The Portland real estate market is seeing increased activity leading into the spring season, with buyer traffic climbing, inventory levels dropping, and pending sales on the rise. January 2025 showed higher buyer traffic than last year, and new listings increased from December, following historical seasonal patterns.
While price reductions remain slightly elevated, they still fall within expected trends, and home prices continue to remain steady. With more inventory available than in recent years, buyers have better selections, yet rising pending sales suggest that demand is beginning to increase.
All signs point to a competitive spring market in the coming months, a market that traditionally favors sellers. Interest rates are expected to hold steady during this period which means we are unlikely to see explosive growth, but a warm spring season for sellers before the market favors buyers again in late summer (by at least mid-July if not before).
Buyer Traffic Trends Show Seasonal Growth
Let’s take a look at the most recent data from SentriLock ending January 31st.
January 2025 Buyer Traffic in Portland, Oregon
January generally sees more activity than December, with traffic building toward a peak in May or June. The latest traffic data from SentriLock for January shows this, but we also see dramatically higher traffic than last year (which was really dismall). The 2025 total came to 50,545 versus the 2024 total of 42,178, bringing us more in line with 2023 traffic and bringing it back to the more typical “lukewarm” status.
| Year | January 2021 | January 2022 | January 2023 | January 2024 | January 2025 |
| Buyer Traffic | 61,8120 | 59,583 | 52,040 | 42,178 | 50,544 |
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 |
| 50,000 – 60,000 | Lukewarm (January 2025) |
| 60,000 – 70,000 | Warm |
| 80,000 + | Hot |
Similar to previous years, we saw an uptick in traffic in the first few days of January after the holiday slowdown. This year, the growth through January 12th was higher than in the last two years, and the first 20 days were higher than in 2024. Numbers throughout the month have fluctuated between very cold and cold, with one Saturday’s total of 2,416 nearly reaching lukewarm status.
Understanding Portland Daily Buyer Traffic
When we analyze recent days, we get the general temperature of things, such as patterns of an upward trend. 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.
We aren’t seeing any clear growth trend in the last 12 days of January, but the numbers are competitive. This, combined with the increase in the first 20 days and the lack of lower interest rates, mean that all signs point to a healthy market heading into spring.
Here is a closer look at the last 12 days to get a more detailed look at the buying temperature. (Note that the 25th, 30th, and 31st are weekend days.) The lows and highs are bolded below:
| Jan 20th:1501 | Jan 21st: 1321 | Jan 22nd:1473 | Jan 23rd:1565 | Jan 24th: 1808 | Jan 25th: 2416 |
| Jan 26th: 1793 | Jan 27th: 1452 | Jan 28th: 1656 | Jan 29th: 1572 | Jan 30th: 1619 | Jan 31st: 1778 |
| 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 Levels Remain Elevated Despite Seasonal Trends
Inventory follows a predictable up-and-down pattern throughout the year, with a decline through the winter months before an increase in summer. As in most years, Portland’s inventory has declined from its peak in late October / early November, but the total for February 24, 2025, is 909 active listings, higher than the last five years at the same time of year. Buyers are able to take advantage of more choices.
Inventory data courtesy of Fidelity National Title.
Inventory is expected to drop until spring yet will likely remain higher than typical for this time of year. With plenty of inventory and increased traffic, we could see a 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 Reductions Remain High but are Dropping
Historically, the number of homes undergoing price reductions peaks around December and then drops leading up to spring, which is the busiest time of the year for home purchases. As of February 24, 2025, 39% of active listings in Portland are undergoing reductions, similar to the last two years. Compared to February 2024, price reductions remain elevated but not unusually high for this time of year. With slightly higher inventory, buyers are still price-sensitive, leading sellers to adjust pricing.
Price reductions data courtesy of Fidelity National Title.
As buyer traffic increases through March, we will see fewer price reductions in the coming months, mainly as demand builds ahead of the peak spring selling season.
Average Price Remains Stable
Portland home prices have continued to remain steady. On February 24th, the price per square foot reached $323, a tiny year-over-year increase over the last five years. Home values remain resilient despite fluctuations in inventory and buyer activity.
Price per square foot data courtesy of Fidelity National Title.
The median list price currently sits at $675,000, with new listings entering the market at a median price of $624,900.
As you can see from the graph, the price growth for Portland remains relatively stable, without any sharp increases or declines. If buyer traffic builds in March and inventory remains elevated, we could see a balancing effect that keeps pricing steady.
New Listings and Pending Sales Show Some Growth
The RMLS Market Action January Report shows that new listings and pending sales in Portland increased, signaling a better start to 2025. January saw 2,205 new listings, a 13.6% increase from January 2024. This rise from December follows a typical seasonal pattern of buyers re-entering the market after the holiday lull.
Pending sales are also positive. There are 1,719 transactions under contract in January, a 15.2% increase year-over-year and a 29.6% increase from December 2024. This growth in sales confirms that buyer activity is picking up.
Whether the coming February data reflects an increase in new listings and pending sales or a relatively flat movement from January, historical trends point to growth from February until May.
Opportunities for Buyers and Sellers
With inventory levels elevated, buyer traffic increasing, and pending sales showing strong growth, the Portland market is shaping up for a healthy spring with opportunities for sellers leading up to the peak spring season.
Interest rate adjustments will affect both buyers and sellers, but as of now, we aren’t expecting any. If rates decline, we will see more buyers hit the market, favoring sellers. Rates are unlikely to increase.
For buyers, more listings mean more choices and less competition than in previous years. Additionally, some sellers are discounting prices, giving buyers greater negotiation power.
For sellers, the key to success is strategic pricing. While homes stay on the market longer, buyer activity is up, meaning well-priced homes in desirable locations are likely to sell. Setting a competitive price upfront can encourage buyers to pull the trigger before the peak spring season.
What We Can Expect Ahead
Portland’s real estate market is showing signs of an active selling year. Interest rates are not expected to drop, so some buyers are moving ahead with their shopping. With inventory levels higher than in recent years, buyers have more options than usual. Price stability and fewer reductions point to a healthier market with opportunities for buyers and sellers. This means the Portland market is set to deliver opportunities for all, with the potential for a good start to 2025.
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