Oregon Housing Market: Home Prices, Rent and Affordability
The typical Oregon home is worth $496,113, down 0.1% over the past year and up 7.7% over five years, 34.6% above the national $368,697 (Zillow, latest release). That ranks #11 of 50 on price. A 20%-down mortgage runs $2,552 a month and takes about $130,378 of income; the median Oregon household earns $77,630, $52,748 short.
In Portland, the state's largest metro, typical rent is $1,818 a month against a $2,793 principal-and-interest payment on the typical home, so renting is $975 a month cheaper before taxes, insurance and maintenance. The market is cool: 29.3% of listings cut their price (national 26.4%), homes go pending in 53 days (national 53), and for-sale inventory is up 1.9% from a year ago.
All figures are Zillow Research's published numbers for August; median household income is from the Census Bureau. How the data works → · Home prices in all 50 states →
Oregon Housing by the Numbers
How much does a house cost in Oregon? The typical home is worth $496,113, the median sale price is $517,483 and the median list price $549,633. The six figures below describe the market this month, each with the national comparison.
How Have Oregon Home Prices Changed?
The typical Oregon home value every month since 2000, with the national typical home as a dashed line. Values fell 0.1% over the past year, are up 7.7% over five years, up 65.3% over ten, and up 225% since January 2000.
Is It Cheaper to Rent or Buy in Oregon?
Two direct answers from the Zillow data. Rent versus buy sets typical asking rent in Portland, the state's largest metro, against the mortgage payment on the typical home there, since Zillow publishes rents by metro rather than by state. The affordability gap is the income needed to buy the typical Oregon home minus what the median household actually earns.
Rent vs. buy · Portland, OR
The payment excludes property tax (0.86% of value in Oregon), insurance and maintenance, all of which push the cost of owning higher; renting builds no equity. If values kept rising at the past five years' pace (7.7%), equity would narrow that gap over a long stay.
Affordability gap · #42 of 50
A $2,552 monthly payment takes 39.4% of the median Oregon household's income before property tax and insurance; lenders generally cap total housing costs near 28–31%. Full budget for your household →
Is Oregon a Buyer's or a Seller's Market?
Market temperature is our label from three Zillow signals compared with the national market: the share of listings with a price cut, days from listing to pending (days on market), and whether homes for sale are up from a year ago. Oregon is cool: it leans toward buyers: two of the three market signals point cooler than the national market.
Median sale price $517,483 against a median list price of $549,633, so the typical home closes 5.8% below asking.
Where the Oregon market is heading
Compared with a year ago, two of the three signals point looser, in buyers' favor: the share of listings with a price cut is down 0.5 points from a year ago to 29.3%, homes take 2 days longer to go pending than a year ago (53 now), and the number of homes for sale is up 1.9%. The typical home value fell 0.1% over the same period and is 3.6% below its June 2022 peak of $514,652. We publish no forecasts: these are Zillow's current-month readings, not a prediction of where Oregon home prices go next.
Home Values and Rents in Oregon Cities
Zillow publishes a city-level home value or rent for 18 of the Oregon cities we track. The most expensive is Lake Oswego ($884,631) and the cheapest Grants Pass ($399,421). Click a city for its full profile.
| City | Population | Home value | 1 yr | 5 yr | Rent | Rent 1 yr | Value ÷ income |
|---|---|---|---|---|---|---|---|
| Portland | 630,395 | $527,359 | +0.3% | ||||
| Eugene | 177,900 | $475,563 | +0.8% | ||||
| Salem | 177,423 | $435,095 | +0.4% | ||||
| Gresham | 110,678 | $464,687 | -0.5% | ||||
| Hillsboro | 107,726 | $512,474 | -2.6% | ||||
| Bend | 104,554 | $729,189 | -0.8% | ||||
| Beaverton | 96,946 | $523,970 | -2.3% | ||||
| Medford | 85,100 | $408,210 | +1.1% | ||||
| Springfield | 61,642 | $416,581 | +1.0% | ||||
| Corvallis | 60,424 | $560,117 | +0.3% | ||||
| Albany | 56,773 | $434,335 | +0.2% | ||||
| Tigard | 55,395 | $602,382 | -1.4% | ||||
| Lake Oswego | 40,367 | $884,631 | +1.4% | ||||
| Grants Pass | 39,183 | $399,421 | +0.1% | ||||
| Keizer | 39,013 | $447,557 | +0.2% | ||||
| Oregon City | 37,482 | $597,974 | +0.4% | ||||
| Redmond | 35,161 | $510,854 | -0.5% | ||||
| McMinnville | 34,493 | $479,385 | -1.2% |
Home value and rent are Zillow's city-level indexes; population and median household income are Census ACS. Cities without a Zillow index are omitted. All Oregon cities ranked →
How Oregon Compares With Nearby States
The West states closest to Oregon on price. Each card links to that state's housing page; the compare link puts the two states side by side on every category.
