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Is it a buyer’s market? A seller’s market? Or something in between? Portland’s real estate market is undergoing a shift, but not in just one direction. Right now, it’s more like a tale of two markets. While nationwide we’re seeing some signs of a shift towards a more balanced market (see graph below), but in Portland, it all depends on the property, location, and price range.
The Big Picture
- Inventory is Up: Compared to this time last year, there are more new homes on the market, which means more choices for buyers.
- Price Reductions: In March 2025, 37% of active listings experienced a price drop, a small increase from last year, showing sellers are adjusting expectations to stay competitive.
- Days on Market: In March 2025, the average days on market in the Portland metro was 71 days, an increase of 5 days compared to February 2024, reflecting a more measured pace. However, the average number can be deceiving, since some homes are sitting for months and some are pending within days.
- Months of Inventory: We’re at 3 months of inventory, up .7 from one year ago. While inventory is increasing, it’s still lower than what would be considered a truly balanced market (4-5 months)
While these indicators suggest the market may be inching toward more of a balanced market, the reality is that not all properties are created equal.
While some homes are taking longer to sell, many others — especially well-priced, move-in-ready homes in walkable neighborhoods or near top schools — are getting multiple offers and flying off the shelf in just a few days. In fact, 35% of homes sold in Portland in February 2025 went over the asking price, with demand particularly strong in the sub-700K range.
What Does This Mean?
For Buyers: Turnkey homes at desirable price points in the most sought-after areas are moving quickly, often within days with multiple offers. It pays to be prepared if you’re considering making an offer.
For Sellers: Pricing high and waiting for a flood of offers is not the way to go. But if you price strategically and prepare your home well, you can create a competitive environment and attract strong offers.
Key Takeaways:
- Competitive Listings: Homes that are move-in ready and located in desirable neighborhoods are still drawing multiple offers and may sell above asking price.
- Market Balance: While there’s more inventory and longer days on the market overall, demand remains strong for quality properties, keeping competition high for the right listings.
- Strategic Pricing: Sellers must be mindful of pricing strategies to avoid stagnation, while buyers need to stay prepared for competition on highly sought-after homes.
