Portland Home Prices Jump 3.8% to $485,000 This Quarter

Portland median home prices rose 3.8 percent in the second quarter of 2026 compared with the same three months last year, reaching a median of $485,000, according to figures released Friday by the Portland Metropolitan Association of Realtors.

The increase arrives as mortgage rates hover near 6.4 percent and inventory remains tight in many city neighborhoods. Local buyers and sellers are watching how the modest year-over-year lift affects decisions on listings and offers through the rest of summer.

Activity picked up along Division Street in the Richmond neighborhood and on Alberta Street in the Concordia area, where multiple three-bedroom homes sold above asking price in May and early June. The Portland Housing Bureau reported 142 new listings in those two corridors during the quarter, a 9 percent increase from the prior year.

Price Changes by Segment

Detached single-family homes drove most of the quarterly gain, with a median of $512,000, up 4.1 percent from the second quarter of 2025. Condominiums in the Pearl District posted a smaller 2.9 percent rise to a median of $398,000. The Oregon Association of Realtors recorded 1,872 closed sales citywide in the quarter, down 6 percent from the same period last year but still above the five-year average for the months of April through June.

Days on market averaged 28 for homes priced between $400,000 and $550,000, according to the same data set. Properties listed below $400,000 moved in 19 days on average, while those above $700,000 took 42 days.

Next Steps for Buyers and Sellers

Sellers planning to list before Labor Day should review recent comps on their block rather than citywide averages, especially if their home sits near the $485,000 median. Buyers who locked in pre-approvals earlier this year may want to confirm those figures still hold with their lender before making offers on homes that closed above asking in the second quarter.

Market watchers at the Portland Metropolitan Association of Realtors expect the third-quarter report, due in October, to show whether the 3.8 percent year-over-year pace holds or slows as new listings hit the market after the July holiday period.