Published October 11, 2026 in Market Update

Northeast Portland prices soften, but the tightest parts still move fast

By Tony Apa

Real estate, Northeast Portland

Here is the number that matters most right now. Realtor.com reported that Northeast region list prices fell 3.8% year over year as of September 30, 2026. More choices, softer prices. That sounds like one story. But the Real Estate Data Aggregator counted 796 homes sold across Northeast Portland in the three months ending August 31, 2026. Some of those zips are as tight as anything I have seen. Your zip code may be living in a completely different market.

The wide view: more listings, more cuts

Realtor.com also reported inventory in the Northeast region rose 11.6% year over year as of September 30, 2026. More supply usually means buyers have more room to negotiate. And Realtor.com counted 31.3% of Portland metro listings taking a price cut in September 2026. Nearly one in three sellers had to adjust. That is real. But it is not the whole picture.

The tight end: 97212 and 97211

The Real Estate Data Aggregator counted just 1.6 months of supply in 97212 in the three months ending August 31, 2026. The median home there sold in 6 days. Six. And 67% of homes went under contract within two weeks of listing, up 14 points from the same period in 2025. The median sale price hit $895,000, up 10.3% year over year. Homes sold for 103.2% of list on average. That is not a soft market.

ZIP 97211 ran nearly as tight. The Real Estate Data Aggregator showed 1.7 months of supply there, with a median of 13 days on market. Half of all homes, exactly 50.8%, went under contract within two weeks. The median sale price held at $600,000, unchanged from a year before. Homes averaged 101.2% of list price.

The slower end: 97233, 97236 and 97232

Not every part of Northeast Portland moves fast. The Real Estate Data Aggregator showed 97233 sitting at 3.8 months of supply, with a median of 39 days on market. That is 17 days longer than the same period in 2025. Only 29.2% of homes there went under contract within two weeks, and that share actually fell 2.3 points year over year. Prices edged up just 1.8% to a median of $401,000. Buyers have more time and more options here.

ZIP 97236 showed 3.5 months of supply. Median days on market: 22. The share of homes going under contract in two weeks dropped 7.6 points to 27.9%. Prices were nearly flat, up just 0.1% to a median of $432,500. ZIP 97232 tells a more complicated story. The Real Estate Data Aggregator counted 5.3 months of supply there, up 2.5 months from a year before. Yet 64.3% of homes that did sell went under contract within two weeks, up 28.8 points. Fewer homes are selling, but the ones priced right are moving quickly.

The middle ground: 97218, 97220 and 97230

ZIP 97218 sits in between. The Real Estate Data Aggregator counted 2.5 months of supply there, down a full month from 2025. The median sale price dipped 9.4% to $467,500, which is the sharpest price drop in Northeast Portland. But 43.5% of homes sold above list, up 6 points. More homes are selling, and buyers are still competing on the ones they want.

ZIP 97220 showed 2.2 months of supply. Prices fell 7.4% to a median of $426,000. Days on market crept up 2 days to 23. The sale to list average dipped just below even at 99.9%. This zip is moving, but sellers are giving a little to get it done. ZIP 97230 had 2.7 months of supply. Median days on market held steady at 19. Prices rose a modest 1.7% to $452,145. Homes averaged 99.6% of list. Steady, not exciting.

What the national picture adds

The National Association of Realtors reported existing home sales fell 2.0% nationally in August 2026. Nationally, months of supply sits at 4.9 months. Northeast Portland's tightest zips are running at less than a third of that. The Federal Housing Finance Agency reported U.S. home prices rose 2.6% from July 2025 to July 2026. Some Northeast Portland zips beat that by a wide margin. Some did not.

What this means for you

If you are selling in 97212 or 97211, the data supports pricing with confidence. Homes are selling over list. Supply is thin. If you are selling in 97233 or 97236, you have more competition and buyers have more time. Price carefully and expect to wait a bit longer. If you are buying anywhere in Northeast Portland, know which zip you are in before you write an offer. The rules are different depending on the block.