Paused Your Home Search in Oregon or Washington? Why It’s Time to Look Again.

Thought the PNW Market Passed You By? Think Again.

If you stepped back from your Oregon or Washington home search over the past few years, you’re not alone. The frantic bidding wars, the lack of options, and the soaring prices made it feel impossible for many.

But if you've been on the sidelines, now is the ideal time to take another look.

With more homes to choose from, price growth finally leveling off, and mortgage rates easing from their recent peaks, today’s Pacific Northwest market is offering something you haven’t had in a long time: options and breathing room.

Experts agree: buyers are in a better spot than they’ve been in years. Here’s why.

1. Affordability Is (Slowly) Turning a Corner

While homes in the PNW are still a significant investment, the intense pressure on affordability is finally showing signs of easing. Lisa Sturtevant, Chief Economist at Bright MLS, explains:

“Slower price growth coupled with a slight drop in mortgage rates will improve affordability and create a window for some buyers to get into the market.”

That one-two combo—mortgage rates down from their highs and decelerating price growth—is making monthly payments more manageable than they have been in months.

2. The Biggest Win: More Homes on the Market

The biggest reason for the shift? You finally have more homes to choose from.

According to Realtor.com, there are 17% more homes for sale today than at this time last year.

For a buyer in Portland, Seattle, Vancouver, or Bend, this is game-changing. It means:

• More options to tour.

• Less-frantic competition and fewer bidding wars.

• A chance to find a home that actually fits your needs.

As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), states:

“Homebuyers are in the best position in more than five years to find the right home and negotiate for a better price.”

3. Why Oregon & Washington Buyers Are in a Unique Spot

National trends are one thing, but for buyers in the Pacific Northwest, the story is even better.

When you compare current housing inventory to pre-pandemic norms (2017–2019), the picture is incredibly clear (see the graph below).

The West (that’s us!) is one of the only regions in the country where inventory has fully recovered and even grown above pre-pandemic levels (shown in green). Meanwhile, other parts of the country remain in a deep inventory hole.

What this means for you: You have more homes to choose from in Oregon and Washington right now than at almost any time in the last five years.

4. More Choice = More Negotiating Power

With more homes for sale, sellers have to compete for your attention. This gives buyers something they haven't had since 2019: leverage.

Sellers are more willing to negotiate on price, repairs, and closing terms to get a deal done.

This is where a local expert becomes your greatest asset. What’s happening in your Portland zip code or Bellevue neighborhood might look different than the regional trend. We can give you the on-the-ground data to know when to negotiate and how to win.

This Is Your Moment to Re-Enter the Market

So, if you stepped away from your Washington or Oregon home search because:

• You were tired of being outbid.

• You couldn't find a single home you liked.

• It all just felt too competitive and pricey.

...this could be your moment to take another look.

And if you’re not quite ready to go all in, that’s okay. You can start by planning. That means working with a trusted agent who can help you break down your budget, narrow your search, and make sure you're prepped and ready when the right home hits the market.

Bottom Line

Want to know what’s really happening in our local market? Let Chat! Call (503) 773-9773