Is Portland, OR 97231 a buyer’s or seller’s market?

The Portland housing market right now

In the three months ending August 31, 2026, 15% of homes in Portland, OR 97231 sold above their list price, the typical home went under contract in 34 days and there were 11.3 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. That’s based on 13 home sales.

Compared with the same period a year earlier, the share selling over asking rose from 13%, homes sold more slowly (31 days then) and the median sale price fell 27% to $549,762. Overall, Portland is about as competitive as it was a year ago.

Within Multnomah County, homes here sell more slowly than in 73% of the county’s ZIP codes, and sell less often over asking than in 87%.

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.