Portland, Oregon Real Estate Market, April 2025 Report

April marks a turning point in the Portland real estate market. The last few months have mostly followed expected seasonal patterns, but the latest data reveals a few key shifts worth watching. Inventory remains higher than in previous years, but home prices are holding steady, buyer activity is stable, and both buyers and sellers continue to respond to the market in seasonal cycles.

With this time of year marking the beginning of the spring season, things are looking positive for both buyers and sellers. Let’s dive into the most recent data to help us predict what will come. 

2025 Buyer Traffic Mirrors Recent Trends

Let’s look at the most recent data from SentriLock ending February 2025 to predict what may come. 

February 2025 Buyer Traffic in Portland, Oregon

Buyer activity typically follows seasonal patterns, so we expect a build-up in traffic into spring, but the latest data from the end of February shows shifting trends. While 2023 and 2024 remained relatively consistent at just under 50,000, February this year came in at 47,152, about 3,000 less. Notably, January 2025 had a jump in buyer traffic compared to 2024, so this reduction could be a correction. Taking a closer look, we are mirroring data from 2023, with a minor decline in February but increasing demand heading into the busy spring season. 

Portland Monthly Buyer Traffic Temperature

Understanding Portland Daily Buyer Traffic

When we analyze recent days, we get a general temperature of things, including upward trends. We have to remember that the busiest market days are Friday through Sunday, but we account for that in our analysis. 

As of the last 12 days of February, we aren’t seeing any clear growth trend, but the numbers remain competitive. With no change in interest rates expected, all signs point to a healthy market heading into spring. Here is a closer look at the last 12 days. Lows and highs are bolded below.

March 2025 Inventory Levels Remain Elevated Despite Seasonal Decline

Inventory in Portland follows a trend of increased inventory from spring to fall and decreased stock from fall through winter. As of March 21st, we’re seeing a repeat from February and the end of January, but inventory has increased over the last five years. It currently stands at 1,017 listings, vs. last year’s total of 881. 

Without any expected interest rate drops, we can better understand what may come. We expect inventory to rise as spring approaches, but the current higher-than-usual inventory may benefit buyers with more options, which may lead sellers to remain flexible in pricing to stay competitive. However, as we will show, demand remains high for homes in Portland, so sellers may only need to adjust slightly compared to the last few years. 

Inventory data courtesy of Fidelity National Title.

Price Reductions Remain High but Are Declining

We typically see an increase in the number of homes with price reductions whenever inventory is higher than typical, and this is the case for 2025. As of March 21st, 37% of active listings experienced a price drop, vs 32% for 2024. Still, we also see the trend of downward movement as spring approaches and brings increased demand. For example, the current 37% figure is less than the 40% for the same time period last month. 

Price reduction data courtesy of Fidelity National Title.

With seasonal trends showing signs of holding, the number of homes with price reductions will decrease as we move further into spring and competition increases. This year, sellers will need to respond to higher-than-usual inventory levels by adjusting prices earlier to attract buyers before the busy spring season, though they likely won’t need to be as aggressive as in prior years. 

Average Prices Remain Stable

Average home prices in Portland are on par with 2024, even with higher inventory, showing a continuing healthy demand for homes. As of March 2025, the average price per square foot is $319, only slightly down from $321 in 2024 and 2023. 

Price per square foot data courtesy of Fidelity National Title.

Given the higher-than-normal inventory this year, the stability in price-per-square-foot is a strong indicator of a balanced market. Following seasonal patterns, we see a slight uptick in average prices, but by and large, we expect to see pricing remaining stable.

New Listings and Pending Sales Show Signs of a Healthy Market

The most current data for new listings and pending sales from the RMLS Market Action Report ends in the beginning of February. Year-over-year, the total number of new listings (2,025) is slightly lower than in 2024 (2,089), but higher than in 2023 (1,764), indicating a stable market. And though the number of new listings decreased slightly from January’s 1,854, this aligns with normal seasonal patterns. 

February typically marks the shift toward an increase in listings heading into the busy spring season. With prior trends in alignment, all signs point to an increase in new listings moving forward.

Pending sales reflect a modest dip compared to the last two years. However, unlike in 2024—when pending sales rose from January to February—this year’s pattern aligns more closely with norms, where we often see a slight dip before a steady climb through May. February 2025 saw 1,719 pending sales, down from 1,830 in January. 

Taken together, both the pending sales and new listings data reflect a stable and seasonally appropriate market.

Benefits for Buyers and Sellers

For sellers, spring is an ideal time to prepare your home for market. While price reductions are common, the decline from 44% in January to 37% in March suggests that well-priced homes are selling. Sellers who price carefully and list early could avoid deeper price cuts later as competition increases. 

With inventory higher for this time of year, buyers are benefitting from more options, and with interest rates predicted to hold steady, the lack of significant price drops means fewer sudden surges in buyer activity—giving active buyers a window of negotiation leverage. With prices staying stable and new listings expected to rise, well-prepared buyers can act quickly with less bidding wars of past spring markets. 

Looking Ahead to April 2025

As we move forward, all signs point to a stable and seasonally aligned market in Portland. Inventory remains elevated compared to recent years, but demand is strong, keeping prices stable even as more homes become available. The slight price dips per square foot and pending sales reflect typical early spring fluctuations.

With interest rates holding steady and new listings expected to rise, April will increase buyer competition and more pending sales. If seasonal trends continue, we’ll see gradual price increases begin this month and peak during the early summer, but the market appears balanced for now. Both buyers and sellers have more opportunities before entering the busiest time of year. 

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