Klamath Falls Home Prices: $288K, Up 2.8% — 3 ZIPs (2026)
$287,688. That’s what a typical home costs in Klamath Falls, OR as of February 2026. Prices are up 2.8% year over year, a gain of nearly $8,000 over the past 12 months.
Quick answer: The average home price in Klamath Falls, OR is $287,688 as of February 2026, up 2.8% year over year according to Zillow.
Current Home Prices in Klamath Falls
The Klamath Falls market sits well below Oregon’s pricier metros. The typical home value has climbed steadily for 12 straight months, with no sign of the corrections seen in Portland or Bend.
| Metric | Value |
|---|---|
| Median home value | $287,688 |
| Year-over-year change | +2.8% |
| Cheapest ZIP | $269,295 |
| Most expensive ZIP | $320,060 |
| ZIP codes tracked | 3 |
| Data through | February 2026 |
The $50,765 spread between the cheapest and most expensive ZIP is narrow by Oregon standards. In Bend, the gap between neighborhoods can run six figures. Klamath Falls offers a more uniform price floor, which matters if you’re shopping with a fixed budget.
The 2.8% annual gain puts Klamath Falls in modest-growth territory. That’s faster than wage inflation in most years but slower than the double-digit jumps seen during the 2021-2022 surge. For buyers, this means time is not as urgent as it was three years ago. For sellers, it means pricing aggressively is no longer a reliable strategy.
You should expect typical homes to list between $270,000 and $320,000 depending on the ZIP. Properties with acreage, lake views, or recent remodels can push higher, but the underlying market is anchored by these numbers.
Klamath Falls Home Prices by Neighborhood
Three ZIP codes cover the Klamath Falls area. The price differences track geography more than housing stock.
| ZIP Code | Median Value | Monthly Rent |
|---|---|---|
| 97603 | $320,060 | $1,519 |
| 97633 | $273,708 | Not available |
| 97601 | $269,295 | $1,145 |
Most Expensive
97603 leads at $320,060 — about 11% above the city median. This ZIP also commands the highest rent at $1,519/month, signaling stronger demand from tenants who want newer or better-located housing.
Most Affordable
97601 is the cheapest at $269,295, sitting roughly 6% below the city average. Rents here run $1,145/month, the lowest in the area. 97633 comes in close at $273,708, also under the citywide median by about $14,000.
If you’re a buyer prioritizing entry price, 97601 and 97633 are the obvious targets. The $50,000 gap between 97601 and 97603 buys you noticeably more house in the cheaper ZIPs — assuming you don’t need what 97603 offers.
Rent vs Buy in Klamath Falls
Average rent across the two ZIPs with rent data is $1,332/month. Compare that to the cost of buying.
A median-priced home at $287,688, with 20% down ($57,538) and a 30-year mortgage at 7% interest, runs about $1,531/month in principal and interest. Add property taxes (roughly $250/month based on Oregon averages) and homeowners insurance ($100/month), and your monthly carrying cost lands near $1,881.
| Cost | Amount |
|---|---|
| Average rent | $1,332/month |
| Mortgage P&I (20% down, 7%) | $1,531/month |
| Estimated total ownership cost | ~$1,881/month |
| Monthly difference | $549 in favor of renting |
Renting saves you about $550/month on cash flow. But you’re not building equity, and you don’t capture the 2.8% annual appreciation. On a $287,688 home, that’s roughly $8,000/year in value gain.
The math favors buying if you plan to stay 5+ years and have the down payment ready. For shorter horizons, renting wins. The numbers also assume you have $57,538 in cash for the down payment — a hurdle that keeps many would-be buyers in rentals.
Population Growth and Migration
Klamath Falls grew 1.2% from 2020 to 2024, adding 269 residents to reach 22,174. That’s slow growth, but it’s growth — many small Oregon cities lost population during the same period.
| Year | Population |
|---|---|
| 2020 | 21,905 |
| 2021 | 22,176 |
| 2022 | 22,174 |
| 2023 | 22,162 |
| 2024 | 22,174 |
The trend is essentially flat. The city gained 271 people in 2021, then plateaued. Compared to Oregon’s faster-growing cities, Klamath Falls is a quiet outlier.
| City | 2024 Population | 4-Year Growth |
|---|---|---|
| Bend | 106,926 | +7.3% |
| Corvallis | 61,993 | +6.3% |
| Hillsboro | 110,337 | +3.0% |
| Salem | 180,406 | +2.5% |
| Klamath Falls | 22,174 | +1.2% |
| Beaverton | 98,302 | +0.8% |
For housing, this matters two ways. First, slow population growth caps demand-driven price spikes. Klamath Falls won’t see Bend-style 7% population surges pushing prices up 15% in a year. Second, the inventory pressure stays manageable — sellers face less competition from new construction, and buyers face less competition from out-of-state arrivals.