More on Oregon
Oregon dashboard
→Overall rank and grade, every category score, taxes, utilities, safety, schools and all tracked cities.
What you'd keep in Oregon
→Take-home after housing, taxes, childcare, utilities and groceries for your household and income.
Who is moving to Oregon
→IRS migration data: where new residents come from, where leavers go, and what both groups earn.
Oregon Housing Market FAQ
What is the average house price in Oregon?
$496,113 is the typical Oregon home value according to the latest Zillow Research release of the Zillow Home Value Index, which tracks homes in the middle third of the market. The median sale price was $517,483 and the median list price $549,633. That makes Oregon the #11 most expensive state; the national typical home is worth $368,697.
Are home prices dropping in Oregon?
Yes. The typical Oregon home value fell 0.1% over the past year, and it is 3.6% below its June 2022 peak of $514,652. Over five years it is up 7.7% and over ten years up 65.3%. Nationally, values rose 1.2% over the year.
How have Oregon home prices changed over the past 1, 5 and 10 years?
-0.1% over one year, +7.7% over five years and +65.3% over ten years for the typical Oregon home value, per the latest Zillow Research release; the national figures are +1.2%, +20.3% and +77.9%. Since January 2000 the typical Oregon home is up 225%. The monthly chart above shows the full series against the national line.
Will the Oregon housing market crash?
We publish no forecasts, so this page cannot answer that; it can show the current readings and the historical worst case. Right now the typical Oregon home value is 3.6% below its June 2022 peak of $514,652 after it fell 0.1% over the past year; 29.3% of listings have cut their price (national 26.4%), homes go pending in 53 days (national 53), and inventory is up 1.9% from a year ago, per Zillow Research. The largest decline in Zillow's monthly series for Oregon was 28.6% from August 2007 to February 2012, and values took 47 months to regain that peak.
Is it a good time to buy a house in Oregon?
The Oregon market is cool right now, which means it leans toward buyers: two of the three market signals point cooler than the national market. 29.3% of listings cut their price (national 26.4%), homes go pending in 53 days (national 53), and for-sale inventory is up 1.9% from a year ago. Affordability is the constraint: buying the typical home takes $130,378 of income, $52,748 more than the median household earns. Whether the timing is right also depends on mortgage rates and how long you plan to stay.
Is Oregon a buyer's or seller's market?
Oregon leans toward buyers. More listings are cutting prices than the national average (29.3% vs. 26.4%), homes take 53 days to go pending (national 53), and the number of homes for sale is up 1.9% from a year ago at 20K listings. Two of those three signals point toward buyers.
What is the average rent in Oregon?
In Portland, Oregon's largest metro, the typical asking rent is $1,818 a month, up 0.6% over the past year and up 13.6% over five years, per the Zillow Observed Rent Index. The national typical rent is $1,948. Among Oregon cities we track, rents range from $1,567 to $2,288 a month.
Is it cheaper to rent or buy in Oregon?
Renting is cheaper month to month in Portland, Oregon's largest metro. Typical rent is $1,818 and the principal-and-interest payment on the typical home with 20% down is $2,793, a difference of $975 a month in favor of renting. The payment excludes property tax (0.86% of value in Oregon), insurance and maintenance, and renting builds no equity, so the full answer depends on how long you stay.
How much income do you need to buy a house in Oregon?
About $130,378 a year, using Zillow's assumptions of 20% down at current mortgage rates and a payment of no more than 30% of income. The median Oregon household earns $77,630, so the typical household is $52,748 short. That is the #42 smallest affordability gap of the 50 states. The monthly payment of $2,552 equals 39.4% of the median household's income.
Where are homes cheapest and most expensive in Oregon?
Among the Oregon cities we track with Zillow data, the most expensive typical home is in Lake Oswego ($884,631) and the cheapest in Grants Pass ($399,421). Also at the top: Bend ($729,189), Tigard ($602,382), and Oregon City ($597,974). The city table above lists every tracked Oregon city with its value, one-year change and rent.
How does Oregon compare with nearby states?
In the West, the closest comparisons on price are Idaho ($478,744, up 2.0% in a year), Montana ($471,746, up 2.0% in a year), and Colorado ($532,748, down 1.4% in a year). Oregon's typical home is $496,113, down 0.1%. On affordability, Oregon ranks #42 of 50 versus Idaho at #44, Montana at #41, and Colorado at #38.
How current is the Oregon housing data?
Every figure on this page comes from Zillow Research, which publishes state, metro and city data free each month for the prior month; the latest month shown is August. Median household income is from the Census Bureau's American Community Survey. We rebuild the page from the newest Zillow files as they are released.
Home values, rents, mortgage payments, income needed, inventory, price cuts, days to pending and sale and list prices are published by Zillow Research and shown as released, with attribution. Median household income and city populations are from the Census Bureau's American Community Survey. Home prices and housing markets in all 50 states →