What’s Happening in the Market Right Now
May has brought a welcome dose of sunshine and momentum to the Portland real estate market. We’re seeing more listings hit the market and a steady flow of activity from buyers and sellers alike. It’s not an overheated market, but it’s active, and for many, that’s a good thing.
For buyers who’ve been waiting on the sidelines, increased inventory and fewer bidding wars are creating more breathing room and better options. Sellers who price with intention and present their homes well are still getting strong results. Interest rates remain relatively steady, and while things aren’t moving at lightning speed, well-positioned homes are finding the right buyers.
This isn’t a one-note market, it’s layered. More affordable homes are generating energy (and sometimes multiple offers), while higher-end properties, especially in the suburbs are taking a bit more time and offering more space to negotiate.
Understanding your position and having a clear game plan is what makes all the difference right now.
The Stats:
Average Home Price: $616,700 up 2.6% year-over-year
New Listings: 3,358 a 25.9% increase from March
Pending Sales: 2,225 a 3.8% decrease from April 2024
Closed Sales: 1,880 a 0.2% decrease year-over-year, but up 16.6% from last month
Inventory: 3.1 months slightly up, offering more balance
Market Time: 62 days on average, down from 71
Annual Price Growth: 3.3%
Portland’s market continues to show strength in long-term value. Even with modest shifts in activity, homeownership here remains a sound investment, especially for those playing the long game. Whether you’re thinking about renovating, renting, or reimagining your next chapter, there’s still opportunity to grow wealth through real estate.
What This Means for Sellers
The buyers are there, but they’re doing their homework. Pricing and presentation matter more than ever. Homes that feel move-in ready and are priced in line with the market are getting attention. Stretch too far, and you risk sitting. Smart, well-timed listings are the ones that shine in this kind of market.
What This Means for Buyers
With more inventory and less urgency, you have the chance to explore your options without the pressure of competing with a dozen other offers. But when the right home shows up, it still pays to be prepared. Working with someone who knows how to navigate both the pace and the possibilities is your best advantage.
Click HERE for the full Market Action Report
Let’s Connect
We love being your local guides, tuned in to real-time trends and here to help you make confident, well-timed moves. Whether you’re buying, selling, or just gathering info, we’re always happy to talk things through.