Klamath Falls Housing Market Trends
The 12-month trend shows steady, unbroken upward movement. No monthly declines.
| Month | Median Value | Min ZIP | Max ZIP |
|---|---|---|---|
| 2026-02 | $287,688 | $269,295 | $320,060 |
| 2026-01 | $286,405 | $268,297 | $319,358 |
| 2025-12 | $285,354 | $267,598 | $318,428 |
| 2025-11 | $284,811 | $267,071 | $317,750 |
| 2025-10 | $284,398 | $266,872 | $317,242 |
| 2025-09 | $284,192 | $266,831 | $316,774 |
| 2025-08 | $283,693 | $266,630 | $315,589 |
| 2025-07 | $282,742 | $265,953 | $313,913 |
| 2025-06 | $281,425 | $264,859 | $312,120 |
| 2025-05 | $280,461 | $264,211 | $310,884 |
| 2025-04 | $280,103 | $264,159 | $310,222 |
| 2025-03 | $279,831 | $264,019 | $310,015 |
Twelve consecutive months of gains. The pace is slow but consistent — between $200 and $1,300 added each month. The biggest single-month jump was $1,317 in June 2025; the smallest was $206 in October.
Over the past 90 days (November 2025 to February 2026), prices rose $2,877, or about 1.0%. Annualized, that’s roughly 4% — slightly faster than the trailing 12-month figure of 2.8%. Momentum is picking up, not slowing down.
Is Klamath Falls a Good Place to Buy in 2026?
The market favors sellers slightly. Twelve straight months of price gains, no inventory crash, and population stability mean sellers can hold firm on asking prices. Buyers who try to lowball will lose deals.
That said, this is not a hot market. Annual appreciation of 2.8% means you’re not racing the clock. You can take time to inspect, negotiate repairs, and walk away from bad deals.
For first-time buyers, Klamath Falls offers something rare in Oregon: a sub-$300,000 median home price. A household earning $80,000/year can realistically afford the $1,881/month carrying cost on a median home — assuming they have the down payment.
For investors, the rent-to-price ratios are modest. ZIP 97601 offers the best yield: $1,145/month rent on a $269,295 home works out to about 5.1% gross annual yield. That’s not spectacular, but it’s better than what you’ll find in Portland or Bend.
The bottom line: a stable market with slow but reliable appreciation, suited to long-term buyers rather than flippers.
Klamath Falls Housing Market Outlook for 2026-2027
The 3-month trend suggests continued gains at a slightly faster pace than the trailing year. If the current $959/month average increase holds, prices would add roughly $5,800 over the next six months, putting the median around $293,000-$294,000 by August 2026.
That projection assumes nothing changes — no rate cuts, no recession, no inventory shock. Mortgage rate movements will matter most. If 30-year rates fall below 6%, expect demand to spike and the appreciation curve to steepen. If rates climb above 7.5%, the steady gains could flatten as affordability tightens.
The 12-month forward outlook depends more on Oregon’s broader economy than on Klamath Falls specifically. The city’s slow population growth means it tends to follow rather than lead state trends.
Similar Markets in OR
If Klamath Falls doesn’t fit your needs, these Oregon cities offer different tradeoffs:
- Bend — much bigger and pricier, but with stronger population growth.
- Eugene — university-town economy with more rental demand.
- Salem — Oregon’s capital, larger market with more inventory.
- Grants Pass — another smaller southern Oregon city worth comparing.
- Portland — much higher prices but deeper job market.
Frequently Asked Questions
What is the average home price in Klamath Falls?
The average home price in Klamath Falls, OR is $287,688 as of February 2026. This figure reflects the Zillow Home Value Index across the city’s three ZIP codes — 97601, 97603, and 97633.
Are home prices going up or down in Klamath Falls?
Prices are up 2.8% year over year. The typical home gained about $7,857 in value between March 2025 and February 2026, with twelve consecutive months of upward movement.
Is it cheaper to rent or buy in Klamath Falls?
Renting is cheaper month-to-month by about $549. Average rent runs $1,332, while a median-priced home at $287,688 with 20% down and a 7% mortgage costs roughly $1,881/month including taxes and insurance. Buying wins long-term if you stay 5+ years and capture the 2.8% annual appreciation.
What is the most affordable neighborhood in Klamath Falls?
ZIP 97601 is the cheapest, with a median home value of $269,295 — about 6% below the city average. It also has the lowest rent at $1,145/month, making it the value pick for both buyers and renters.
Methodology
Home values are based on the Zillow Home Value Index (ZHVI), a smoothed measure of typical home values in the 35th to 65th percentile range. Rent estimates use the Zillow Observed Rent Index (ZORI). Population figures come from the U.S. Census Bureau Population Estimates Program (2020-2024 vintage). All datasets are publicly available. Housing data updated 2026-02-28.