November 2026 Portland Metro Housing Market Update: Sellers Pull Back

by Joe Saling

St. Johns Bridge rising above morning fog on the Willamette River in late October, Portland, Oregon

The St. Johns Bridge above Cathedral Park in North Portland as late-October fog lifts. Sales slowed this fall, but prices held steady.

Quick Answer

In October 2026, Portland Metro buyers and sellers both stepped back. Pending sales fell 20.2% from a year earlier to 1,587, and new listings fell to 2,077, the fewest for any October since at least 1992. Because supply and demand dropped together, inventory held at 4.3 months and the median price stayed at $545,000, up 0.9%.

If you live in Tigard, Beaverton, or Hillsboro, you may have noticed it on your own street: fewer For Sale signs going up this fall. October was the month both buyers and sellers hit pause, and the westside paused more than anywhere else in the metro. Mortgage rates averaged 7.33%, the highest of 2026, and an election was days away.

The October RMLS Market Action Report shows closed sales down 21.5% to 1,622 and pending sales down 20.2% to 1,587. But new listings also fell 12.2% to 2,077, the fewest for any October since at least 1992. So inventory barely moved: 4.3 months, meaning it would take about that long to sell every home on the market at today's pace. That is up from 4.2 in September and 3.1 a year ago. The median sale price held at $545,000, up 0.9% from last October, and total market time was 67 days, two days shorter than a year ago.

So the market got smaller, not cheaper. What does that mean if you are planning a move this winter?

$545K Median Sale Price (YoY +0.9%)

4.3 Inventory in Months (3.1 a year ago)

2,077 New Listings (YoY -12.2%)

1,587 Pending Sales (YoY -20.2%)

1,622 Closed Sales (YoY -21.5%)

67 days Total Market Time (69 a year ago)

Key Takeaways and Quick Navigation

Record-low October listings kept inventory at 4.3 months and the median at $545,000
Showings hit an October record low, down 21.2%, with the widest gap the week before Election Day
The median home now costs $2,998 a month in principal and interest, $338 more than a year ago
Buyers face the lightest competition in years; sellers face fewer competing listings
The westside slowed most: Washington County pendings fell 33.0% vs 14.3% elsewhere
After the election, rates fell a third straight week to 7.18%, and housing policy looks steady
November is the test: will buyers return before the holidays?

Market Overview: Buyers and Sellers Both Stepped Back

Residential street with a single for-sale sign on a rainy fall day, Tigard, Oregon — A Tigard street in early November with one listing on the block. Washington County saw the sharpest slowdown in the metro this fall.

For three months, buyers pulled back while sellers kept listing. In October, sellers pulled back too. New listings fell 16.5% from September, more than three times last year's drop of 5.3%. Active listings fell 5.2% to 7,027, a normal seasonal dip, and remain 8.0% above last October.

Because supply fell with demand, inventory rose just 0.1 month to 4.3, the highest October since 2011 but still balanced territory, not a glut. Track it anytime on our current Portland Metro market data page.

+ Continue reading: Full market analysis Sales between $400,000 and $500,000 fell 34.4%, the steepest drop of any price range, while September's spike in million-dollar sales faded.

The demand story

Pending sales fell for the sixth straight month, down 34.9% from May's peak of 2,439. Contracts are still down from last year, 20.2% in October versus 17.9% in September, but the drop is growing more slowly each month. Year to date, pendings are down 1.9% and closings 0.5%, both negative for the first time this year.

The price story

The median has stayed between $540,000 and $565,000 since April. The average price fell 3.3% to $609,900 as September's spike in million-dollar sales faded. The steepest drop came in the $400,000 to $500,000 range, the entry point for a detached home in much of the metro.

Price Range	Oct 2025 Sales	Oct 2026 Sales	2026 Share	YoY Change
Under $400K	422	347	21.4%	-17.8%
$400K to $500K	468	307	18.9%	-34.4%
$500K to $600K	407	309	19.1%	-24.1%
$600K to $700K	287	242	14.9%	-15.7%
$700K to $1M	381	279	17.2%	-26.8%
$1M and above	158	138	8.5%	-12.7%

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Source: RMLS residential sales by price range, October 2026. Prior-year totals in this table reflect RMLS restated figures.

