Published October 4, 2026 in Market Update

NW is the tightest part of this market right now

By Tony Apa

Real estate, Central / Downtown / Pearl / NW

Realtor.com reported that mortgage rates climbed above 7% for the first time since January 2025. That slowed a lot of markets. It did not slow NW Portland. These are the three months ending July 31, 2026.

The Real Estate Data Aggregator counted 19 median days on market in ZIP 97210. That is the NW neighborhood. Thirty days shorter than the same period a year ago. No other ZIP in this market is close.

Fast days on market is one signal. The share of homes selling above list price is another. The Real Estate Data Aggregator put that share at 25.5% in ZIP 97210, up 8.5 points from a year before. One in four homes there drew an offer above asking. That tells you buyers are competing, not waiting.

How the ZIPs stack up

This market covers six ZIP codes. They do not all read the same. Here is how they compare on the three measures that matter most to a seller or a buyer right now.

ZIP 97227 had 40% of homes sell above list, the highest share in the market. But it also had 82 median days on market, the slowest pace. That combination tells you the homes that do sell there draw real competition, but many sit for a long time first. Pricing and condition still decide which side of that line a home lands on.

NW by the numbers

The median sale price in ZIP 97210 dipped 1.1% from a year ago, to $900,000. That is a small drop. The speed and the above-list share both moved the other way. Prices eased a little, but demand held.

The Pearl and Downtown picture

ZIP 97209, which covers the Pearl District, tells a different story. The Real Estate Data Aggregator counted 64 median days on market there, and 7.8 months of supply. Both are higher than NW. The median sale price fell 11.3%, to $355,000. Sales volume rose 30.9%, which shows buyers are active when the price is right. But sellers there have less room to push.

ZIP 97201 covers the Central and Downtown core. The Real Estate Data Aggregator put the median sale price at $445,000, up 10.3% from a year before. Days on market dropped to 43, which is 19 days shorter than last year. Pending sales rose 4.5%. That is a market getting more active, not less.

What rates above 7% mean here

Realtor.com reported that mortgage rates climbed above 7% for the first time since January 2025. Nationally, Realtor.com also found that 20.8% of listings took a price cut in September, the highest share since October 2022. Active listings nationally grew 5.5% year over year, topping 1.16 million homes.

NW Portland is not following that national script. Supply in ZIP 97210 is at 4.5 months and falling. Homes are going under contract in 19 days. Rates above 7% slow buyers in softer markets. In a tight one, motivated buyers still move.

The whole market in one view

These numbers cover the three months ending July 31, 2026. One street can read very differently from its ZIP code average. If you own in this market, or you are trying to buy here, the ZIP total is just the starting point.