While Portland and Bend usually hog the real estate spotlight, a handful of small Oregon towns are quietly racking up some of the biggest home-price gains in the state. Cove, Summerville and Mulino are among the biggest dollar winners over the past year, with the sharpest jumps showing up in places where “typical” home values are still relatively low. When prices start from a modest base, even a reasonable percentage bump can turn into eye-catching dollar gains, and that pattern is reshaping local markets from the coast to the high desert.
According to Stacker, which compiled a statewide ranking using Zillow’s Home Value Index over the 12 months ending January 2026, Cove landed in the top spot with a one-year increase of $36,367. Summerville followed with a $31,033 jump, and Mulino trailed close behind with a $26,066 gain. Stacker notes that data were available for 50 Oregon cities and towns, and that the list is built on dollar change rather than percent change. The package was republished by OregonLive, giving the ranking a wider audience across the state.
How Zillow counts ‘typical’ values
Stacker drew its figures from the Zillow Home Value Index, or ZHVI, which Zillow describes as a smoothed measure of “typical” home value that rolls up monthly property-level estimates. According to Zillow’s January market report, the typical U.S. home value came in at $358,968, and both colder weather and shifting inventory levels played into that monthly reading. Because ZHVI is built to track value levels in dollars, Stacker focused on absolute gains instead of percentages, arguing that dollar increases better capture where owners actually saw the biggest single-year boosts in equity.
Why small towns top the list
The basic math favors the little guys. When home prices start lower in small or rural towns, it does not take a huge percentage increase to produce tens of thousands of dollars in additional equity. Stacker’s ranking mixes resort destinations such as Cannon Beach with inland communities like Cove and several towns in the La Grande area, a combination that points to both amenity-driven demand and spillover pressure from nearby metro regions. Limited for-sale inventory in those smaller markets can magnify price moves once buyers zero in, which helps explain why some of these out-of-the-way places suddenly look like breakout stars on a statewide list.
What this means for buyers and sellers
For sellers in the fastest-growing towns, recent price spikes can translate into stronger offers and less time waiting for a deal to close. For would-be buyers, those same gains squeeze already tight affordability and shorten the window to act. Zillow also notes that while affordability is improving on average across the country, pockets of intense local demand can easily defy that broader trend. All eyes will be on listing activity and new-listing counts this spring, since those numbers will help determine whether these dollar gains stick around as the market heats up…