Portland Real Estate Market 2026: A Score of 81 With Conflicting Signals

Portland scores an 81 out of 100 on the PropertyIQ index as of February 28, 2026.

That score sits alongside metrics that tell a more complicated story. Understanding the gap between the headline score and the detail data is the point of reading the full breakdown.

Where Portland Is Struggling

Home values are down 4.35% year over year as of February 2026 -- one of the larger declines among Western metros. Zillow forecasts -0.4% near-term as of December 2025. Price cuts affect 21.79% of listings. New listings are up 23.41% year over year. The market is 61.8% overvalued relative to local fundamentals. The income needed to buy is approximately $152,142 against a median household income of $94,573 (2023 Census). Unemployment: 4.9% as of December 2025.

Individually, any of these signals would concern an investor. Together, they describe a market with meaningful demand headwinds.

What the Score Is Measuring

Despite the demand headwinds, Portland's supply is constrained relative to historical norms: only 5,707 homes for sale in a metro of 2.5 million people. The pending-to-active ratio is 0.5074 -- 51% of listings are under contract. The sale-to-list ratio is approximately 100% as of November 2025.

The PropertyIQ Score weighs current supply-demand dynamics. Portland's supply constraint is sufficient to produce a high score even as prices fall and forecasts are negative.

Market Data

Median listing price: $572,400 as of February 2026. Zillow median home value: approximately $541,968 as of January 2026. Average rent: approximately $1,779/month as of December 2025.

How to Read These Numbers Together

A score of 81 tells you that supply is tight and what listings exist are going under contract at a reasonable rate. The depreciation figures, the overvaluation metric, and the negative Zillow forecast tell you about price trajectory and affordability. These are different questions.

The score answers: is supply constrained relative to demand right now? Yes. The other data answers: are prices likely to appreciate? Not near-term.

For comparison, Sacramento shows a similar dynamic at a higher price point. Both markets demonstrate that high PropertyIQ Scores and near-term price pressure can coexist. Read both numbers.

PropertyIQ score as of February 28, 2026. Listing and inventory data as of February 1, 2026. Rent and forecast data as of December 2025. Census and economic data 2023-2025. All data for informational purposes only.