Published October 9, 2026 in Market Update

Portland Market is not moving at one speed

By Becky Jackson

Real estate, Raleigh Hills & Cedar Hills

These numbers cover the three months ending August 31, 2026. The Real Estate Data Aggregator counted 863 homes sold across the Primary market in that period. Sales were up 3.4% from the same months of 2025. That sounds steady. But the story inside those numbers is not one story.

The National Association of Realtors put national supply at 4.9 months. Some ZIP codes here are well below that. Others are well above it. Where your home sits changes everything about your plan.

Supply tells the real story

The Real Estate Data Aggregator shows months of supply ranging from 2.9 to 7.6 across these ZIP codes. That is a wide gap. A seller in 97225 faces a very different market than one in 97209.

97225 had just 2.9 months of supply, per the Real Estate Data Aggregator. That is down 1.3 months from a year ago. Homes there moved fast. The Real Estate Data Aggregator counted a median of 18 days on market, the quickest of any ZIP code here.

97209 sat at 7.6 months of supply, per the Real Estate Data Aggregator. That is the loosest end of this market. The median days on market there was 64 days. That is a long wait, though it is 14 days shorter than a year ago, which is a real improvement.

How fast homes are moving, ZIP by ZIP

97201 had the longest median at 69 days, per the Real Estate Data Aggregator. That is 12 days shorter than a year ago. Progress, but still a slow pace. Pricing matters a lot in a ZIP code like this one.

97219 and 97225 both sat under 20 days. The Real Estate Data Aggregator showed 43.3% of 97219 homes and 41.9% of 97225 homes went under contract within two weeks of listing. Nearly half, in both cases.

Prices moved in different directions

Not every ZIP saw prices rise. The Real Estate Data Aggregator shows 97225 had a median sale price of $720,000, down 9.1% from a year ago. More homes sold there, but at lower prices. That is a trade-off worth knowing.

97221 went the other way. The Real Estate Data Aggregator put its median at $846,500, up 9.2% from a year ago. Fewer homes sold there, down 19.7%, but those that did sold for more.

What buyers are paying versus list

The Real Estate Data Aggregator shows sale-to-list ratios ranging from 96.2% in 97201 to 99.7% in 97219. No ZIP averaged above list as a whole, but individual homes did sell over asking.

In 97219, a third of homes sold above list. In 97201, fewer than 1 in 10 did. Both facts come from the Real Estate Data Aggregator. Same market, very different experience.

Rates are adding pressure across the board

Freddie Mac put the average 30-year fixed rate at 7.40% as of October 8, 2026. The 15-year averaged 6.73%. Realtor.com reported rates reached their highest level in nearly three years last week, at 7.28%.

Higher rates slow buyers down. That matters more in ZIP codes that already have loose supply, like 97209 at 7.6 months. In tighter ZIP codes like 97225, demand is still outpacing those headwinds.

The National Association of Realtors said existing-home sales fell 2.0% month over month in August 2026 nationally. Year-to-date through August, they are still up 1.6%. The broader trend is holding, but rates are making it harder.

The market-wide picture

The Real Estate Data Aggregator counted 1,152 homes for sale across the Primary market, down 9.2% from a year ago. Fewer choices for buyers. More competition for well-priced homes.