The bigger picture

Nationally, supply is even higher at 4.8 months, per NAR existing-home sales for September 2026, and the S&P Cotality Case-Shiller index for August 2026 had Portland prices up 0.34% against 2.1% nationally. Portland is moving with a national, rate-driven slowdown.

Source Convergence: Fewer New Listings, More Inventory

Realtor.com's October 2026 housing report shows Portland-area active listings up 9.6% and new listings down 11.8%, close to RMLS's 8.0% and 12.2%. Its 30.6% price-cut share is slightly below last year, which fits a flat median.

Data Point: October Trend Summary

Inventory: up from 3.2 to 4.3 months, May through October
Pending Sales: from +7.5% YoY in June to -20.2% in October
New Listings: -12.2% YoY in October after four months within 3% of last year
Median Price: down 3.5% since the June peak of $564,900, up 0.9% YoY

▲ Back to Key Takeaways

Buyer Activity: Showings Hit an October Record Low

Lockbox data is my earliest signal of buyer interest, and October set a new low: 49,891 showings, down 21.2% from last year and the fewest of any October in records back to 2014.

One bright spot: because new listings fell even faster, each new listing drew more showings, 24.0 versus 22.4 in September.

+ See the full showing data breakdown The final week before Election Day ran 26.0% below the same week last year, the widest gap of the month, even as mortgage rates eased.

Week by week

Week ending October 10: 11,812 showings, 17.9% below the same week last year
Week ending October 17: 11,367, down 19.8%
Week ending October 24: 11,074, down 21.5%
Week ending October 31: 10,082, down 26.0%

The gap widened every week, even as rates eased from their 7.40% mid-month peak. Halloween explains part of the final drop, but the pattern also fits what lenders described: borrowers waiting out the election.

What to watch

If showings narrow the gap over the next few weeks, with rates down three weeks in a row and the election over, pending sales usually follow two to four weeks later.

▲ Back to Key Takeaways

Want to See What's Out There?

With fewer buyers touring, the homes on the market right now are getting less competition. Browse what is available, or tell me what you are looking for and what feels comfortable at today's rates.

Browse Listings Talk to Joe

Home buyers on the covered porch of a single-level ranch home during a rainy afternoon tour, Portland, Oregon — Touring a single-level ranch home on a rainy afternoon in the Portland suburbs. Buyers who are out now face less competition.

Affordability: $338 More a Month Than Last Fall

The math on October's median home: $545,000 with 20% down, a $436,000 loan at 7.33%, October's average in the Freddie Mac Primary Mortgage Market Survey. Principal and interest comes to $2,998 a month. Property taxes, insurance, and maintenance are extra.

Data Point: Monthly Payment on the Median Home

October 2026: $2,998 on $545,000 at 7.33%
October 2025: $2,660 on $540,000 at 6.25%
November 5, 2026: $2,954 on $545,000 at 7.18%

That is $338 more per month than a year ago. About $313 of it comes from the higher rate; the $5,000 price difference adds about $25. At the November 5 rate, the payment is already $44 lower.

+ Read more: How affordability is trending At October's 7.33% average, a household needed about $128,500 a year to afford the median home on principal and interest alone, just above the HUD median family income of $128,300.

The swing was fast: buyers paid $76 a month less than a year earlier in July, $19 less in August, $147 more in September, and $338 more in October.

Using the common 28%-of-income guideline, principal and interest on the median home required about $128,500 a year at October's rate, just above HUD's 2026 median family income of $128,300 (HUD income limits documentation). It is the first time in this series the typical household fell short before taxes and insurance. At 7.18%, it drops to about $126,600.

RMLS's quarterly affordability index reads 95%, but uses a 6.7% rate.

▲ Back to Key Takeaways

What This Means for Buyers

If you are buying, October handed you something rare: less competition, with homes selling about 1% below list on average. The tradeoff is roughly $300 a month more than last fall.

Win Strategy: Current Buyer Conditions

Shop your rate. Freddie Mac notes multiple quotes can save thousands over a loan's life, and rates have already eased to 7.18%.
Ask for seller credits. A credit toward a rate buydown can lower your payment more than the same dollars off the price.
Look at new construction. The NAHB October builder confidence release found 43% of builders cut prices.
Plan to stay five years or longer.

