The Portland metro area housing market continues to show signs of change as summer progresses. Rising inventory, tempered demand, and persistent affordability challenges are shaping how buyers and sellers are approaching the market.
I heard someone say “We are in a buyers market, with no buyers”
Here are the key trends we’re seeing now — and what they could mean for the second half of the year:
More Homes on the Market
In June, we saw 3,096 new listings, a slight 1.7% increase from May. That’s pushed active residential listings to 7,157, the highest level in more than three years. Buyers today have more options, while sellers are competing with a larger pool of homes.
Pending sales were 2,267 — down 1.4% from May but 2.3% higher than last June. It is important to note that pending sales are roughly flat year to date with an insignificant increase of 0.1%.
Closed sales 1,988 decreased 4.5% from the 2,081 closings in June 2024, and decreased 1.5% from the 2,018 closings in May 2025.
Prices & Affordability
Comparing 2025 to 2024 through June, the average sale price has increased 1.2% from $607,800 to $614,800. In the same comparison, the median sale price has increased 1.5% from $542,000 to $550,000.
The Portland metro area continues to see record-low affordability. According to a formula from the National Association of REALTORS®, A family earning the median income ($124,100 in 2025, per HUD) can afford 87% of a monthly mortgage payment on a median priced home ($570,000 in June). The formula assumes that the buyer has a 20% down payment and a 30-year fixed rate of 6.8% (per Freddie Mac). This continues to put downward pressure on demand, particularly for first-time buyers and move-up buyers.
Looking Ahead
With inventory at its highest in several years and affordability still constrained, the second half of the year is likely to favor buyers slightly more than sellers — at least in terms of choice and negotiating room. Sellers who price strategically and present their homes well can still achieve good outcomes, but the days of quick, multiple offers appear less common for now.
For buyers, more inventory means more options, though the affordability gap remains a hurdle to overcome.
If you’re considering a move this year — whether buying, selling, or both — understanding how these trends affect your timing and strategy is key. I’m here to help you make a plan that works for you.
— David Caldwell
Principal Broker | Hillshire Realty Group
