Portland’s real estate market is starting 2025 with some optimism. Winter brought the expected seasonal slowdowns in inventory and new listings, but the market is showing strong health for this typically slow time of the year. We’re seeing steady buyer activity and a healthier balance between supply and demand.
We’re seeing price stability and a gradual buildup of buyer and seller demand over the past two years. So all signs point to a busy spring season. And if interest rates fall, the market will only be more attractive for buyers and sellers.
We do expect to continue seeing seasonal norms, but this February brings opportunities for both buyers and sellers. This report dives into the data from previous months to predict trends for February.
Portland Buyer Traffic is Steady (on a lower trend since late 2022)
December 2024 Buyer Traffic in Portland, Oregon
Portland’s buyer traffic has remained relatively steady as far back as 2022 when rising interest rates severely impacted the market and reduced interest. Though we haven’t returned to pre-2022 highs, there are signs of optimism for 2025 thanks to stronger signs of buyer interest who are no longer holding out for the lower interest rates predicted at the end of 2024.
| Year | December 2020 | December 2021 | December 2022 | December 2023 | December 2024 |
| Buyer Traffic | 47,158 | 42,936 | 36,184 | 36,971 | 36,461 |
Understanding Portland Monthly Buyer Traffic
| Portland Monthly Buyer Traffic | Hot or Cold Market for Home Sellers |
| 0 – 20,000 | Frozen |
| 20,000 – 30,000 | Very Cold |
| 30,000 – 50,000 | Cold (Dec. 2024 and likely Jan. 2024) |
| 50,000 – 60,000 | Lukewarm |
| 60,000 – 70,000 | Warm |
| 80,000 + | Hot |
January 2025 Daily Buyer Traffic in Portland Oregon (Last 12 Days)
When we look at a wide span of days, such as months and seasons, we get a good look at trends, but analyzing more recent days can also help us give us the general temperature of things like patterns of an upward trend. When looking at things daily, we need to keep in mind that the busiest market days are Friday through Sunday, but we are accounting for that in any focused analysis.
As for recent activity so far this January, we’re seeing an alignment with prior trends. Buyer traffic in the month began low (496) due the typical New Year’s Day lull. Daily traffic then gradually increased, with the market transitioning from frozen to very cold, to cold, and even breaking into lukewarm territory one day. January generally sees more activity than December, with traffic typically building toward a peak in May or June. The lows and highs are bolded below:
| Jan. 1st 2025 495 | 2nd 1,057 | 3rd 1,277 | 4th 1,714 | 5th 1,438 | 6th 1,346 |
| 7th 1,474 | 8th 1,444 | 9th 1,667 | 10th 1,835 | Jan. 11th 2,516 | 12th 2,025 |
Understanding Portland Daily Buyer Traffic
| Portland Daily Buyer Traffic | Hot or Cold Market for Home Sellers |
| 0 – 1,000 | Frozen |
| 1,000 – 1500 | Very Cold |
| 1500 – 2000 | Cold |
| 2500 – 3000 | Lukewarm |
| 3500 – 4000 | Warm |
| 4,000 + | Hot |
Inventory Seasonal Decline Holds, but Inventory Remains Higher than Normal
Inventory levels in Portland follows seasonal patterns, declining steadily through the winter into spring. By January 2025, active listings had dropped to 909, reflecting the slower pace of new listings and the trend of lower inventory during the winter season.
Inventory data courtesy of Fidelity National Title.
The past 7 days as of January 20th are showing higher than normal inventory than in the last four years, but when we look at a 90-day trend, we are close to what we saw in 2023. Average days on the market have also increased to 120, again higher than the last four years. The two often go hand in hand.
As February approaches, inventory is expected to drop until spring, yet will likely to remain higher than typical for this time of year. With plenty of inventory coupled with increased demand for buyers, we could see a very healthy market and opportunities for all.
| Portland inventory ranking | Hot or Cold Market? |
| 0 – 500 | On Fire (notice April of 2022) |
| 500 – 750 | Hot |
| 750 – 1,000 | Warm (Currently) |
| 1,000 – 1,250 | Lukewarm (Currently) |
| 1,250 – 1,500 | Cool |
| 1,500 – 1,750 | Cold |
| 1,750 – 2,000 + | Frozen (last Oct. – Dec.) |
Price Decreases Show Stability Amid Elevated Inventory
Price reductions reflect seller adjustments to attract buyers during times of higher inventory. Through the winter season until spring, we typically see lowering percentage of price decreases along with lower inventory.
Overall, Portland has been relatively steady through winter. There was a price dip beginning in January, a bit later than usual. This is likely due to higher than average inventory extending from 2024.
Price decreases courtesy of Fidelity National Title.
As of January 2025, 44% of active listings have experienced price decreases, similar to what we saw in 2024, which had lower inventory. The percentage is also lower than in 2023, which had strong inventory levels. Both signs point to this year being a healthy market.
Average Home Prices Remain Relatively Steady Despite Seasonal Slowdown
In our over 20 years in real estate, we have found that price per square-foot data is the best indication of home values. Since mid-2022, Portland’s average home prices have remained relatively steady, with only a minor increase. Despite seasonal slowdowns in buyer activity, limited new listings and elevated inventory levels have helped keep prices stable.
Price per square foot data as of December 16, 2024, courtesy of Fidelity National Title.
As of January 2025, the price per square foot stands at $322, nearly the same as 2024. Again, this is due to higher-than-usual inventory. Using history as a guide, we can expect either a gradual price growth heading into spring or higher values due to pent-up demand from buyers who had been waiting for an interest rate drop in late 2024.
New Listings Are On Trend, Pending Sales Slightly Up
The latest RMLS Market Action September Report for December shows new listings in Portland continued the typical seasonal decline. Sellers remained cautious, resulting in fewer properties entering the market. Pending sales remained in alignment with 2023 but higher than 2022, showing signs of healthy engagement in a typically slower season despite the lack of lower interest rates.
From last year up until now, both new listings and pending sales continued their typical downward trend since May of 2024. We should expect the data to show both new listings and pending sales to increase in January, continuing an upward trend until May.
Opportunities for Buyers and Sellers
For buyers, now is a great time to buy before home values increase leading up to spring. Inventory is still strong, and price reductions are still stable, allowing some room to negotiate while avoiding the intense competition that comes with spring. This is an excellent time to secure a home before spring competition intensifies. And there aren’t any signs of interest rate drops skewing results.
Sellers heading into the market should now continue focusing on strategic pricing to meet buyer demand before spring. While inventory levels remain elevated, fewer price reductions suggest that well-priced homes are still capturing buyer attention. Of course, changes in interest rates will bring a boom in demand, but we shouldn’t plan on any soon.
What We Can Expect Ahead
Portland’s real estate market is poised for a balanced and active season. Inventory levels remain higher than in recent years, providing buyers with more options. Price stability and fewer reductions suggest a healthier market with opportunities for both buyers and sellers.
We should also consider the reduced chance of any significant interest rate drops for 2025. Though the year has just started, the continued buildup of demand from the past two years combined with signs of increasing buyer activity, points to growth with or without rate drops, but if we do get those long expected rate drops the market will very quickly favor sellers.
This all means the Portland market is set to deliver opportunities for all, with the potential for a strong start to 2025 and beyond.
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