Published October 4, 2026 in Market Update

Lake Oswego sales rise even as more homes hit the market

By Tony Apa

Real estate, Lake Oswego

Mortgage rates topped 7% for the first time since January 2025, according to Realtor.com. That is real pressure on buyers. Yet Lake Oswego kept selling. The Real Estate Data Aggregator counted 231 homes sold across ZIPs 97034 and 97035 in the three months ending July 31, 2026. That is up 16.1% from the same three months in 2025. Demand is still showing up here.

More listings came to market at the same time. The Real Estate Data Aggregator counted 333 new listings across Lake Oswego, up 5% from a year before. Homes for sale rose to 311, up 9.1%. If you are buying, you have more to look at. If you are selling, you have more competition. Both things are true at once.

Pending sales tell you where the market is headed. The Real Estate Data Aggregator counted 243 pending sales across Lake Oswego, up 9% from a year before. That pipeline is solid. Buyers are still writing offers even with rates where they are.

The two ZIP codes tell different stories

ZIP 97035 moved faster. The Real Estate Data Aggregator put its median sale price at $875,000, up 16.7% from a year before. Sales jumped 29.7%, to 131 homes. Months of supply fell to 3.6, down 0.8 months from a year before. That is the tighter side of Lake Oswego right now.

ZIP 97034 sits at a higher price point. The Real Estate Data Aggregator put its median sale price at $1,359,000, up 13.3% from a year before. Sales reached 100 homes, up 2%. Months of supply came in at 4.8, up 0.5 months. More inventory means buyers there have a little more room to think.

Homes are selling close to asking, and faster than you might expect

In ZIP 97034, the Real Estate Data Aggregator put the average sale price at 98.4% of list price. In ZIP 97035, it was 98.9%. Neither ZIP is seeing big discounts. Sellers are getting close to what they ask.

Speed held up too. The Real Estate Data Aggregator put the median days on market at 22 days in 97034, unchanged from a year before. In 97035, it was 21 days, two days shorter than a year before. Not every home sold fast, but the middle of the market moved quickly.

Nearly 1 in 4 homes sold above asking

The Real Estate Data Aggregator found that 24% of homes in ZIP 97034 sold above list price, up 5.6 points from a year before. In ZIP 97035, 24.4% sold above list, up 7.6 points. That share is growing in both ZIPs. It means competition is real, even if it is not everywhere.

In ZIP 97035, 40.9% of homes went under contract within two weeks of listing, according to the Real Estate Data Aggregator. That is up 6.7 points from a year before. In ZIP 97034, 38.7% went under contract that fast, up 1.8 points. Well-priced homes are not sitting long.

What the national picture adds

Nationally, the Federal Housing Finance Agency reported U.S. house prices rose 2.6% from July 2025 to July 2026. Lake Oswego's price gains in both ZIPs ran well ahead of that. CNBC reported the average 30-year fixed rate hit 7.30% on September 30, 2026. Rates at that level slow some buyers. They have not stopped the Lake Oswego market, but they are part of the picture every buyer needs to price in.

These numbers cover whole ZIP codes. One street can read very differently from the ZIP average. If you want to know where your block stands, reach out.