Is Portland, OR 97232 a buyer’s or seller’s market?

The Portland housing market right now

In the three months ending August 31, 2026, 35% of homes in Portland, OR 97232 sold above their list price, the typical home went under contract in 13 days and there were 5.4 months of supply. Four to six months of supply is a balanced market, where pricing and condition decide how much room there is to negotiate. That’s based on 24 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 48%, homes sold faster (16 days then) and the median sale price rose 12% to $868,624. Overall, Portland is less competitive than a year ago, which gives buyers more room.

Within Multnomah County, homes here sell faster than in 80% of the county’s ZIP codes, and sell more often over asking than in 60%. On our competition score, Portland ranks #33 of 170 OR ZIP codes with enough sales (score 68 out of 100).

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.