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Greater Portland Area (Multnomah, Washington, Clackamas, and Clark Counties)
Broadly speaking, the greater Portland area housing market has entered the same holding pattern as many other Western U.S. cities: flat sales and prices; rising inventory and days on market; more negotiating power and options for buyers.
Active listings in the Portland area now stand close to 5,800, or about 17% more than this time last year. But the pace of inventory growth has decreased sharply since hitting 33% in April.
The slowdown in inventory growth can partly be attributed to a lower flow of new listings. The four–county Portland area saw year-over-year declines in new listings in both August and September, as some homeowners balked at listing in a slower market.
The average home sold after 49 days on the market—about a week longer than last September. This slower pace helps explain the higher inventory levels observed this year.
Closed sales of single-family homes climbed 8% year over year in September, following relatively flatactivity in July and August. Sales volume momentum dropped sharply in May of this year, after impressive growth in late 2024.
Alongside rebounding sales activity in September, the median home price edged slightly below year-ago levels—slipping from just over $600,000 to about $595,000. This trend of flat or modestly negative price growth is giving household incomes some time to catch up with the higher mortgage costs we’ve seen this year.
All in all, the greater Portland area seems to be working through the early stages of a market cooldown.The buildup of inventory is beginning to put downward pressure on home prices, which appears to be discouraging some would-be sellers while also creating opportunities for buyers.
