Published October 4, 2026 in Market Update

Northeast Portland has fewer listings even as more sellers cut prices nearby

By Tony Apa

Real estate, Northeast Portland

Here is the split that matters most right now. Realtor.com reported that inventory across the broader Northeast region rose 11.6% year over year. But the Real Estate Data Aggregator counted homes for sale in Northeast Portland down 11.2% over the same period. Those two numbers point in opposite directions. If you are pricing a home or writing an offer, the local count is the one to use.

More homes sold, but fewer were available to buy. That is a seller's setup. The catch: Realtor.com reported that 31.3% of Portland metro listings carried a price cut in September 2026. Redfin put the price-drop rate in Portland at 25.9% for the four weeks ending September 20. Buyers are pushing back on price even when supply is tight. Price it right from the start and you are still in a good position. Price it high and you join that cut list.

How each ZIP code read in the three months ending July 31, 2026

The fast end: 97212 and 97213

The Real Estate Data Aggregator counted 107 homes sold in 97212 in the three months ending July 31, 2026, up 17.6%. The median sale price there was $877,000, up 3.2%. Homes sold in a median of 6 days. Sellers averaged 103.7% of list price. And 72.7% of homes went under contract within two weeks of listing, up 19.5 points from a year before. That is the strongest two-week contract rate in Northeast Portland.

ZIP 97213 ran close behind. The Real Estate Data Aggregator counted 120 homes sold there, up 7.1%. The median sale price was $604,500, up 4.5%. Homes also sold in a median of 6 days. Half the homes, 50.8%, sold above list price.

The slower end: 97230, 97236 and 97233

Not every home sold fast. In 97230, the Real Estate Data Aggregator counted a median of 20 days on market, up 6 days from a year before. The sale-to-list ratio was 99.8%, meaning sellers on average accepted a slight discount. Only 29.1% of homes sold above list price. Months of supply there was 2.5.

ZIP 97236 took a median of 24 days. Months of supply was 3.6, up 0.2 from a year before. The median sale price slipped 1.1% to $435,000. In 97233, the median price fell 3.6% to $400,000. Homes there took a median of 20 days and only 35.8% went under contract within two weeks. If you own in these ZIPs, price and condition do more work for you than the market does.

97218 and 97220: more sales, softer prices

Two ZIPs saw more buyers show up but prices still slipped. In 97220, the Real Estate Data Aggregator counted 92 homes sold, up 29.6%. But the median sale price fell 7.6% to $425,000. More activity did not hold the price line. In 97218, the median fell 14.6% to $440,000. Inventory there dropped 42.6%, the sharpest fall in Northeast Portland. Fewer choices, but buyers still got lower prices. That tells you something about where demand is softest.

97232: high price, more supply

The Real Estate Data Aggregator put the median sale price in 97232 at $889,500 for the three months ending July 31, 2026, up 12.5%. That is the highest median in Northeast Portland. But inventory rose 25% and months of supply climbed to 3.8, the highest in the area. Pending sales fell 21.6%. Homes there still sold in a median of 8 days and 62.1% went under contract within two weeks. The price is up, but buyers have more to choose from.

What the wider picture adds

Nationally, the National Association of Realtors reported existing-home sales fell 2.0% in August 2026. The national months of supply stood at 4.9. Northeast Portland's tightest ZIPs are well below that. Redfin reported that 21% of U.S. home sellers dropped their asking price in the four weeks ending September 20, and that mortgage rates were sitting above 7%. That rate level slows buyers everywhere. Realtor.com also reported that median list prices across the broader Northeast region fell 3.8% year over year. Northeast Portland's own numbers are mixed: some ZIPs held or grew, others slipped.

One more signal worth watching: Realtor.com reported that the median asking rent in the Portland-Vancouver-Hillsboro metro area was $1,603 in August 2026, down 2.3% from a year before. Rents falling while for-sale supply tightens means the rent-versus-buy math is shifting. Some renters may find buying looks more reasonable. Some investors may find yields harder to pencil. Worth knowing if you are deciding which way to move.

These numbers cover the three months ending July 31, 2026. One street can read very differently from its ZIP code. A home on a quieter block in 97230 may move faster than the ZIP average, and a home in 97212 priced too high will sit just as long as anywhere else. Reply and tell me your address. I will tell you what the street around you actually did.