West Linn / Lake Oswego & Portland Metro
Our Quick Take
When people ask us how the market is doing, here’s our honest answer: It’s a good market for people who are prepared.
With rates around 7.25%, there are fewer buyers out there, but the ones shopping are serious and need to move. They have more homes to choose from than they’ve had in years, and they’re discerning about where their money goes.
Sale prices have held so far but asking prices are coming down. What’s changed is that the market now rewards doing things right.
~ Chris and Julie
The biggest story for October was higher interest rates. Rates eased a little late in the month, but they’re still above 7% and more than a full point higher than a year ago. Buyers have felt it.
Prices haven’t necessarily bottomed out but homes are sitting longer. We’re also seeing sellers withdraw their homes from the market for the holidays, and many may wait to relist until next spring.
Buyer demand hasn’t disappeared. It’s simply being reshaped by affordability. Buyers have more choices and are discerning about where they spend their money. In this highly competitive market, homes need to be presented well and priced right.
What We’re Seeing
- Rates: Just above 7%, easing slightly in late October.
- Buyers: Fewer of them, but the ones shopping are serious.
- Homes: Sitting longer. About half of local listings have cut their price.
- Prices: Sale prices have held so far but asking prices are coming down.
Here at Home: West Linn and Lake Oswego
Our area is holding up better than the Portland metro as a whole. Homes here are still selling for solid money, and sale prices have held so far.
What’s changed is the pace and the asking prices. Homes are taking longer to sell than they did even a month ago, and about half of the homes for sale have already reduced their price.
Across the wider Portland metro, the story is similar. There are fewer buyers and more homes to choose from, and the price picture is the same: Sales are holding while asking prices drop. The market isn’t crashing. It’s adjusting.
What Today’s Rates Really Cost
Rates hovered around 7.25% in October. On a $600,000 home with 20% down, that’s about *$340 more every month than the same home would have cost a year ago.
That’s why many buyers have stepped back. The ones still shopping are moving for a job, a growing family or another life change that can’t wait for rates to come down.
*Payment example is illustrative, principal and interest only, and not a loan offer.
For Buyers
- You have more choices than you’ve had in years, and less competition for them.
- Your leverage is on homes that have been sitting. If a home has been on the market 60 days or more, or has already cut its price, there’s room to negotiate.
- Ask about a rate buydown. A seller credit toward a lower rate can reduce your monthly payment more than the same dollars taken off the price.
- Get preapproved now. The best homes still don’t sit long, and being ready lets you act the day the right one appears.
For Sellers
- Your first price is your best shot. Homes that launch at the right price get attention in the first few weeks. Homes that start high sit, then cut, and give buyers more leverage along the way.
- Presentation is not optional. Buyers are comparing everything. Repairs, staging and great photos pay for themselves.
- Consider concessions instead of a price cut. A credit toward the buyer’s rate or closing costs can attract more buyers than dropping your price by the same amount.
- Selling in spring? Plan now. Homes pulled for the holidays will be back, so use the winter to prep and be ready to launch early.
Selling Between Now and March: 5 Practical Tips
- Get your exterior photos done now. Schedule them on a dry day before the last leaves fall. Even if you won’t list until February, photos taken now can be used then.
- Stay ahead of leaves, moss and gutters. Clear gutters and clean walkways are the first things buyers notice in the rain.
- Light it up. Days are short. Turn on every light, open the blinds and add porch lighting. Midday showings show your home at its brightest.
- Consider a prelisting inspection. Rainy months reveal roof and drainage problems. Fixing them up front keeps the buyer’s inspection from turning into a renegotiation.
- Be flexible with timing. Holiday schedules are busy. Easy showing windows and a flexible move-out date can win over a buyer.
The Bottom Line
We can’t predict the future, but waiting has its own risks. Rates, prices and the number of homes for sale can all change quickly, and when spring arrives, so will the relisted homes and the buyers who sat out the fall. For many buyers, the time to buy is now, before something else changes.
Buyers have financing options such as interest rate buydowns. Sellers can offer concessions rather than dropping their price. Which option is best for you? We can help you weigh your options, answer your questions and build a strategy you feel confident about.
Want to Know What’s Happening on Your Street?
Every neighborhood is different. We’ll put together a free, personalized report for your neighborhood: what’s selling, what’s sitting, what homes like yours are worth and what it all means for you.
Call or text us at 503-577-2892, or email chris.hoem@homesbyhoems.com with your neighborhood or address.
Sources: West Linn and Lake Oswego data from Lawyers Title / Altos Research market reports, Oct. 19, 2026. Portland metro data from the RMLS Market Action Report, September 2026. Mortgage rate averages from the Freddie Mac Primary Mortgage Market Survey, Oct. 29, 2026.
