Portland Oregon Real Estate Market Update - Homes are taking longer to sell
Portland’s September housing numbers look surprisingly resilient but mortgage rates could change the story.
Let’s get into it and take a closer look at the Portland Oregon Real Estate Market Update.
Compared with September of last year, Portland area home sales fell 10.7%, from 1,905 sales to 1,701.
Homes are also taking longer to sell. Average days on market increased from 56 days to 62.
But here’s where it gets interesting.
The median sale price actually increased slightly, from $544,950 to $550,000.
The Average Sales Price is also up…
Sellers received 98.68% of their final asking price, virtually identical to last year.
And 28.1% of homes sold ABOVE asking price, compared with 26.1% last September.
So Portland is clearly moving more slowly but pricing has remained remarkably resilient.
Now comes the wildcard: mortgage rates.
Freddie Mac’s latest survey has the 30-year fixed mortgage at 7.28% and daily market rates have recently been even as high as 7.6%.
Many of the homes that closed in September went under contract before this latest rate surge.
So the real question is:
What happens to Portland home prices and buyer demand if mortgage rates stay above 7%?
That’s what I’ll be watching as we head into October and November.
When it’s time to make your next move, I’d love the opportunity to be your real estate broker.
Dean Carver
Data Driven. Client Focused.
Source RMLS - Data Pulled 10/1/2026. Mortgage News Daily.
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