Portland Real Estate Market Update – June 2025

As we head into the summer, we’re seeing some common seasonal patterns, but also some changes. Inventory and the number of buyers increased as usual, but as for sales, pending activity isn’t keeping up with the pace this spring. The most unusual factor so far this spring is an increase in buyer activity and a decrease in pending sales. This tells us that more home buyers are out there and looking, but they are acting extremely cautious and are likely quite price sensitive. This has led to more higher price reductions and more competition among listings than is usual in the spring. While home prices remain relatively stable, the disconnect between buyers and sellers is showing. 

Let’s look at how the latest numbers compare to previous months and years, and what Portland’s patterns tell us about summer and the coming fall.

2025 Buyer Traffic Trends Showing an Increase

Let’s look at the most recent data from SentriLock ending April 27, 2025.

April Buyer Traffic Trends (thru April 27)

Buyer activity for April was slightly higher than in previous years. The latest SentriLock lockbox data ending April 27th comes to 61,385, up from 59,931 in 2024 and 54,434 in 2023. The following chart compares the lockbox activity totals across the last five years, each total ending on April 27 to ensure accurate year-over-year comparison:

Portland Monthly Buyer Traffic Temperature

The total for April 2025 remains warm, suggesting steady buyer interest.

Daily Buyer Traffic

Drilling down tighter into the most recent days gives us a general sense of the temperature of things, including upward trends. We need to remember that the busiest market days are Friday through Sunday, but we take that into account in our analysis. 

As we have seen above, overall activity for April was warm, but from April 16th to April 27th, weekdays mostly hovered in the “cold” to “lukewarm” range, indicating a shift. The weekend activity rose into the higher end of “lukewarm.” Showings have not spiked, but they still remain active — a good sign as we move into the summer market.

Here is a look at the totals, with bolded dates indicating weekend activity. 

Inventory Levels Remain Elevated Despite Seasonal Trends

Inventory in Portland has continued to climb month over month. At the most recent update from Fidelity ending May 16th, active listings reached 1,476, up from 1,193 the previous month and 996 before that. 

Inventory data courtesy of Fidelity National Title.

This rise aligns with seasonal patterns, where inventory typically builds before we enter summer. But while the increase itself isn’t unusual, the scale is. Compared to the same time last year, inventory is up by more than 18%, and compared to two years ago, it’s up by nearly 70%. In fact, current levels are higher than at any point in the last several years for this time of year. This suggests that many homes are staying on the market longer, and the spring influx of new listings is adding to an already elevated totals.

The added pressure could lead to more price competition among sellers, especially if buyer activity doesn’t rise heading into summer.

Price Reductions Are Higher Than Usual

The percentage of Portland listings with price reductions continues to rise, reflecting seasonal patterns and increased pressure from elevated inventory. As of the latest Fidelity data, 41.8% of all active listings had experienced at least one price cut, up from 37.3% last month and 37.05% the month prior. 

Price Decreases data courtesy of Fidelity National Title.

Price reductions typically rise in the summer as sellers adjust expectations, but when we look at year-over-year totals, we see that 2025 is higher. At the same time last year, 33.98% of listings had seen a reduction, and the figure was even lower in 2022 and 2021, at 33.95% and 29.1%, respectively.

With more listings lingering on the market longer and buyers remaining cautious, reductions are likely to remain high unless buyer demand picks up. The blend of high inventory and frequent price adjustments points to a more competitive environment for sellers as we move into summer.

Average Pricing is Steady, but With a Slight Decline

We use price-per-square-foot data for average home pricing because it offers a more precise read on market conditions than list pricing alone. As of the latest data, the average price per square foot is $317, holding steady with only minor changes over the past few months. (Last month’s average was $316, and the month before that it was $318.) 

Price Per Square Foot data courtesy of Fidelity National Title.

This suggests a stable pricing environment despite elevated inventory and mixed buyer activity, but on a year-over-year basis, prices have dipped slightly from $323 in 2024 and $321 in 2023. The market has clearly cooled from its highs/ Pricing has not dropped dramatically, but if current trends in inventory and buyer traffic continue, we will likely see more softening ahead.

New Listings and Pending Sales Hold Seasonal Patterns

New listings and pending sales in Portland are following expected seasonal patterns, but a few key differences stand out. According to the latest RMLS data for April 2025, there were 3,170 new listings, up from 2,283 in March. An increase like this is standard for the spring market, but what’s notable is that we’ve seen more new listings over the last few months than in prior years.

At the same time, pending sales reached 2,228, up from March but slightly below levels seen in April 2023 and 2024. In past years, pending sales typically climbed more sharply during spring, keeping up with new inventory.

The results show that fewer listings in the market are going under contract, showing a growing gap between seller activity and buyer follow-through. Buyer cautiousness continues to be a defining feature this year, even as seasonal trends play out.

Advice for Buyers and Sellers

With inventory rising and buyer activity remaining cautious, sellers should expect more competition and longer market times. Pricing competitively at the outset will help sellers stand out. Homes that sit too long without a price adjustment may require greater reductions later, especially with the number of price cuts on the rise.

For buyers, higher inventory and more price reductions offer more opportunities for negotiation. If mortgage rates decline in the coming months, buyer activity could increase, which may reduce that flexibility, but for now, acting soon while the market remains tilted in favor of buyers could be an advantage.

June 2025 Real Estate Forecast

Looking ahead, we expect June to continue many of the patterns we’ve seen over the last few months. Inventory will likely remain high or increase slightly, driven by more sellers entering the market during this time of year. If buyer traffic stays steady or softens, we may see price reductions continue at a higher-than-usual rate, especially for homes that are not priced competitively from the start.

Buyer activity may see a slight uptick if mortgage rates dip, but if not (and they are unlikely to drop), homes will continue to take longer to sell, and pricing will stay stable or potentially soften, especially in areas with high competition. Sellers who want to avoid further reductions will need to pay close attention to local trends and adjust quickly. For buyers, June could offer continued leverage before summer demand has a chance to build.

Conclusion

As we move into June, the Portland real estate market is showing familiar seasonal patterns, but with higher inventory and more cautious buyers than in recent years. Price reductions remain elevated, and while home values are holding steady for now, they’re not rising.

If inventory continues to build and buyer traffic stays moderate, we may see more pricing pressure in the months ahead. Summer could bring more motivated sellers and increased room for negotiation—especially if interest rates don’t drop significantly. Sellers may need to adjust expectations, while buyers could find more leverage as the season progresses.