+ When this advice doesn't apply If you might move again within three years or your payment would stretch your budget, waiting is the smarter move.

Important: When This Advice Does Not Apply

Hold off if you might move again within two to three years, if the payment would stretch your budget, if your income depends on an industry facing layoffs, or if you are counting on a quick price jump. Buy because the home fits your life, not because you expect a rally.

▲ Back to Key Takeaways

What This Means for Sellers

If you are selling, the good news is that you have less company. New listings hit a record October low, and well-priced homes still sell at a normal pace: 58 days in Beaverton/Aloha, down from 79 a year ago, and 67 in Tigard/Wilsonville, down from 84.

Seller Strategy: Listing This Winter

Price to the market from day one. About three in ten Portland-area listings have taken a price cut.
Invest in winter presentation: bright lighting, clean walkways, and daylight photos.
Be flexible on terms. A credit toward a buyer's rate buydown can draw more buyers than a price cut alone.
Start with a current number. Find out what your home is worth today before you set a list price.

And if you are sitting on a 3% mortgage, the real question is not what your home will sell for. It is what your next payment would be. That is a number I can run for you in ten minutes.

If You're Thinking About a Single-Level Home

This may be one of your better windows in a while. Fewer homes are coming on the market, so yours will face less competition. If you plan to buy with substantial equity or cash, today's rates matter less to you than to most buyers. The catch: single-level homes are often in short supply, so the order you buy and sell in matters. That is a conversation worth having before spring.

+ When this advice doesn't apply If you do not need to sell before spring and your price expectations are above recent sales, waiting for the spring market may serve you better.

Important: When This Advice Does Not Apply

Waiting may make sense if you have no deadline, if your current rate is far below today's and your next home would cost much more monthly, or if your price expectations sit well above recent nearby sales. Spring brings more buyers and more competing listings. Our guide to thinking about selling this winter can help.

▲ Back to Key Takeaways

Mt. Hood above east Portland neighborhoods in late-October fall color, Portland, Oregon — Mt. Hood over east Portland in late October. SE Portland remains the metro's tightest large market.

Sub-Market Spotlight: The Westside Slowed Most

The westside slowed most: Washington County pending sales fell 33.0%, versus 14.3% for the rest of the metro. Tigard/Wilsonville fell 40.1%, partly a tough comparison after last October's 19.9% gain. Five key areas are below, and you can explore Portland area communities for more on each.

Area	Median Price (YTD)	YoY Price (YTD)	Closed Sales	YoY Sales	Pending YoY	Inventory
Tigard/Wilsonville	$610,000	-1.3%	132	-27.9%	-40.1%	4.4 mo
Beaverton/Aloha	$535,000	-2.7%	127	-19.6%	-31.2%	4.4 mo
Hillsboro/Forest Grove	$510,500	-2.1%	130	-26.1%	-25.6%	3.7 mo
SE Portland	$470,900	+0.2%	220	-11.6%	-12.3%	2.8 mo
Lake Oswego/West Linn	$899,000	+5.8%	75	-15.7%	+5.5%	5.7 mo

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+ View all 15 Portland Metro sub-markets Lake Oswego/West Linn was the only large area with more pending sales than a year ago, while W Portland carried the deepest supply at 6.1 months.

Area	Median Price (YTD)	YoY Price (YTD)	Closed Sales	YoY Sales	Pending YoY	Inventory
W Portland	$665,000	+0.3%	166	-20.2%	-11.8%	6.1 mo
NE Portland	$529,900	+1.4%	140	-34.6%	-27.8%	3.2 mo
N Portland	$480,700	-0.5%	55	-37.5%	-31.3%	4.5 mo
NW Washington Co.	$700,000	-1.4%	74	-22.1%	-32.1%	4.2 mo
Milwaukie/Clackamas	$560,000	-1.8%	144	-20.4%	-7.3%	3.9 mo
Oregon City/Canby	$578,900	-2.6%	97	-6.7%	-8.9%	4.3 mo
Gresham/Troutdale	$486,500	+1.4%	113	-23.6%	-20.3%	4.4 mo
Yamhill Co.	$480,000	0.0%	88	-20.7%	-16.5%	5.7 mo
Columbia Co.	$454,000	-0.9%	48	-4.0%	+10.5%	5.9 mo
Mt. Hood	$497,000	+2.2%	13	+8.3%	-33.3%	7.8 mo

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Median prices are year to date, per RMLS. Pending and closed sales compare October 2026 with October 2025. Mt. Hood and Columbia County are small samples.

