Portland Real Estate Market Update – September 2025

Each month, we track real estate trends across Portland to help buyers and sellers gain a better understanding of the local market. For September, we’re seeing some trends hold as well as a continuation of August traits that deviate from seasonal norms. Traffic numbers are showing stronger buyer activity this summer, yet inventory and price reductions are also up.

The key takeaway for this month’s data is strong buyer activity overshadowed by even higher levels of inventory. More buyers are looking, but are pulling the trigger less often then they did last year (pending sales are roughly the same). We are looking at a lot of pent-up demand and wary buyers looking for deals. September is shaping up to remain a buyer’s market, where sellers will benefit from a blend of intelligent pricing and strong representation. The only thing likely to change the scenario would be an unlikely interest rate drop.

Let’s take a closer look at the numbers to get a complete picture of what may come in September and beyond. 

2025 Buyer Traffic Trends Show Continued Strength Year-Over-Year

August Buyer Traffic Trends Continue to Outpace 2024 and 2023

Sentrilock lockbox data through the end of July 2025 recorded 69,269 showings, higher than the 64,196 total in 2024 and 66,163 in 2023. Setting aside the pandemic-era high of 76,371 in 2021, this year’s 5,000 increase over the past three years is notable at a time when buyer traffic usually eases heading into late summer. 

Buyer Traffic Totals (Year-End July)

Portland Monthly Buyer Traffic Temperature

Sentrilock lockbox data through the end of July puts Portland firmly in the “warm” category, higher than the typical “warming” status. 

Daily Buyer Traffic Reflects Strong Weekend Activity

Looking at the last 12 days gives us a clearer picture of potential trends to come. In this analysis, we need to take into account the difference between weekend days and weekdays, since weekends typically result in more activity. 

For the last 12 days of July 2025, showings ranged from 1,958 to 2,694 per day. As expected, weekends drew the highest counts, with Saturday, July 26, leading at 2,694 showings. The weekday figures stayed consistent in the low-2,000s, showing that buyer interest has been more resilient than typical. We usually show a sharper slowdown before fall.

Daily Buyer Traffic (Last 12 Days of July 2025)

Inventory Levels are Rising Above Seasonal Norms

Inventory in Portland continues to climb, with 1,752 active listings as of mid-August. This is down slightly from about 1,830 in mid-July, yet higher than June 2025 (1,643), which is typical since inventory typically rises from March to October. This total for this time of year is also higher than in the last four years. 

Inventory reduction data courtesy of Fidelity National Title.

The increasing inventory shows signs of a slowdown in sales, and yet, as shown earlier, traffic is up. Higher supply is a direct sign of homes lingering on the market and stronger competition between sellers. Though the slight dip in July could signal a short pause, the overall trend from spring through August points toward stronger opportunities for buyers. If the upward trend into October holds true this year, Portland could surpass the 1,900–2,000, a level not seen in many years. The blend of elevated listings and slower buyer urgency means that sellers will need to remain competitive on pricing and presentation through September.

Price Reductions are Growing Year-Over-Year

Price reductions have risen to 50.29% of active listings as of mid-August, an increase of 48.2% in July and 44.25% in June. This aligns with the trend of more sellers cutting prices to stay competitive during this time of year, but again, the number of homes with reductions is higher than typical. 

Price reduction data courtesy of Fidelity National Title.

Looking at the August 2024 (46.81%) and even the previous 2022 high of 49.91%, this year’s reductions exceed those of the last four years, showing the softer pricing environment this year and added pressure on sellers due to elevated inventory and longer days on market, even with higher-than-normal traffic. 

Typically, we see price decreases continue to grow through fall and into December, so if trends continue, we can likely expect even higher percentages. This also brings opportunities for buyers who can act quickly when homes are repriced competitively and before any interest rates fall. 

Average Pricing is Slipping Slightly Below Last Year

We have learned that the average home values are best measured by price-per-square-foot, and this month we are seeing signs of softening. As of mid-August, the average price stands at $311 per square foot, a slight decline from $313 in July and a more noticeable drop from $320 in June. This is also lower than the $322 at this time in 2024. 

Price per square foot data of Fidelity National Title.

Historically, Portland pricing holds steadier through summer and begins easing in the fall. The current dip below 2024 levels, though slight, suggests that 2025 is facing earlier-than-usual pushback on pricing. The contrast with the stronger buyer traffic we noted earlier shows that elevated inventory and record levels of price reductions are holding back price growth. If inventory continues to climb into September and reductions remain above 50%, average prices could slip further. For buyers, this brings opportunities to negotiate. Sellers will likely need to be realistic in their pricing strategies to keep their sales moving.

New Listings and Pending Sales are Easing Into Late Summer

The latest RMLS figures come to us from the month of July. While the results have varied slightly in months past, both the new listings and pending sales remain relatively in line with prior years.

Moving forward into fall and winter, we should continue to see dips in new listings and pending sales, since this is characteristically a softer market. The question will be whether the traffic increase holds or if it tapers off, as it typically does. Also, interest rates will affect demand. 

Advice for Buyers and Sellers

Buyers will have more opportunities to negotiate this September vs. previous years. With average pricing per square foot slipping slightly below last year’s total, buyers have more leverage. Higher-than-normal traffic means there are still occasional pockets of competition, but overall, buyers stand to benefit from more motivated sellers even more than in the past. 

For sellers, the goal should be competitive pricing and a strong representation of home benefits from experienced Realtors. As for the coming months, signs point to increased competition vs prior years, but, as always, any drop in rates will change the dynamic.

Fall / Winter 2025 Real Estate Forecast

We should see some lowering of buyer traffic into the fall while inventory and price decreases grow, creating a softer market. Elevated supply combined with price reductions should keep pressure on sellers even with healthier-than-usual buyer traffic for late summer. The average price per square foot should be lower in fall, which is the seasonal norm. If interest rates reduce and we continue to see higher-than-average buyer traffic, sellers may receive some welcome relief, but until then, sellers need to remain competitive through the end of the year. 

Your Top Local Agents

If you plan to sell a home this September, you will need an experienced agent at your side to hit the right pricing to maximize profits. At the same time, good representation helps ensure all the benefits of your home are captured to help secure that higher price. And if interest rates reduce, you have someone at your side who can price the home right. To save you even more, our top 1% sellers agents charge 1.7% to sell a home, with no fees and a cancel-anytime policy to back everything up. They pay more to market their homes online, which helps them sell faster and for more. 

Buyers also need to capture homes while the pricing is good, while avoiding potential higher competition that comes from higher-than-normal traffic. Our top 1% buyers agents have helped hundreds of local buyers find their best match and provided friendly service. Call us today, or chat with the bot on this site. We’d love to connect!