Published October 11, 2026 in Market Update

Lake Oswego has more listings, and buyers are still writing offers

By Tony Apa

Real estate, Lake Oswego

Rates crossed 7% again. Realtor.com reported that mortgage rates topped 7% for the first time since January 2025. CNBC put the average 30-year fixed rate at 7.49% as of October 7, 2026. That is real pressure on buyers. But here is what the Real Estate Data Aggregator counted in Lake Oswego during the same stretch: 247 pending sales, up 6.5% from a year before. Buyers are still signing contracts.

More homes to choose from, across both ZIP codes

The Real Estate Data Aggregator counted 295 new listings across Lake Oswego in the three months ending August 31, 2026. That is up 16.1% from the same three months in 2025. Sellers brought more homes to market. Buyers got more options. Both things are true at once.

The two ZIP codes tell different price stories

ZIP 97034 and ZIP 97035 share a city name. They do not share the same numbers. The Real Estate Data Aggregator tracked each one separately for the three months ending August 31, 2026.

In 97034, the median sale price dipped 2.3% to $1,222,000. That is a small move, not a slide. Homes still sold at 98.5% of list price. In 97035, the median jumped 10.7% to $846,500. More homes sold there too: 122, versus 102 in 97034.

Homes are moving faster than last year

Speed picked up in both ZIP codes. The Real Estate Data Aggregator put the median days on market at 24 days in 97034, which is 8 days shorter than a year ago. In 97035, it was 26 days, 14 days shorter than last year. That is a real shift.

Nearly 4 in 10 homes in 97034 went under contract within two weeks of listing. The Real Estate Data Aggregator put that share at 38.7%, up 10 points from a year ago. In 97035, 36.7% went under contract within two weeks, up 2 points.

Some homes are still getting above asking price

In 97034, the Real Estate Data Aggregator counted 23.5% of homes selling above list price, up 6.1 points from a year ago. In 97035, 18% sold above list, up 1.3 points. Not every home gets a bidding war. But the share going over asking is growing in both ZIP codes.

The national backdrop: rates up, but Lake Oswego held its own

CNBC reported that applications to purchase a home dropped 15% nationally compared with the same week a year ago. Refinance applications fell 56%. Those are national numbers. The Federal Housing Finance Agency put U.S. house price growth at 2.6% from July 2025 to July 2026. Lake Oswego's 97035 outpaced that by a wide margin.

Supply is still lean. The Real Estate Data Aggregator put months of supply at 4.4 months in 97034 and 3.7 months in 97035, for the three months ending August 31, 2026. Both inched up slightly from last year. That gives buyers a little more room, but neither ZIP code is flooded with inventory.

One street can read very differently from the whole ZIP code. The numbers above cover a lot of ground. Your block may be tighter or slower than the average.