Portland Metro Housing Market Report: November 2026

The November 2026 Portland Metro market is a story of patient buyers and steady prices. RMLS reported a $545,000 median in September, flat from a year ago, while pending sales fell to their lowest September level since 2010 and inventory rose to 4.2 months. Mortgage rates have eased for two straight weeks, to 7.24 percent.

The November 2026 Portland Metro market is a story of patient buyers and steady prices. RMLS reported a $545,000 median in September, flat from a year ago, while pending sales fell to their lowest September level since 2010 and inventory rose to 4.2 months. Mortgage rates have eased for two straight weeks, to 7.24 percent.

The metro numbers at a glance

RMLS publishes its Market Action report about a month after each period closes, so September is the latest full read. According to Lovejoy Real Estate's summary of the RMLS September report:

• Median sale price: $545,000, unchanged from September 2025 and up 0.9 percent from August's $540,000.
• Closed sales: 1,752, down 4.0 percent from a year earlier and down 7.9 percent from August.
• Pending sales: 1,760, down 17.9 percent from September 2025, or 385 fewer accepted offers.
• New listings: 2,487, down 0.4 percent from a year earlier.
• Inventory: 4.2 months, up from 3.8 months in both August 2026 and September 2025.
• Market time: 68 days, six days longer than a year earlier.
• Year to date median: $549,000, compared with $550,000 through September 2025.

The short version: prices are holding, but contracts are slowing and homes are taking longer to sell.

Pending sales hit a 16-year September low

The biggest signal is the drop in accepted offers. Selling PDX Homes reported that September's 1,760 pending sales were the fewest for a September since 2010. Because pending sales lead closed sales by about a month, expect October and November closings to stay soft.

Deals are also less certain. Axios Portland, citing Redfin, reported that about 17.2 percent of Portland area pending sales fell through in September, above the 14.5 percent national average and the highest September rate since the pandemic.

For sellers, that means an accepted offer is a milestone, not a finish line. Clean disclosures, a pre-listing inspection where it makes sense, and a buyer whose financing is strong all lower the odds of a deal falling apart.

Mortgage rates finally ease

After crossing 7 percent in late September, rates have started to come down. Freddie Mac reported the 30-year fixed at 7.24 percent as of October 29, 2026, down from 7.32 percent the week before and 7.40 percent on October 15, according to the PMMS archive. The 15-year fixed averaged 6.60 percent.

That is still well above the 6.17 percent of a year ago, so affordability remains tight. But a few weeks of easing can bring sidelined buyers back, especially those who were already approved and waiting. Buyers should get updated rate quotes, because even small moves change the monthly payment.

Washington County holds steady

Washington County continues to outperform the city of Portland on price. Redfin's Washington County data shows a median sale price of about $576,000 for the three months ending September 2026, up 0.3 percent from a year earlier. Homes averaged 37 days on market, compared with 41 a year ago, and 522 homes sold in September, down 7.9 percent.

Two other Redfin details stand out. About 26.6 percent of homes sold above list price, up 5.0 points, while 29.5 percent of listings had a price drop. That split is a balanced market in action: homes that are priced well and show well still draw strong offers, while overpriced homes sit and get reduced.

By comparison, Redfin's Portland data shows a city median of about $518,000, down 2.2 percent, with homes selling in about 25 days.

Hillsboro and Beaverton

Results within the county vary by city:

• Hillsboro: Redfin reports a median sale price of $524,750 for the three months ending September 2026, up 1.9 percent. Homes sold in about 26 days, compared with 39 a year ago, though September sales fell to 257 from 343.
• Beaverton: Redfin reports a median of about $576,000, down 1.8 percent. Homes sold in about 33 days, compared with 42 a year ago, and September sales rose to 325 from 259.

City medians move with the mix of homes that sell in a given month, so a neighborhood level read matters more than the citywide number when pricing a specific home.

What it means for buyers and sellers

For buyers: This is one of the better windows of 2026. Inventory is up, market time is longer, and roughly three in ten Washington County listings have cut their price. If rates keep easing, competition could pick up quickly, so getting pre-approved now puts you in position.

For sellers: Price from recent sales near you, not from last spring. Buyers have time to compare, so condition and presentation matter. Late fall also brings fewer competing listings, and the buyers who are out in November tend to be serious. Plan for a longer timeline and a careful contract to escrow process.

For move up owners: If you plan to buy and sell, today's balance can work in your favor. You may give up a little on the sale price, but you also gain negotiating room on the purchase, from seller credits to repair requests to more flexible timing. Lining up financing first and knowing your likely sale range before you shop keeps both sides of the move on schedule.

Next steps

The Portland Metro market is steady on price and slower on pace, with rates finally moving in buyers' favor. Whether you are planning a move this winter or next spring, the right plan starts with the numbers for your street.

Call or text Kent at (503) 784-1065, or reach out through our contact page.

Kent Bounds & Kionna SakhoeunRE/MAX Equity Group · Serving Washington County & the Portland Metro area. Call or text (503) 784-1065.