Zillow’s Wrong (Again) — And That Buyer’s Market Headline? Also Misleading.

If you’re planning to buy or sell a home in Portland, Oregon—especially in neighborhoods like Cedar Mill, NW Portland, Multnomah Village, or Cedar Hills—you’ve probably checked Zillow. And maybe you’ve read a few real estate headlines that sound a little scary lately.

But here’s the truth: Zillow doesn’t actually know what your home is worth. And that “buyer’s market” headline? It’s not the full story.

Let’s talk about what’s really going on in the Portland real estate market right now—and why relying on algorithms or headlines could be costing you money.

Zillow Estimates Are Not Real Home Valuations

This week, a seller said to me, “Well, did you see the price on Zillow?” And I’ll be honest—I was floored.

Not because I haven’t heard it before, but because people still believe that Zillow knows better than a local expert who walks through homes every day.

Here’s the thing: Zillow is just an algorithm. It doesn’t know if your kitchen was remodeled last year or if your basement is unfinished. It can’t smell cigarette smoke, feel the draft from your old windows, or hear the traffic noise outside your primary bedroom.

And in Portland—where quirky floor plans, steep slopes, and unfinished basements are common—context matters.

A Quick Flashback to 2020–2021…

Back during the ultra-competitive seller's market of 2020, 2021, and early 2022, I constantly had to explain to buyers why the Zillow Zestimate was too low. Homes were selling for tens of thousands over asking, and the algorithm just couldn’t keep up with the pace of the market.

Now? It’s flipped.

In today’s market, I often have to coach sellers through why they can’t necessarily list their home at Zillow’s suggested price—because in many cases, it’s actually too high.

A Real Example from This Week

Just this week, I reviewed two different properties:

• One had a Zestimate that was $75,000 too high

• The other was $60,000 too low

That’s a $135,000 difference between the algorithm and real market value. Imagine making a pricing decision based on that kind of margin of error—it could cost you a lot.

Portland Real Estate Market Update: Are We in a Buyer’s Market?

You might’ve seen the headlines:
📰 “Portland is officially in a buyer’s market”

Technically? That’s partially true.

We do have more inventory than we’ve had in over a decade, and that’s starting to tip the scales. But the reality is more nuanced.

As a full-time listing expert in Portland, I track the data weekly by ZIP code using tools like Altos Research, and here’s what I’m actually seeing:

✅ Condos in the Pearl District and parts of NW Portland? Yes, those are behaving more like a buyer’s market.
✅ Detached homes in Multnomah Village, Mt Tabor, Inner NE or SE Neighborhoods? Still a Seller's Market, especially if the home is priced right and presented well.
✅ Fixers or homes with dated finishes? Struggling.
✅ Well-prepped, updated homes? Still moving—but price is everything.

Why You Need Real Data and Real Strategy

This market takes more than just a quick Google search or Zestimate.
It takes local insight, current data, and someone who’s actually been inside the comps.

That’s where I come in.
Whether I’m helping a seller in SW Portland, a buyer looking in Cedar Mill, or evaluating a property in Cedar Hills, I bring more than just a report—I bring real context.

Thinking About Selling or Buying in Portland?

If you're even thinking about selling in the next year or two—or you’re planning a future move and want guidance—reach out. Whether you're 5 days or 5 years out, I’d love to be a resource.

Because your home deserves more than an algorithm. And you deserve better than a headline.

📞 Let’s talk about your home, your goals, and what’s actually happening in your specific neighborhood.
No pressure. No fluff. Just the real story.

Need help pricing your home in Cedar Mill, Multnomah Village, or anywhere in Portland, OR?

I'm Shannon Janssen—Portland’s Westside Listing Expert—and I’m here to help.