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Portland Housing Market

By John Gillem

Portland’s housing market shows mixed signals, as inventory rises and pricing growth stalls

Portland’s median home sale price declined slightly by 0.1% in April, compared to the same month a year ago. Meanwhile, active listings rose by 5.7% to 9,457.

April home‑sales activity receives a seasonal boost

Home sales in Portland rose 2.0% from a year ago, with 2,554 homes closing in April, the most April closings since 2022. That’s still some distance from the pace of 2018 to 2022, when Portland averaged 3,347 homes sold in April. One likely reason demand has picked up slightly is that the region continues to add residents, despite key employment sectors posting year-over-year declines. Portland added just over 11,000 residents year over year, according to the latest Census population growth release. Migration patterns also suggest that new households may be arriving with stronger buying power, with state-to-state figures showing a net inflow of over 13,000 residents from California to Oregon, likely from higher-cost gateway markets. Incomes in Portland are well above the national average, partially explaining why sales activity rose despite comparatively elevated prices and lackluster job growth.

Inventory of active listings increases again in April

Buyers are also getting more choices. Active listings increased by 5.7% from April of last year, close to the national growth rate of 6.3%. Listings grew by 508 homes to 9,457, continuing a run of year-over-year April inventory gains since 2023, when active listings totaled 6,338. Since January 2026, inventory has expanded by more than 1,800 homes. Because sales growth has been less than half the pace of inventory growth, buyers perceive more options and aren’t as rushed to close as in prior periods. Thus, months of supply rose 6.6% to 4.1 months, just below the national mark of 4.2 months.

Portland’s median home sale price is just under $560,000

Prices, meanwhile, are essentially flat. Portland’s median home sale price edged down 0.1% in April from a year ago, dropping by $500 to $557,000. Since 2018, median price changes in April have mostly been positive, with 2023 the main exception, when prices fell 2.7%. Even with some signs of stagnation, Portland remains one of the pricier major markets. It ranked 13th for median pricing, just below Miami at $575,000 and well above faster-growth Sun Belt regions such as Austin ($434,628) and Las Vegas ($440,000).


Box grid chart showing median home pricing, active listings, and home sales in April 2026.
Portland's housing market witnessed stalled pricing, alongside rising sales and inventory during April 2026.


Portland Sale Prices

The median home sale price in Portland decreased by 0.1% compared to the same time last year, while the national median price rose by 1.7%.

Portland ranks 28th for annual median price change among the top 40 US markets

Portland median home prices decreased by $500 year over year on a nominal basis in April to $557,000. Meanwhile, the national median home price increased by $6,500 to $390,000.

Portland's median home price is above the nation's

Portland was the 13th highest-priced housing market among the top 40 largest markets last month. The Portland median home price of $557,000 was 42.8% above the national median home price. Portland's median home price in April compares to the market's peak of $579,000 recorded in June of 2025.

Portland single-family prices decrease

The median price of Portland single-family homes fell $5,750 over the past year to $594,250, while the median townhome price declined 3.4%, and the median condo price rose 8.7%.


Indicator tiles comparing Portland and U.S. sale prices; Portland, at $557,000, was down $500.
Portland’s April price of $557,000 ranked 13th nationally versus $390,000 for the U.S., while Portland fell 0.1% ($500) as the U.S. rose 1.7% ($6,500).


Monthly bar chart of Portland sale prices from 2018 to 2026; prices were near $557,000 recently, after the 2022 peak.
Portland sale prices in April 2026 were about $557,000, holding near recent highs after peaking around the mid-$500,000s in 2022.


An area chart that shows the Portland annual sale price change from 2018 to 2026; near zero recently.
By early 2026, Portland’s annual sale price change hovered around zero, down from the roughly 20% peak in 2021.


Column chart of April sale price change by year; Portland was down 0.1% in 2026 after a 0.5% gain in 2025.
April 2026 prices were essentially flat, down 0.1%, far below the 17.7% jump in 2021 and the 13.3% mark in 2022.


Horizontal bar chart that ranks April sale prices; Portland was $557,000, good enough for 13th, above Salt Lake City at $541,500, but below San Francisco at $1.7 million.
At $557,000 in April, Portland ranked 13th in this peer set, above Salt Lake City ($541,500) but far below San Francisco ($1.7 million).


Horizontal bar chart that ranks April annual sale price change; Portland was down 0.1%, which was among the weakest, versus Cleveland up 8.1%.
Portland recorded a 0.1% annual decline in April, trailing most peers, while Cleveland led growth at 8.1%.


Dashboard tiles by property type: single-family trended to $594,250, down 1.0%, townhomes declined to $398,000, down 3.4%, and condos were up 8.7%.
Condos led April 2026 appreciation, up 8.7% or $31,900, while single-family homes and townhomes fell 1.0% and 3.4%, respectively.


Two-panel bar charts compare Portland sale prices and annual growth by type; condos were up 8.7%, townhomes were down 3.4%.
April 2026 growth was concentrated in condos, up 8.7% at $399,900, as single-family homes fell 3.4% and townhomes slipped 1.0%.


Portland Inventory

The number of active listings in Portland increased by 5.7% in April compared to the same time last year, while national active listings rose by 6.3%.

Portland's inventory of homes for sale increases

Portland active listings rose by 508 year over year in April to 9,457 active listings. Portland ranked 24th, on a percentage basis, for the annual change in the number of homes for sale among the top 40 U.S. markets in April.

Portland active listings are below their pre-pandemic levels

Portland active listings were below their pre-pandemic levels in the month of April. Portland active listings were 15.8% below the April 2019 total of 11,233.

Portland single-family inventory grows

Portland single-family active listings grew by 5.9% to 7,042 in April. In comparison, townhome active listings rose by 5.1% to 558, and condo active listings increased by 4.9% to 1,857.


