If you’ve been following the Portland housing market for the past few years, you know the story: prices have climbed, cooled, and then held steady. What’s remarkable today isn’t the growth — it’s the stability.
According to the October 2025 RMLS Market Action Report, the Portland metro market continues to show quiet resilience, even as affordability challenges and high mortgage rates keep some buyers and sellers on the sidelines.
A Market That Refuses to Break
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Average Sale Price: $614,900 — up just 0.6% year-over-year
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Median Sale Price: $550,000 — up 0.9% year-over-year
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Closed Sales: 2,066 — up 4.6% from October 2024
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Pending Sales: 1,988 — down 1.5%
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New Listings: 2,366 — up 3.6%
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Inventory: 3.1 months
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Average Market Time: 69 days
Over the last three years, appreciation has been essentially flat. After the pandemic surge, the market entered a long plateau — prices haven’t moved much up or down. But that stability itself is a sign of strength. Even as rates climbed to multi-decade highs, Portland’s housing values have held firm.
That’s not something every metro area can say.
nventory Is Down — But Not for the Right Reasons
October’s 3.1 months of inventory looks like improvement, but it’s not being driven by a surge in buyer demand. It’s coming from homes leaving the market — sellers delisting after sitting longer than expected.
In short, inventory fell not because sales spiked, but because some sellers gave up.
This is one of those subtle shifts that tells you how balanced the market really is: there are still willing buyers, but not at every price or condition. Sellers who come to market overpricing or underprepared are finding that this isn’t 2021 anymore — buyers are discerning, and value matters.
Affordability Still the Governor
The median income in Portland sits around $124,100, which, according to RMLS, allows a family to afford about 93% of the payment on a median-priced home assuming 20% down and a 6.6% rate.
That means affordability remains tight — and it continues to shape demand. Buyers are active, but selective. They’re looking for move-in-ready homes, good neighborhoods, and value alignment more than “deal chasing.”
The Big Picture
Three years of flat prices. Tight affordability. A market that’s steady — even when it shouldn’t be.
That’s resilience.
Not the kind that headlines shout about, but the kind that matters if you own property here or plan to buy.
If you bought a home in 2021, you’ve likely seen little to no appreciation since. But you’ve also retained your value through one of the toughest affordability stretches on record — and that says a lot about Portland’s long-term fundamentals.
The Portland housing market has weathered rising rates, shrinking affordability, and shifting demand — and it’s still standing. Prices are stable, inventory is thinning (for better or worse), and the region continues to prove its staying power.
If you’re trying to make sense of how these trends impact your next move — whether selling, buying, or simply holding — let’s talk through the data and what it means for you.
