Tag: Oregon housing trends

Portland Real Estate Appraisal Brief – Tuesday, November 25, 2025: Oregon Joins $7 Million Proposed Settlement with Greystar Over RealPage Rent-Setting Practices

Oregon and eight other states filed a proposed $7M settlement with Greystar, affecting ~19,000 Portland apartments. Appraisers and buyers are watching for 2026 rent softening and cap rate shifts.

Graphic showing $7 Million dollar proposed settlement involving Oregon and 8 other states.

A coalition of nine states led by Oregon and California has filed a proposed $7 million settlement with Greystar Management Services — the nation’s largest rental housing operator — over allegations that Greystar used RealPage software to illegally coordinate rent pricing across competing properties.

The settlement, if approved by a federal court, would permanently bar Greystar from sharing non-public rent and occupancy data with competitors and from using RealPage’s hyper-local pricing recommendations. A separate DOJ consent decree filed against RealPage itself imposes similar behavioral restrictions and a three-year independent monitor.

Greystar manages approximately 19,000 apartment units in the Portland metro area — roughly 10 % of the region’s multifamily inventory. State investigators have estimated that RealPage-enabled pricing affected roughly one in five multifamily units statewide.

Image of large apartment complex with a "For Rent" sign superimposed.

For homeowners, buyers, agents, and lenders, the most immediate question is whether these enforcement actions will translate into meaningful rent relief in 2026 and beyond.

The Direct Impact on Purchasing Power

A renter currently paying a $200 “algorithm premium” (the difference between market rent and coordinated rent loses $2,400 annually that could otherwise go toward a down payment.

Even a modest 5–8 % softening in rents after these settlements would return $110–$176 per month to the typical household, equating to $4,000–$10,600 in additional savings over three to five years.

What Appraisers Are Watching in 2026

  1. Cap rate movement on institutional-grade (50+ unit) apartment buildings
  2. Total scheduled gross revenue trends at properties previously managed with revenue-management software

If rents soften and risk premiums rise, cap rates will widen first on larger assets. That pressure eventually flows through to gross rent multipliers (GRMs) on 1–4 unit residential income properties — either compressing GRMs if sale prices adjust faster than rents, or temporarily expanding them if prices lag.

We likely won’t see clear signals until mid-2026, but the direction of travel will matter for every appraisal involving the income approach in the region.

Bottom Line

Combined with new multifamily supply now entering the pipeline, these twin enforcement actions represent the strongest downward pressure on algorithmic rent growth Portland has seen since the pandemic began.

Sources & Further Reading

For broader quarterly context on inventory, pricing, and market segmentation trends in the Portland region, see our most recent Q3 2025 Market Update.

Decorative text border banner before outro and coda.

Thanks for reading—I hope you found a useful insight or an unexpected nugget along the way. If you enjoyed the post, please consider subscribing for future updates.

Question: Do you think we’ll see any meaningful slowdown in rent increases in the Portland area?

CODA

Are you an agent in Portland and wonder why appraisers always do “x”?

A homeowner with questions about appraisal contingencies, GRMs, or valuation delays?

If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.

And if you’re in need of appraisal services in Portland or anywhere in the Portland Region, we’d be glad to assist.

Portland Real Estate Appraisal Brief – Monday, November 24, 2025: NAR RCI Shows Rising First-Time Buyers Amid Cooling Confidence

NAR October 2025 RCI: First-time buyers at 32%, DOM at 34 days, and 19% waived appraisals in Portland metro. Insights for realtors and homeowners on comp stability and market shifts.

October 2025 NAR REALTORS® Confidence Index report cover with Portland Oregon skyline and Mount Hood – key market trends for Portland metro real estate appraisers


The National Association of REALTORS® (NAR) has released its October 2025 REALTORS® Confidence Index (RCI), revealing a market with subtle shifts that Portland metro real estate professionals should monitor closely. First-time buyers climbed to 32% of transactions, supported by growing inventory and modestly lower rates, though overall confidence dipped—with only 17% of REALTORS® expecting year-over-year buyer traffic increases in the next three months, and 16% for sellers. Cash sales remained steady at 29%, while homes received an average of 2.1 offers, and 19% sold above list price.

For appraisers in the Portland area, these trends suggest more stable comparable sales (comps), but they also highlight persistent risks from contingencies, with 19% of buyers waiving appraisals and 6% of delayed settlements linked to valuation issues. This creates opportunities for thorough, defensible reports that address local market segmentation.

