For the past few months, a series of studies have analyzed all ZIP codes in each of the 50 states in terms of their home values. Recently, the most expensive ZIP codes in Washington state were identified. The next state in the Pacific Northwest to analyze is Oregon and its most expensive ZIP codes. So, read on to find out the most expensive ZIP codes in Oregon in 2025, relying on data from Zillow’s home value index and the Census Bureau.
The Most Expensive ZIP Codes in Oregon
Zillow’s home value index tracks monthly home values for all types of homes on a monthly basis. For Oregon, as of March 2025, it tracks 339 ZIP codes. Home values across most of Oregon’s ZIP codes have risen over the last five years, as would be expected, yet some experienced historic levels of appreciation.
As part of this analysis, the latest monthly home values were taken into consideration, as well as the average of 12 months of median home values from April 2024 to March 2025, in order to gain a fuller picture. Below are the 25 most expensive ZIP codes in Oregon.
The Top 5 Most Expensive ZIP Codes in Oregon
The No. 1 most expensive ZIP code in Oregon is 97034. Like many other ZIP codes in this series of studies, this ZIP code is centered on a lake — Lake Oswego. Indeed, the lakefront homes here are stunning and it’s conveniently just south of Portland. Nearly two-fifths of households in 97034 earn $200,000 or more a year. The median household income is $147,688, while the average household income is $236,778. This ZIP code was already expensive five years ago, when the median home value was $770,785. Home values proceeded to rise rapidly, jumping by almost $300,000 between March 2020 and March 2022, when the median reached $1.056 million. Since then, home values have continued to appreciate, but more gradually, reaching $1.118 million by March 2025.
The second most expensive ZIP code, which is 97703, is massive and takes up a large area west of Bend, right up to South Sister. Many of the houses here are fairly recently constructed. And they are quite big, which makes sense, because there’s plenty of room to build here. More than a quarter of households in ZIP code 97703 earn $200,000 or more per year. The median income isn’t crazy high, at $118,160, and the average household income is $173,883. Home values appreciated by more than 50% of five years: The median home value was $666,966 in March 2020 and reached over $1.016 million in March 2025.
The No. 3 most expensive ZIP code in Oregon is 97753, also in the vicinity of Bend, northeast of the city. This ZIP code is centered on Powell Butte, another huge expanse of land that mixes farmland with relatively new housing. Income levels here are very similar to the second most expensive ZIP code, with a median household income of $128,469 and an average household income of $177,356. Around one-third of households earn at least $200,000 or more. Like the No. 2 most expensive ZIP code, the median home value in March 2020 was in the $600,000s before rising to more than $1 million by March 2025, for a five-year growth rate of 64.3%.
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