Portland Real Estate Market Update – December 2025

As we close out 2025, Portland’s housing market is a good time for buyers. Inventory and price reductions increase year over year, and average pricing is down. This has led to higher-than-normal buyer traffic even as temperatures cool, and sellers are adjusting pricing to stay competitive.  

Here is a closer look at what we’re seeing for December and what we can expect heading into 2026. 

Buyer Traffic Trends Show a Strong Winter and Continued Growth Each Year

In our 20+ years studying and working in the Portland metro housing market, home buyer traffic remains one of the most important metrics for understanding the state of the local market at any given time. Here are the latest results. 

December Buyer Traffic Trends Higher Year Over Year

According to the latest Sentrilock Lockbox data ending at the end of October 2025, total buyer traffic in Portland reached 63,319 showings, compared to 60,533 in 2024 and 54,295 in 2023. This continued upward trajectory over three consecutive years is a sign of healthy demand. 

Portland Monthly Buyer Traffic Temperature

Based on the totals, Portland sits in the Warming range of buyer activity. This rating matches what we typically see for fall, but this year it sits at the upper edge of the category, suggesting more buyer engagement heading into winter.

Daily Buyer Traffic Remains Stable Through Late October

We can get a tighter read on upcoming traffic movements by analyzing the last 12 days. We need to factor in weekends in this analysis, which are typically busier days. 

Daily traffic totals for the final 12 days of October are steady with a generally range between the 1,800s and 1,900s during weekdays, consistent with the stable buyer presence seen throughout fall. Weekend activity continues to show noticeable jumps, typical for this time of year, with some days surpassing 2,000 showings.

Overall, the data reinforces what we’re seeing in the monthly totals—steady interest through late October and more activity vs. prior years. Traffic will likely soften slightly in December due to seasonal norms, but this year’s winter traffic should remain stronger than last year, continuing Portland’s streak. 

While Buyer Demand (Traffic) is High, it has Yet to Translate into an Increase in Sales

The average number of home showings it takes to sell a home in Portland has increased significantly. See our latest report. There are a lot of door knockers, but no rise in pending sales. This is likely due to high inventory keeping home buyers from feeling the need to pull the trigger. There are a lot of deal seekers in the market, and a lot of buyers with their eyes on the interest rates, just waiting to purchase.

Inventory Levels Are Declining Seasonally but Continue to Rise Year Over Year

As of November 14, 2025, active listings in Portland totaled 1,468, down from 1,639 in October and 1,669 in September. This gradual decline aligns with what we typically see in Portland for the season, as fewer sellers list homes heading into the holidays. Still, this year’s totals are higher than in 2024 (1,380) and 2023 (1,189), closely mirroring the inventory peak of 2022 (1,437).

Inventory reduction data courtesy of Fidelity National Title.

We’re seeing Portland follow its annual trend of declining inventory from late summer through early spring, followed by a rebound in the warmer months. Yet each year since 2023, the annual highs and the seasonal lows have trended higher. If interest rates hold steady, we can expect the same trend for 2026, making this month and 2026 overall an excellent time for buyers. They now have more choices and stronger leverage. Sellers will need to price competitively. 

Price Reductions Are Rising Slightly and Remain Above Prior Years

We’re seeing the continuation of the typical late-year pattern of reductions peaking between October and December before easing in early spring. As of November 14, 52.59% of active listings in Portland experienced price reductions, up from 49.12% in October and 50.87% in September.

Price decreases data courtesy of Fidelity National Title.

Compared to prior years, current levels are notably higher (46.38% in 2024, 43.40% in 2023). Sellers are maintaining more aggressive pricing strategies to stay competitive. 

The higher percentage of reductions aligns closely with this year’s larger inventory totals and slightly lower price-per-square-foot averages (which we cover next). Sellers are adjusting more frequently to meet market expectations, even during times of higher seasonal traffic. 

Assuming interest rates remain steady, the elevated rate of decline will likely persist into early 2026 before normalizing, giving buyers more negotiating power while motivating sellers to remain flexible.

Average Pricing Is Declining Slowly

We determine the average home price by analyzing price-per-square-foot data, the most accurate measure of Portland’s market values. As of November 14, 2025, the average price per square foot stood at $308, compared with $312 in October and $310 in September. This represents a mild, steady decline, typical for this time of year as we head into winter and buyer urgency slows.

Price per square foot data courtesy of Fidelity National Title.

Year over year, the current figure is below $316 in 2024 and $314 in 2023, showing a consistent softening trend. The declines mirror higher inventory levels and increasing price reductions seen in recent months. 

Unless interest rates drop significantly, December and the early part of 2026 is expected to follow similar early-year patterns with gradual increases by spring. 

New Listings and Pending Sales Are Showing Typical Late-Year Declines

As of the latest RMLS report ending in October 2025, new listings in Portland totaled 2,366 and represent a typical seasonal slowdown as sellers become more cautious heading into the colder months. Though numbers change year over year, when compared with October 2024’s total of 2,498, the current activity is nearly identical. 

Pending sales followed a similar pattern, totaling 1,988, again in line with 2024. Though overall activity slowed, buyer demand remained steady relative to last year. 

The combination of stable pending sales and higher inventory points to a balanced late-year market that favors buyers through increased selection while still maintaining enough movement to keep homes from stagnating on the market.

Advice for Buyers and Sellers

As we move through the final weeks of 2025, conditions remain favorable for buyers thanks to higher inventory, steady pricing, and ongoing price reductions. These factors mean there are more homes to choose from and more room to negotiate, especially on listings that have been active for several weeks. With interest rates expected to stay steady through early 2026, buyers have time to shop more carefully and lock in a fair deal without intense competition.

For sellers, this month is all about positioning. Homes priced correctly from the start still sell efficiently. Those priced above market value risk more days on the market. Buyers remain active even during these slower months, but they can be more picky this year, so presentation, timing, and realistic pricing are key right now and moving into 2026. Sellers who decide to list early in the year will benefit from increased spring demand. 

Real Estate Forecast for December

Looking ahead, Portland’s housing market will likely follow its typical seasonal trajectory through December and into early 2026. Inventory will decline as fewer homes enter the market, and price reductions will remain elevated until late winter. Buyer activity will taper slightly through the holidays, but overall demand should remain stronger than in recent years. 

Portland Real Estate Forecast for 2026

By early 2026, the combination of stable pricing, steady mortgage rates, and sustained buyer demand will likely set the stage for a more active spring.

If interest rates ease, we will see a big boost in buyer traffic and more pressure on home values by March. For now, Portland’s market remains a good time for buyers, and sellers should prepare to stay flexible. 

We predict modest gains in 2026, unless interest rates lower significantly. Our current prediction for the Portland real estate market in 2026 is a 1% increase in housing prices, up to 3% if interest rates drop under 6%.

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