The RCI: A National Pulse with Local Relevance

The RCI draws from a survey of approximately 1,800 REALTORS® conducted November 1–16, 2025, focusing on buyer and seller activity, financing, contingencies, and sentiment. Unlike local MLS data such as RMLS, which tracks completed transactions, the RCI captures forward-looking expectations. In the Portland metro, including Vancouver, WA, combining these insights ensures appraisals reflect both anticipated trends and on-the-ground realities, particularly in cross-border markets.

Key Market Indicators Shaping Appraisals

October’s data points to a gradual easing:

  • Median Days on Market (DOM): 34 days (up from 33 in September 2025 and 29 in October 2024).
  • First-Time Buyers: 32% of transactions (up from 30% in September 2025 and 27% in October 2024), signaling stronger entry-level demand.
  • Cash Sales: 29% (down slightly from 30% in September 2025, up from 27% in October 2024).
  • Distressed Sales: 2% (unchanged from prior months).

While days on market are up year over year, the time homes are spending on market is not excessive. There is a bit more time for negotiations. I go into detail about rising days on market in my Portland Region Q3 2025 Market Update.

Buyer Shifts and Contingency Considerations

Buyers are navigating a slightly less competitive landscape, which influences appraisal timelines and risks:

  • 20% waived inspection contingencies (flat from September 2025).
  • 19% waived appraisal contingencies (flat from September 2025, down from 23% in October 2024)—a trend that eases renegotiation pressures for Portland appraisers.
  • 5% completed purchases via virtual tours only (unchanged).
  • 82% of purchases occurred in suburban, small town, rural, or resort areas (down from 87% in September 2025).

In Multnomah County and Vancouver, WA, this suburban preference reshapes comp pools, emphasizing the need for carefully defined competitive areas—location matters!

Seller Dynamics: Fewer Offers, More Scrutiny

Sellers are adjusting to softer demand, with implications for pricing and close processes:

  • Average offers per home: 2.1 (down from 2.3 in September 2025 and 2.5 in October 2024).
  • 19% sold above list price (down from 21% in September 2025, flat from October 2024).
  • 2% sold to iBuyers (up from 1% in September 2025).
  • Median time to close: 30 days (unchanged).
  • 7% of contracts terminated (up from 6% in September 2025).
  • 14% experienced delayed settlements (unchanged).
NAR October 2025 REALTORS® Confidence Index Key Market Indicators table showing median days on market 34, first-time buyers 32%, cash sales 29%, and properties sold above list price 19% – critical data for Portland Oregon real estate appraisers

For realtors and lenders in the Portland metro, rising terminations underscore the importance of appraisals backed by solid, verifiable comps. As I detailed in my Portland Region Q3 2025 Market Update, the sales price to original list price ratio has been declining.

Outlook: Tempered Optimism and Suburban Focus

REALTOR® confidence softened amid these changes:

  • 17% anticipate buyer traffic growth year over year in the next three months (down from 20% in September 2025).
  • 16% expect seller traffic increases (down from 19% in September 2025).
  • 29% of buyers prioritized work-from-home features (down from 34% in September 2025).

This aligns with the Portland Region’s ongoing suburban migration, impacting comp selection in Clackamas and Washington Counties. Homeowners and attorneys preparing for transactions should carefully read reports to verify they incorporate these broader sentiment shifts.

Implications for Portland Metro Valuations

The RCI’s blend of buyer gains and fading enthusiasm points to a transitional market: enhanced first-time activity promotes equitable pricing, but elevated terminations (7%) reveal gaps in expectations. For further details, explore the full report here, the main RCI page, or the existing-home sales tie-in. See also my Portland Region Q3 2025 Market Update.

NAR REALTORS® Confidence Index bar chart comparing Oct 2025 vs Sep 2025 vs Oct 2024: first-time buyers 32%, cash sales 29%, waived appraisal contingencies 19%, average offers 2.1, median DOM 34 days – PortlandAppraisalBlog.com

Thanks for reading—I hope you found a useful insight or an unexpected nugget along the way. If you enjoyed the post, please consider subscribing for future updates.

Question: Do you think lower mortgage rates will propel the market to new heights?

CODA

Are you an agent in Portland or Clackamas County and wonder why appraisers always do “x”?

A homeowner in Lake Oswego with questions about appraisal contingencies or valuation delays?

If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.

And if you’re in need of appraisal services in Portland or Clackamas County, we’d be glad to assist.