Portland Real Estate Market Update - May 2025
Signs of a More Balanced Market?
As we move through the heart of the summer selling season, the Portland metro housing market is showing signs of something we haven’t seen in a while: balance.
According to the latest data from RMLS, closed sales in May 2025 dropped 5.7% compared to the same time last year. But rather than a sign of weakness, this could be an indicator that we're shifting away from the ultra-fast, frenzied market of the past few years—and inching closer to what many would consider a “normal” pace.
Inventory Is Rising—Finally
One of the clearest signals of this change is inventory, which has climbed to 3.3 months—up from just 2.3 months in May 2024. This is great news for buyers, especially those who’ve felt pressured by limited options and lightning-fast decision-making. More inventory means more choice and (hopefully) a little less stress.
Prices Hold Strong with a Modest Bump
Despite fewer closed sales, prices haven’t taken a hit. In fact, the average sales price rose to $620,000, up about 1.6% year-over-year. So while buyers are enjoying more breathing room, sellers are still seeing strong values, particularly for well-maintained, well-located homes.
If you’ve been waiting for a major price drop, you might be waiting a while—this kind of modest, steady appreciation is more typical of a stable, sustainable market.
Where Are Homes Moving Fastest?
This is where things get even more interesting.
According to the data, Southeast Portland is currently the fastest-moving area in the metro, with homes spending an average of just 36 days on the market. The average sale price there? Around $553,400. Right behind SE is Northeast Portland, with 42 days on market and an average price of $628,000.
Meanwhile, West Portland is taking its time, with homes sitting for an average of 76 days and fetching a higher average price of $780,500. This tells us that affordability is still a major driver of buyer behavior—and homes in close-in neighborhoods with strong amenities and realistic pricing are moving quickly.
Want to Dig Into the Full Market Report?
We’ve just scratched the surface here. If you're the data-loving type (or just curious about how your specific area is trending), you can check out the full RMLS report by clicking below.
And of course, if you'd rather skip the spreadsheets and have a real conversation about what this means for you, we're always just a call, text, or coffee away.
Thinking of Buying or Selling?
We’re Kim and Francisco, a husband-and-wife real estate duo with over a decade of experience helping people navigate the Portland market—whether it’s your first home, your next investment, or a big lifestyle move. We live here, work here, and know the city neighborhood by neighborhood (and latte by latte). Have questions or just want to talk strategy? Reach out anytime at 503-951-8547—we’re always happy to help.