Are Home Prices Dropping in Portland & Vancouver? Here’s the Data.

Headlines Have You Worried about Your Home’s Value? Read This.

If you’ve been watching the news, you might be hearing chatter about home prices cooling or even dipping. That naturally leads to one big worry: Is my home losing value?

Here is the honest truth for homeowners in Portland, Oregon and Vancouver, Washington: While some specific neighborhoods have seen a "normalization" (a fancy word for a tiny price dip) this year, the market is not crashing.

In fact, most local homeowners are sitting on more wealth than they realize.

The "Doom and Gloom" vs. The Local Reality

National headlines feed on negativity. But real estate is hyper-local. What’s happening in Austin, Texas, or Boise, Idaho, isn't necessarily happening in Clark County or Multnomah County.

Let’s look at the actual numbers for late 2024 and 2025:

• Vancouver, WA: According to Redfin data from November 2025, median home prices in Vancouver are actually UP 3.7% year-over-year. That is not a crash; that is steady, healthy growth.
• Portland, OR: The market here is more of a mixed bag, which is normal after the massive boom we had. While prices are up about 1.3% city-wide, some specific zip codes (like parts of Beaverton or North Portland) have seen slight 1-year dips ranging from -0.7% to -2%.

Why the small dips in some areas? It’s a correction, not a collapse. During the "Pandemic Boom," PNW prices spiked incredibly fast. What we are seeing now in some Oregon neighborhoods is just the market taking a breath and leveling off.

Context: The 5-Year "Equity Explosion"

If you focus only on the last 12 months, you miss the bigger picture.

Most homeowners in the Pacific Northwest aren't day-trading their houses. You are in it for the long haul. And when you zoom out to a 5-year view, the "tiny dips" of 2025 look insignificant.

• Portland Homeowners: Since 2020, home values in the Portland metro area have increased by roughly 57%.
• Vancouver Homeowners: The growth curve has been even steeper in many Clark County neighborhoods due to the tax advantages and migration trends.
• So, if your home value dipped 1% this year but is up 50% over the last five years, you are still winning.

Most Homeowners Are "In the Blue"

Nationally, the vast majority of states are seeing prices rise (the "blue" on national equity maps). While Oregon has had pockets of "orange" (slight declines) recently, the vast majority of homeowners are nowhere near "underwater."

• 96% of homeowners nationally are still worth more than they paid.
• In the PNW, that number is likely even higher for anyone who bought before 2023.

Bottom Line

Don't let national scare tactics drive your decisions.

• In Vancouver, prices are rising.
• In Portland, prices are stabilizing after a historic run-up.
• In both cities, long-term owners are sitting on massive equity.

Real estate isn't about timing the market perfectly; it's about time in the market. And right now, the data shows that PNW homeowners are still in incredibly strong shape.

Still worried about your specific neighborhood? A Zestimate can't tell you the whole story. Let’s connect for a real, data-driven equity assessment of your specific home.

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