97381, Silverton, OR

The 97381 zip code of Silverton, Oregon is located in the heart of the Silverton Valley and has a population of just over 2,000 people. The median household income in this zip code is $59,898 which is considerably higher than the statewide median household income of $53,046. However, despite having a high median income, home prices in this zip code are much lower than the statewide average home price of $269,900. This discrepancy can be explained by a number of factors including:

-The low population density in this zip code which means that there are fewer homes for sale and thus more room for buyers to negotiate on price

-The fact that most homes in this zip code are owner-occupied rather than being rented or leased out which reduces competition for housing and thus increases prices

-The relatively low level of home improvement activity in this area which means that there is less demand for new homes and existing homes tend to be older and have less features than newer homes

Despite these factors, however, home prices within the 97381 zip code have increased by an average of 5.5% annually over the past five years. This rate of growth is much faster than the statewide average annual growth rate of 3%. It seems likely that continued strong demand from local residents will continue to drive up prices within this particular area over the next few years.