portland OR

But October data show the pricey ‘nabe may be more affordable for those with their heart set on getting in. Inventory was still down over 14% from October of 2011, but while the list price is up over 17% from last year, the selling price is down-- also close to 17% (this info counts for single-family homes and condos/townhouses). October data also show that the selling price for the month was slightly more than 30% less than it was just a month earlier, in September 2012.

As to what may be causing this dip, I think seasonality plays a huge part. It’s cold and windy and wet outside, and no homes show their best in such conditions. And the holidays are upon us all, pushing home buying down on our list of priorities.

Interested in taking advantage of this mini-window into an Irvington home? A quick search on ZipRealty (I put Irvington into the keyword search after selecting “East of River” listings) shows prices starting under $300K (not many, mind you, but still!). And if you don’t see what you’re looking for, try contacting a local Realtor® who can put you on an email feed with all the newest listings. That way you’re always on top of the market, and you just might find that darling Irvington home you thought you could never afford.

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert

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