Is Portland, OR 97227 a buyer’s or seller’s market?

The Portland housing market right now

In the three months ending August 31, 2026, 40% of homes in Portland, OR 97227 sold above their list price, the typical home went under contract in 119 days and there were 7 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. With only 5 sales, these figures can swing a lot from month to month.

Compared with the same period a year earlier, the share selling over asking rose from 25%, homes sold more slowly (28 days then) and the median sale price fell 14% to $491,787. Overall, Portland is less competitive than a year ago, which gives buyers more room.

Within Multnomah County, homes here sell more slowly than in any other ZIP code in the county, and sell more often over asking than in 73%.

Nearby, buyers who want less competition could look at Portland 97205 (4% sold over asking) or Portland 97201 (9% sold over asking), while Portland 97215 (59% sold over asking) and Corbett 97019 (50% sold over asking) are even more competitive.