Market Action October 2026

The market slowed down. It didn’t crash.

October was the slowest October for home sales in at least three years. Accepted offers were down about 20% from last year, and fewer people put their homes on the market. Prices barely moved. The typical Portland-area home sold for $545,000, the same as September and a hair above last year.

So if you’ve seen scary headlines, take a breath. Nobody’s home lost a big chunk of its value overnight. What changed is the pace of the market and who has a little more say at the negotiating table.

If you’re thinking about buying

Buyers have more room to breathe right now than they’ve had in a while. A year ago, if no new homes came on the market, everything for sale would have sold in about three months. Now it would take more than four. That extra month sounds small, but it’s the difference between thinking it over on Sunday morning and writing an offer from the open house parking lot.

You’ll feel this most in the price range where many first-time buyers shop. Sales between $400K and $600K were down by a quarter to a third from last October. With fewer people competing for the same homes, you can ask for help with closing costs, a repair, or sometimes money toward a lower interest rate. Homes are selling for about 1% under asking on average, and often for more off the price when a house has been sitting.

The catch is interest rates. They’re still around 6.7%, and that’s the main reason so many buyers are waiting. If your numbers work and you find a home you love, waiting for the perfect moment can mean losing the negotiating power you have right now. If your numbers don’t work yet, that’s okay too. I’m happy to help you figure out what would get you there.

If you’re thinking about selling

Homes that are priced right are still selling in about two months, the same as last year. The homes that struggle are the ones that start too high and wait for buyers to come around. More sellers pulled their homes off the market in October than in September. My guess is that many of them were priced for the market we had a couple of years ago.

If you need to sell this winter, you can. Price for the buyers who are actually shopping, make the home look its best, and be open to some give and take. If you don’t need to sell, spring will bring more buyers out, and so would a dip in interest rates.

A quick neighborhood note

Close-in Portland is still moving. Homes in North and Southeast Portland went under contract in about a month to six weeks. The west side suburbs, especially Tigard, Wilsonville, and Beaverton, saw the biggest drop in buyer activity.

Whether you’re buying, selling, or just curious what your home might be worth, I’m always happy to talk it through. There’s no pressure and no pitch. That’s the emotional support part.

Deb

Source: RMLS Market Action Report, Portland Metro, October 2026