Home prices have been on the rise in Portland since early 2012. From 2012 to 2018 prices have come close to doubling and that is a pace that is not sustainable. The median home price in Portland is now $392,500 according to RMLS.
The latest Case/Shiller report shows Portland and the rest of the US starting to cool off a bit. Currently prices are up 5.1% which is still above the long term average of 3% appreciation per year. This slow down coincides with interest rates rising to just under 5% which, along with rising prices, is keeping some buyers on the sidelines.
Here’s a great article on the report and the Portland real estate market: Oregonian Article
Another new factor that has some buyers waiting is the Portland rental market which is seeing lower rents and higher vacancy.