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Sarah Mitchell
Compass Real Estate · ZIP 97116
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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97116 ZIP Code Housing Market
$514,950median sale price
What is the 97116 housing market like right now?
The median home sale price in ZIP code 97116 is $514,950, down 1.9% year-over-year. Homes sell in an average of 58 days with 76 active listings. The market is currently a leaning buyer's. (Source: Redfin monthly MLS data, as of March 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is the 97116 ZIP code a buyer's or seller's market?
ZIP code 97116 is currently a leaning buyer's and homes selling in about 58 days. How we determine this →
What are the latest 97116 housing market stats?
| Metric | Value |
|---|---|
| Median sale price | $514,950 |
| Median list price | $550,000 |
| Year-over-year price change | -1.9% |
| Average days on market | 58 days |
| Active inventory | 76 listings |
| Sale-to-list price ratio | 99.8% |
| Market condition | Leaning buyer's |
Source: Redfin · Updated monthly
The 97116 zip code, located in Banks, OR, is currently classified as a leaning buyer's. The median sale price stands at $514,950, representing a -1.9% change year over year. Homes in this area spend an average of 58 days on the market before going under contract. There are currently 76 active listings in the area, which influences how much negotiating power buyers and sellers have.
ZIP 97116 sits in the Banks, OR area, roughly 3.7 miles from downtown Banks. Because home prices are set street by street, this ZIP can move differently from Banks's citywide averages. The figures below reflect 97116 specifically — drawn from Redfin transactions, U.S. Census data for its 29,800 residents, and Zillow value estimates.
Homes sold
96
Last 12 weeks
Days on market
58
Average pace
Active listings
76
Sale-to-list
99.8%
Below asking
What is driving the 97116 housing market?
The 97116 real estate market is shaped by a combination of local demand, housing supply, and broader economic trends. As a leaning buyer's, homes are selling at approximately 99.8% of their listed price.
Year-over-year price trends are one of the most important indicators for both homebuyers and investors. Prices in 97116 have declined -1.9% compared to last year, which may present opportunities for buyers looking to enter the market at a lower price point. For context, it's valuable to compare this trend against neighboring zip codes and the broader metro area to determine whether this performance is localized or part of a regional pattern.
The Zillow Home Value Index (ZHVI) for 97116 stands at $529,505, which represents Zillow's estimate of the typical home value in the area. The Zillow Observed Rent Index (ZORI) indicates typical rents of $1,738 per month. This gives a price-to-rent ratio of approximately 25.4, which indicates that renting may be more cost-effective than buying in the short term, though long-term appreciation could shift that calculus. Use our mortgage calculator to estimate monthly payments based on current home values and interest rates.
Who lives in 97116?
Population
29,800
Median income
$92,613/yr
Median age
35 years
Owner-occupied
66.4%
College grads
32.6%
Avg commute
35.95 min
What is it like living in 97116?
Zip code 97116 is home to approximately 29,800 residents. The median household income is $92,613 per year, which shapes the types of homes and amenities available in the area. With a median age of 35 years, the community's age profile influences everything from school enrollment to local business types and recreational offerings. Approximately 66.4% of housing units are owner-occupied, indicating a stable, ownership-oriented community where residents have a vested interest in maintaining property values and neighborhood quality.
About 32.6% of residents hold a bachelor's degree or higher, which often correlates with access to knowledge-economy jobs and higher earning potential in the area. The average commute time is 35.95 minutes, which is above the national average and may reflect a suburban or exurban setting where residents trade commute time for more affordable housing or larger lots. These demographic factors, combined with the market data above, help paint a complete picture of what it's like to live and own property in 97116.
Which public schools serve ZIP 97116?
8 schools tracked · 4,874 students
The largest public schools serving ZIP code 97116 by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Forest Grove High School
Grades 9-12 · 1,898 students
Neil Armstrong Middle School
Grades 7-8 · 821 students
Tom McCall Upper Elementary
Grades 5-6 · 706 students
Harvey Clarke Elementary School
Grades K-4 · 398 students
Joseph Gale Elementary School
Grades PK-4 · 392 students
Fern Hill Elementary School
Grades PK-4 · 256 students
Forest Grove Community School
Grades 1-8 · 204 students
Dilley Elementary School
Grades K-4 · 199 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Frequently asked questions about 97116
What is the median home price in 97116?
The current median sale price in 97116 is $514,950, based on recent Redfin transaction data. Prices have changed -1.9% compared to last year. For the most up-to-date pricing and to see how this compares to nearby areas, use our comparison tool.
Is 97116 a buyer's or seller's market?
The 97116 zip code is currently classified as a leaning buyer's. This assessment is based on key indicators including months of supply, sale-to-list price ratios, and average days on market.
What is the population of zip code 97116?
Zip code 97116 has a population of approximately 29,800 residents. The median household income is $92,613 per year. About 66.4% of homes are owner-occupied. This data is sourced from the U.S. Census Bureau and is updated annually.
How do I research neighborhoods in 97116?
Properties Incorporated provides comprehensive data for 97116 including median home prices, price history charts, days on market, active inventory, and Census Bureau demographics. To compare this area with other zip codes or cities, use our comparison tool. For mortgage planning, our mortgage calculator estimates monthly payments based on current prices and interest rates.
How often is the data for 97116 updated?
Market data on Properties Incorporated is updated regularly as new information becomes available. Redfin sales data is typically refreshed monthly, Zillow home value and rent estimates update monthly, and Census Bureau demographics are updated annually.
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