2026 Portland Duplex Market Review

If you follow headlines, you’d think 2025 was a rough year for Portland real estate all over the city and across the entire board. That’s not entirely true as some areas did sell well in 2025. Since I specialize in multi-family properties I decided to pull all the data for the duplexes that sold throughout Multnomah County in 2025 to analyze what was working and what wasn’t. Overall good duplexes that were priced right sold well in 2025, but the data revealed some interesting tidbits. So let’s break down what actually happened, where buyers showed the most interest and which types of duplexes struggled.

Big Picture: Slower, But Still Functional

The duplex market in 2025 was slower than the crazy competitive years of the pandemic, but it was far from broken like you might have heard. Multi-family homes are inherently less liquid than single family homes, so even the good duplexes spent several active weeks on the market, not several days. Seeing 30-60 days active was pretty normal, but anything priced or positioned wrong could easily fly past that. Even so I did see some well-located duplexes move quickly, sometimes in under 10 days. So even with the negative press and with the red tape investors were still ready to buy when it made sense. Let’s dig in some more.

Duplexes Sold Price vs. List Price in 2025

I found many duplexes that sold at or slightly below list price in 2025 which is encouraging. Sellers are getting more realistic about post-pandemic pricing, but they can still get a premium for good properties in the right areas (more on that below). We also have a lot of buyers in Portland who want to live in one side and lease out the other. “House Hacking” really grew as a term in 2025 and a lot of young people are seeking out a duplex as part of their FIRE strategy. Those buyers don’t want to live in a run-down duplex that’s been abused by tenants for 10 years. So what the data from 2025 tells me is that if your duplex is kept up and shows like a single-family home you’re going to get a lot more interest.

Here are the other common traits I saw in the duplexes that sold faster and for a higher percentage of their original list price:

• Duplexes in prime neighborhoods
• Vacant or partially vacant properties (again, the house hackers)
• Good floor plan that lives like a single-family home
• Off-street parking for all residents

If a duplex had all four of those traits buyers were ready and willing. If it didn’t, negotiations were back on the table and it took longer to sell.

Where Duplexes Sold Best in 2025

Strongest Performing Areas

The big winner for hottest duplex market in Portland is the Inner Eastside. Neighborhoods like Richmond, Sellwood, Kerns, Laurelhurst, Hawthorne and Division consistently showed shorter days on market, strong buyer demand and sold prices that were closer to list. There were also some pockets of strong activity in the close-in Northern neighborhoods.

Buyers paid up for nearby parks, walkability and being close to a cluster of restaurants and shops. Being able to walk to a market is huge. Duplexes near Division, Hawthorne, Alberta, Killingsworth, and Laurelhurst Park were especially competitive. Basically if a duplex felt like “two houses in one” in a great neighborhood, it usually sold quickly and for the most money.

More Challenging Areas

Duplexes farther east and north told a different story. In outer Southeast, East Portland, and parts of North Portland listings generally took longer and saw more price reductions. These properties still sold, but buyers were far more price-sensitive and condition mattered more.

In these areas it was even harder to sell a duplex that had any of these:

• Busy streets
• Properties without parking
• Tenant-occupied duplexes with below-market rents (if it’s vacant you can set the rent at whatever you want)

In these cases the duplexes usually still sold but it took more negotiations and buyers had more of an edge.

Did Occupied vs. Vacant Matter?

Absolutely, and given all the house hacking talk I’m not surprised. There was a time when investors heavily preferred properties that were full leased at market rents. In Portland in 2025 that’s become a bit of a detriment, especially if they’re fully leased below market value. One of the clearest patterns I saw in 2025 was how buyers reacted to occupancy.

Vacant or Partially Vacant Duplexes

These sold faster and closer to list price, almost across the board. Why? Two reasons: Buyers could see both units and choose the one they want and move into it immediately. Secondly you can set the rent of a vacant unit to whatever you want. But if it’s rented to a tenant you’re limited to how much you can raise it each year. Owner-occupants drove much of this demand, and they were willing to pay a premium for flexibility.

Fully Tenant-Occupied Duplexes

These still sold, but took longer, required more price negotiation, and often attracted investors only. Strong rents helped but restrictive leases, limited showing access and uncertainty around future cash flow made buyers cautious.

Did Two-Story vs. One-Level Matter?

Yes - another consistent theme in this market was and is practical livability. Two-story, side-by-side duplexes that felt like townhomes performed better than stacked up-down duplexes. Buyers liked not having anyone above them, having clearly-defined parking and in some cases even having a private yard. Single-level side-by-side duplexes did well too for much the same reasons. The laggard was the up-down configuration, but even then it wasn’t a huge difference. I think the biggest issue wasn’t the number of stories, but rather the fact that the side-by-side units live more like separate houses and tend to feel less like apartments.

Parking. Is. HUGE.

In 2025 the data showed me the most serious differentiating factor between what sold well and didn’t was parking. I knew anecdotally it was important, but it really does matter more than just about anything to buyers and tenants. Yes, Portland has made big strides in becoming a city that’s less dependent on cars, but it’s still essential for most people to have one. Duplexes with garages, driveways or even just assigned off-street parking consistently sold faster and closer to list price. Properties with no parking, especially on busier streets, took longer and often needed a significant price adjustment to move. Even in walkable neighborhoods, buyers still wanted parking options, particularly owner-occupants.

What Didn’t Sell Well?

I reviewed all the expired or withdrawn listings to look for clues about why they didn’t sell even when the market was fairly good. In reading the broker private notes and descriptions I noticed some common themes on those duplexes:

• Some were way overpriced. Owners who overpaid in 2021 were trying to sell based on that rather than where the market was in 2025. When they couldn’t sell many owners cancelled their listings and decided to hold.
• Heavy tenant restrictions with limited access. I mentioned how many of our duplex buyers are owner-occupants, so if they can’t get in and look around closely, measure, inspect and imagine themselves in the space they’re going to move on.
• Deferred maintenance without a pricing discount. If you own a duplex you have to keep up with the maintenance. Kicking the can down the road is bad for your tenants, for you and for any future owners. Buyers pick up on this.
• Poor marketing that didn’t explain the value. I’m biased here of course, but if you’re going to sell a duplex in the city it makes zero sense to list it with an agent who sells homes in the suburbs. You need a multi-family specialist who knows how to market it and show the value proposition based on the different kind of duplex buyers we have in Portland. Experience really counts here.

So, What’s my Take on 2026?

The Portland duplex market in 2025 wasn’t about hype. It was back to being about fundamentals and day-to-day livability, and that’s a great sign for the market. If you had a clean, well-maintained duplex in a good area with reasonable pricing then it sold without drama. If not, then buyers made you pay for it in time or price. Looking ahead in 2026 I see the duplex market growing and demand continuing to rise in Portland. Affordability remains a key issue to most buyers, and an owner-occupied duplex is a great way for a first time buyer to get into the market. Many even qualify for FHA financing with 3.5% down. But we’re a long way from the kind of demand where you can sell a sub-standard duplex for a high price and that’s a good thing.