Portland Housing Market

Portland’s median home sale price decreased by 0.2% in February compared to the same month a year ago, while active listings rose 18.3% to 7,571.

Overall, Portland’s median home sale price declined by 0.2% from this time last year, slipping to $538,688. Since 2018, median price changes in February have been mostly positive, except in 2023, when prices fell 1.9%. The median home sale price rose 3.8% and 1.0% annually in February of 2024 and 2025, respectively. Portland’s median home sale price has since been on a downward trend after hitting its 2025 peak of roughly $579,000 in June.

Listings were up 18.3% compared to February of last year. In volume terms, listings increased by more than 1,100, to 7,571. This figure marked two straight years in which Portland had 6,000 or more homes on the market. Active listings in the month of February have also increased each year since 2022, when homes listed for sale totaled 4,780. Over a shorter timeframe, since December 2025, inventory has risen by more than 700 active listings.

Home sales were down 2.9% from this time last year, with just 1844 homes sold in February. The performance marked the second-lowest number of homes sold in February since 2018. Closed sales bottomed out in 2024 at 1,734, and the market hasn’t achieved 2,000 or more homes sold this month since 2022, when 2,589 sales were recorded. In fact, the discrepancy has widened substantially. From 2018 to 2022, Portland averaged 2,518 homes sold in February. However, from 2023 to 2026, the market has recorded an average of just 1,842 home sales.

Home sale prices in Portland dropped 0.2% February compared to the same month the prior year, ranking near the bottom third of major metros in the U.S.

Portland’s home prices declined 0.2% year over year in February, while the national figure increased by 0.2%. This places Portland 24th among the largest 40 U.S. markets for annual price growth on a percentage basis, alongside the two Sun Belt metros of Las Vegas and Dallas-Fort Worth.

On a dollar basis, Portland ranks 25th among the top 40 markets, with median home prices falling $1,313 in February, compared with a national increase of $885. Price erosion was felt most acutely in the attached home category, which saw a 14.6% decline, or just less than $60,000 on a dollar basis. Detached and condo median sale prices fell by 1.9% and 5.7%, respectively.

Despite declines in median sale prices, Portland remains among the most expensive major U.S. markets. The median home sale price was $538,688 in February, ranking 13th among the largest 40 U.S. markets, just ahead of Salt Lake City.

Inventory reached 7,571 listings in February, signaling accelerating supply growth.

Active listings totaled 7,571 in February, up 18.3% year over year and 58.4% higher than the February low mark of 4,780 in 2022. The growth outpaced the U.S., which trended to 14.2%, driving an additional 147,977 active listings.

With an additional 1,169 active listings on the market over the past year, Portland’s inventory change ranks the region firmly in the top half of all major markets in the U.S. on a percentage basis. Las Vegas and Saint Louis posted similar inventory growth rates, with increases of 18.2% and 18.7%, respectively. Regional peer Seattle witnessed a 23% change in inventory over the same period.

Detached listings rose by 14.9%, and condo listings increased by 21.4%. The attached home inventory shrank by 8.4% year over year, or 19 active listings. Single-family detached homes account for the majority of listings (5,457), while faster growth in condo inventory suggests improving availability of more affordable property types.

Portland recorded 1,844 sales in February, a 2.9% year-over-year decline, with roughly 60 fewer closings than last February.

Home sales were down 2.9% from February last year, with just 1,844 homes sold. The performance marked the second-lowest number of homes sold in February, and the discrepancy has widened substantially since the 2018-2022 period. During this time, Portland averaged 2,518 homes sold in February. However, from 2023 to 2026, the region recorded an average of just 1,842 home sales.

Detached home sales were up slightly by 0.6%, condo sales were down 15.3%, and attached sales posted the steepest year-over-year decline at 23.9%. Single-family homes continued to account for the majority of transactions (1,509 sales), but sharper pullbacks in the typically more affordable townhome and condo segments indicated weaker demand.

Portland wasn’t the only major U.S. market to experience a drop in home sales during February. The region ranked 13th and 16th for the numerical and percentage change in the number of homes sold. Miami, Raleigh, and Phoenix recorded similar percentage declines in home sales, ranging from 2.6% to 2.8%.

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 February 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.