Housing Market News for November 2025 - Portland Metro
November tends to be a quieter month in Portland real estate, and this year followed that familiar rhythm. Fewer homes came on the market, fewer buyers wrote offers, and more people pressed pause as the holidays approached. None of that is surprising. What is interesting is what’s happening underneath the surface.
Prices, overall, are holding steady. The average sale price in the Portland metro area is up about 0.3 percent year over year, and the median price is up just under 1 percent. That tells us the market isn’t slipping in a dramatic way, even with higher interest rates still very much in play.
At the same time, homes are taking longer to sell. Inventory rose to 3.8 months in November, and total market time climbed to 72 days. That combination matters. It signals a market that’s functioning, but with more breathing room. Buyers are slower and more selective. Sellers are adjusting expectations, sometimes quietly, sometimes more visibly through price changes.
One of the biggest seasonal shifts showed up in activity levels. New listings dropped sharply from October, and closed sales followed suit. That’s typical for November. What stands out is that pending sales were slightly higher than this time last year, even though overall activity slowed from the fall peak. Buyers didn’t disappear. They just became more deliberate.
We’re also seeing a clearer pattern around motivation. Price reductions are becoming one of the most useful signals in the market right now. When a home adjusts meaningfully, it often reflects a seller who’s realistic about timing, monthly costs, or simply wanting resolution. That doesn’t mean the market is distressed. It means it’s recalibrating.
Looking across price ranges, the bulk of activity remains concentrated between roughly $400,000 and $700,000, which continues to be the most competitive and active band in the Portland area. Higher price points are moving too, but with longer timelines and more negotiation baked in.
As we head into the new year, our takeaway is fairly consistent with what we’ve been sharing all fall. This is not a frozen market, and it’s not a runaway one either. It’s steady, slower, and more revealing. For buyers, that creates opportunities to pay attention rather than rush. For sellers, it reinforces how important pricing and presentation are if timing matters.
We’ll keep watching how this plays out as we move into early 2026, when activity usually picks up again and these quieter adjustments start to show their impact more clearly.
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