▲ Back to Key Takeaways

Inventory in Months: 2026 So Far

Month	2026 Inventory (Months)
January	4.3
February	3.6
March	3.0
April	3.1
May	3.2
June	3.1
July	3.3
August	3.8
September	4.2
October	4.3
November	Not yet reported
December	Not yet reported

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+ View the 3-year inventory comparison October's 4.3 months compares with 3.1 last October and 2.9 in October 2024, and it ties January for the 2026 high.

Month	2024	2025	2026
January	3.2	3.7	4.3
February	2.8	3.2	3.6
March	2.3	3.0	3.0
April	2.4	3.1	3.1
May	2.3	3.3	3.2
June	2.6	3.6	3.1
July	2.8	3.7	3.3
August	3.0	3.5	3.8
September	3.5	3.8	4.2
October	2.9	3.1	4.3
November	3.0	3.8	-
December	2.7	2.9	-

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▲ Back to Key Takeaways

Every Move Starts With a Conversation

Tell me where you are and where you would like to be, and I will walk you through what this market means for you. No pressure, no script.

Get a Home Valuation Thinking About Selling?

What the Election Means for Portland Housing

Every election season I hear the same question: should we wait until it's over? This year, a lot of buyers did. The final week before Election Day was October's weakest for showings, 26% below last year.

Here is what changed, based on OPB's 2026 election results and AP race calls:

Washington, D.C.: The AP called both chambers of Congress for Democrats, so from January, Congress and the White House will be held by different parties.
Salem: The AP called the governor's race for Gov. Tina Kotek, and the Legislature looks roughly unchanged, so expect steady state housing policy.
Your property taxes: Voters approved school bonds in Hillsboro, North Clackamas, Reynolds, and Gladstone, per OPB's report on school measures. Most keep existing tax rates flat or lower. Results are unofficial until certified.

The part that touches your payment happened in the bond market: rates fell a third straight week to 7.18% on November 5, and lenders reported more activity after the results, per Scotsman Guide's post-election rate coverage.

+ Read more: Why divided government matters for rates Rates were already easing before Election Day; the results added a bond rally that helped push the 30-year fixed to 7.18%, but Congress cannot set mortgage rates.

Congress does not set mortgage rates. Inflation, energy prices, and the Federal Reserve do. Divided government can make big new deficit spending harder to pass, which some analysts see as mildly helpful for rates. Others say it changes little.

The federal 21st Century ROAD to Housing Act became law in July and keeps rolling out regardless of who runs Congress, though its supply effects will take years. In Oregon, the 2027 session should build on existing housing efforts rather than reverse them. Hillsboro's new $1.84 per $1,000 bond rate replaces an expiring bond.

So don't time your move around politics. Time it around your life and a payment you can live with. If the election was why you paused, that reason is behind you.

▲ Back to Key Takeaways

Looking Ahead: What to Watch This Winter

Mortgage rates and the Fed. The Fed held rates on October 28, but two members voted for an increase, per the October 2026 FOMC statement. The next meeting is December 8 to 9, and the rate path depends mostly on inflation and energy prices.

November closings. October's 1,587 pendings become November's closings, which will likely land below last November's 1,520.

Will buyers come back? If lower rates bring buyers back, they will compete for record-low new supply, and the market could firm up quickly.

+ See all factors to watch Oregon added 5,800 jobs in September, its best month in over a year, and NAR reports October sales on November 12.

Oregon employment. Oregon added 5,800 jobs in September, its best month in over a year, per KLCC's report on September job gains. October data arrives November 18.

Upcoming data. NAR reports October sales November 12; the next RMLS report arrives mid-December. Find earlier Portland Metro market updates on our blog.

▲ Back to Key Takeaways

Frequently Asked Questions

Is November 2026 a good time to buy a home in Portland? +

It can be, if your finances are steady and you plan to stay five years or more. Competition is the lightest in years, with pending sales down 20.2% and 4.3 months of inventory. The tradeoff is cost: the payment on the $545,000 median home runs about $300 a month more than last fall.

