Portland Metro Housing Market Update – May 2026

The Portland metro housing market continued to show stability in May, with home prices rising modestly and buyer activity remaining strong despite a decrease in new listings.

According to the latest RMLS report, the average sale price reached $637,300, representing a 2.1% increase compared to May 2025 and a 3.6% increase from the previous month. This steady appreciation reflects continued demand across the region.

Buyer activity remained healthy throughout the month. Pending sales climbed to 2,457, up 6.1% year-over-year, while closed sales totaled 2,053 homes, an increase of 1.7% compared to May 2025. These numbers indicate that well-priced homes are continuing to attract buyers and move through the market.

One notable trend was a decrease in the number of homes coming to market. New listings fell to 3,246, down 11.1% from a year ago and 4.4% from the previous month. While fewer homeowners chose to list their properties, inventory levels remained relatively balanced.

The market currently sits at 3.8 months of inventory, which is generally considered a balanced market. This means conditions are favorable for both buyers and sellers, without a significant advantage for either side.

Another positive sign for sellers is that homes are selling more quickly. The average market time dropped to 57 days, a 9.5% decrease from the prior month, suggesting motivated buyers are acting when the right property becomes available.

Overall, the Portland metro market remains steady and healthy. Buyers continue to have options and negotiating opportunities, while sellers are benefiting from stable home values and consistent demand. As we move into the summer market, both buyers and sellers should be well-positioned to achieve their real estate goals.

If you're curious about what these trends mean for your neighborhood or home value, we'd be happy to help.

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