Indicator tiles that show Portland listings at 9,457, up 5.7%, ranking 25th versus higher national inventory levels.
Portland reported 9,457 active listings in April, up 5.7% from a year ago, and ranked 25th in supply among major markets.


Monthly bar chart of Portland active listings, 2018 to 2026; about 9,500 recently, after higher levels near 12,000 in 2019.
Active listings reached roughly 9,500 in April 2026, recovering from early 2022 lows but still below the 2019 peak above 12,000.


Area chart that shows annual change in Portland active listings from 2018 to 2026; growth was near mid-single digits recently.
By early 2026, Portland’s inventory growth had stabilized in the mid-single digits, following the sharp swings between 2020 and 2023.


Column chart that shows the April change in listings; Portland up 5.7% in 2026 after 14.1% in 2025.
Active listings rose 5.7% in April 2026, easing from the 23.8% surge in 2024, but improving from declines in 2020 and 2021.


Horizontal bar chart that ranks April active listings; Portland at 9,457, remains in the mid-tier of large metro areas, far below Houston at 42,808.
With 9,457 active listings in April, Portland ranks near the lower middle of this peer set, well below Houston at 42,808 and Dallas at 38,838.


Horizontal bar chart that ranks annual change in active listings, with Portland up 5.7%, a moderate gain versus Columbus at 25.4%.
Portland’s inventory rose 5.7% in April, which outpaced markets like Chicago at 4.4% but trailed Columbus at 25.4%.


Dashboard tiles that show listings by type: single-family trends to 7,042, up 5.9%; townhomes at 558, up 5.1%; condos at 1,857, up 4.9%.
Caption: Single-family homes accounted for the most inventory with 7,042 listings, rising 5.9%, while townhome and condo segments grew 5.1% and 4.9%.


Two-panel chart that shows Portland listings and growth by type; single-family was up 5.9%, townhomes 5.1%, and condos 4.9%.
Inventory gains were broad-based in April, led by single-family homes, which were up 5.9%, followed by townhomes at 5.1% and condos at 4.9%.


Portland Home Sales

The number of home sales in Portland increased by 2.0% in April compared to the same time last year, while national home sales rose by 0.6%.

Portland home sales increase

Portland home sales increased by 49 year over year on a nominal basis in April to 2,554. For context, 2,505 sales closed in Portland in April 2025.

Portland's annual home sales activity change ranks 13th nationally

Portland ranked 13th for the annual change in home sales out of the top 40 U.S. markets in April on a percentage basis. This year's April increase of 2.0% compares to the 1.5% year over year increase in April 2025.

Single-family sales in Portland are higher than a year ago

Portland single-family sales increased by 3.8% in April to 2,108. In comparison, townhome sales fell by 4.8% to 119, and condo sales fell by 6.3% to 327.


Indicator tiles compare Portland and U.S. home sales; Portland’s 2,554 figure is up 2.0% or 49, while the U.S. is up 0.6%.
Portland posted 2,554 sales in April, up 2.0% or 49 transactions over the past year, outperforming the U.S. increase of 0.6%.


Monthly bar chart of Portland home sales, 2018 to 2026; about 2,554 recently, below the 2021 peak of nearly 4,500.
Portland recorded about 2,554 home sales in April 2026 and remained well below the 2021 peak near 4,500 monthly closings.


Area chart that tracks Portland's annual percent change in home sales from 2018 to 2026; recent readings are slightly positive.
Portland’s annual sales growth returned to low single digits in early 2026 after the deep 2022–2023 contraction.


Column chart shows April home sales change by year; Portland up 2.0% in 2026 after 1.5% in 2025.
April 2026 sales increased 2.0%, following a 1.5% gain in 2025, and far below the 48.2% surge in 2021.


Horizontal bar chart ranks April home sales volume; Portland at 2,554, which is below Chicago, 8,816, and Dallas, 8,370.
Portland logged 2,554 April sales, which placed it in the lower half of peers as Chicago led with 8,816.


Horizontal bar chart which ranks April annual home sales change; Portland is up 2.0%, which is mid-pack versus San Francisco up 16.8%.
Portland home sales rose 2.0% in April, a modest gain compared with San Francisco up 16.8% and Philadelphia down 8.2%.


Dashboard cards summarize Portland April home sales by type; single-family trended to 2,108, up 77, townhomes to 119, down 6, and condos to 327, down 22.
Single-family homes drove April activity, rising by 77 sales to 2,108, while townhomes and condo sales fell by 6 and 22.


Two-panel chart shows Portland April sales by type; single-family trended to 2,108, up 3.8%, while condos came in at 327, down 6.3%.
April sales were concentrated in single-family homes, with 2,108 closings and 3.8% growth, while condos and townhomes declined 6.3% and 4.8%, respectively.


For questions and commentary about this report:

John Gillem, Senior Director of Market Analytics at CoStar and Homes.com, based in Portland, is available for interviews to provide expert insights on this data and the broader residential real estate market.

John Gillem

Senior Director of Market Analytics

Homes.com

jgillem@costar.com

Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all transactions are accounted for, they provide an early indication of home price appreciation, inventory changes, and sales volume in Portland during April 2026.

For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.

Definition of Sale Prices

Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Inventory

Inventory is the number of unique active listings that were for sale during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Home Sales

The total number of closed home sales on the MLS during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

About the Homes.com Market Analytics Team

The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.

About Homes.com Analytics Data

The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.

The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.


Writer
John Gillem

John Gillem is the Senior Director of Market Analytics at CoStar and Homes.com for Oregon, Utah, and Idaho. In this role, he produces data-driven analysis of commercial real estate conditions and he provides insights into home prices, inventory levels, rental conditions, and economic factors shaping the housing market.

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