How much have Portland home prices changed? +

Very little. The Portland Metro median sale price was $545,000 in October 2026, up 0.9% from $540,000 a year earlier, per RMLS. The year-to-date median is $549,000, down 0.2%. The median has stayed between $540,000 and $565,000 since April, even as sales volume fell sharply this fall.

What does 4.3 months of inventory mean? +

It means that at October's sales pace, it would take about 4.3 months to sell every active listing in the Portland Metro. That is the highest October level since 2011, up from 3.1 months a year ago. Four to six months is often called balanced, so buyers have more negotiating room than in recent years.

Why did pending sales drop so much in Tigard and Wilsonville? +

Tigard/Wilsonville signed 130 pending sales in October, down 40.1% from 217 a year earlier, the steepest drop in the metro. Part of that is a tough comparison, since last October's pendings were up 19.9%. Closings fell 27.9%, the year-to-date median is $610,000, and inventory is about 4.4 months.

Is Beaverton or Hillsboro a buyer's market right now? +

Both lean toward buyers but sit in balanced territory. Beaverton/Aloha pendings fell 31.2%, with about 4.4 months of inventory and a $535,000 year-to-date median. Hillsboro/Forest Grove pendings fell 25.6%, with tighter supply at 3.7 months and a $510,500 median. Market time was 58 and 82 days.

How much is the monthly payment on a median-priced Portland home? +

On the $545,000 October median with 20% down, principal and interest was about $2,998 a month at October's 7.33% average rate. A year ago, the $540,000 median at 6.25% cost about $2,660. At Freddie Mac's November 5 rate of 7.18%, it is about $2,954. Taxes and insurance are extra.

How will the 2026 election affect Portland mortgage rates and home prices? +

Directly, very little. Congress and the governor don't set mortgage rates; inflation and the bond market do. The election did remove uncertainty, and rates fell for three straight weeks to 7.18% by November 5. Divided government starting in January may limit big new spending, which some analysts see as mildly helpful for rates.

Will Portland home prices drop in 2027? +

A sharp drop looks unlikely based on current data. The median has held between $540,000 and $565,000 since April, and sellers are listing fewer homes rather than flooding the market. Prices could soften modestly if rates stay above 7%, while a meaningful rate decline could firm them up by spring.

▲ Back to Key Takeaways

What Would This Market Mean for Your Move?

Whether you are buying, selling, downsizing, or just wondering, I would love to hear what you are planning. Every situation is different, and the right answer starts with listening. No pressure, no obligation.

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Homes for Sale in Portland

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Data Sources and References (as of November 2026)

Market statistics: RMLS Market Action Report, Portland Metro, October 2026 reporting period.

Showing activity: SentriLock lockbox data via RMLS, compiled in the Saling Homes Portland Market Intelligence Tracker. Historical October comparisons from the same tracker, 1992 to 2026.

Mortgage rates: Freddie Mac Primary Mortgage Market Survey, weekly readings October 1 through November 5, 2026.

Federal Reserve: FOMC statement, October 28, 2026.

Income: HUD income limits, 2026 median family income.

National context: NAR existing-home sales, September 2026; S&P Cotality Case-Shiller, August 2026; NAHB/Wells Fargo HMI, October 2026.

Employment: KLCC, Oregon September 2026 jobs report.

Election: OPB 2026 election results; OPB, Oregon school measures; Scotsman Guide, post-midterm mortgage rates. Election results are unofficial until certified by county election offices.

Corroboration: Realtor.com October 2026 Housing Report.

Payment estimates are principal and interest only, 20% down, 30-year fixed, and exclude taxes, insurance, and HOA dues.

Data verified: November 2026

Joe Saling

Real Estate Advisor | Saling Homes at eXp Realty

Joe Saling has been helping Portland-area buyers and sellers for 10 years, backed by 20+ years in sales, marketing, and leadership. He specializes in the Portland Metro market with a focus on data-driven decisions and client education. His approach: educate first, advocate always.

(503) 910-7364 | joe@sellingpdxhomes.com | sellingpdxhomes.com | About Joe

Saling Homes at eXp Realty is committed to equal housing opportunity. We do not discriminate on the basis of race, color, religion, sex, handicap, familial status, or national origin.

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