Housing Inventory Is Making a Comeback in 2026: What Portland & Vancouver Buyers Need to Know

Inventory Is Making a Comeback in 2026

After a long stretch where buyers in the Pacific Northwest were fighting tooth and nail for too few homes, inventory has made a massive comeback over the past year.

Depending on which side of the Columbia River you live on, that is opening up your options in a meaningful way.

According to the latest January 2026 data from the RMLS, the number of homes available for sale in the Portland Metro area has hit levels we haven't seen in years. Here is why that is such a big deal.

The "Squeeze" Is Finally Over

For the past few years, the market felt rushed, stressful, and intimidating. But getting back to pre-pandemic inventory levels signals a slow and steady return to normal.

The Local Numbers (January 2026):

• Portland Metro: Inventory has risen to 4.3 months of supply. For context, a "balanced" market is usually 4–6 months. We are firmly in "buyer friendly" territory for the first time in a long time.
• Vancouver & Clark County: The market here is tighter (around 1.5 months of supply), but still offers far more breathing room than the frenzy of 2021-2022.

When there are more homes for sale, buyers gain three things they haven't had in years: Time, Options, and Leverage.

A Tale of Two Markets

While national headlines talk about a "slow return to normal," the local data shows that Portland is rebounding faster than many other metros.

• In Portland: With supply at a 3-year high and median prices softening slightly (down roughly 5% year-over-year to $510,000), buyers have serious negotiating power. You can ask for repairs, closing costs, and rate buydowns.
• In Vancouver: Prices are holding steady (median ~$482,000), but the frantic bidding wars have cooled. It’s a "neutral" market where well-priced homes sell, but overpriced ones sit.

Inventory Is Expected To Keep Growing

Looking ahead, forecasts suggest the number of homes for sale will continue to rise as we head into spring.

In January alone, new listings in the Portland metro surged over 100% compared to December. This is a clear signal that sellers are waking up and listing their homes, ending the "lock-in" effect that paralyzed the market last year.

As Hannah Jones, Senior Economic Research Analyst at Realtor.com, puts it:

“. . . housing market conditions are gradually rebalancing after several years of extreme seller advantage. Buyers are beginning to see more options and modest negotiating power as inventory improves . . .”

Translation: The market is finally working with you, not against you.

What This Means for Your Search

With homes averaging 89 days on the market in Portland right now, the days of having to write an offer 15 minutes after seeing a house are gone.

• You can take your time.
• You can inspect the home thoroughly.
• You can negotiate the price.

Bottom Line

Inventory isn’t fully back to normal everywhere, but in Oregon and Washington, it is moving in the right direction fast.

If you’ve been waiting for a moment when you have options and a little breathing room, this is the strongest setup buyers have seen in a long time.

Curious how the inventory levels in your specific neighborhood compare? Let's talk. The dynamics in Lake Oswego are different than Battle Ground, and you need the right strategy for each.

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