Portland Real Estate Market Update – November 2025

Each month, we take a close look at the latest housing data across Portland to help buyers and sellers better understand where the market is heading. As of November, we’re seeing signs of a stable but slow market. Buyer traffic is still good, inventory is gradually declining, and pricing continues to hold steady.

Trends remain consistent with historical patterns which favor buyers in Portland in the fall and winter months, but the current stability of buyer traffic is worth noting. Steady inventory will be good for buyers through the end of the year.

Here’s a closer look at the numbers and what they tell us about what lies ahead. 

2025 Buyer Traffic Trends Show Continued Strength Year Over Year

November Buyer Traffic Trends Remain Higher Than Previous Years

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 market. 

As of September, the latest full month of Sentrilock data, total home showings reached 66,017, compared with 60,472 in 2024 and 59,608 in 2023. The data shows a clear pattern: buyer activity this year is stronger than in 2023 and 2024, continuing the higher demand throughout late summer and early fall. While still below the 2021 post-pandemic surge of 73,261, the totals are high for this time of year despite higher inventory levels and ongoing rate fluctuations.

The continued strength in buyer traffic shows interest holding into fall. The typical seasonal slowdown may be softer than in prior years. 

Portland Monthly Buyer Traffic Temperature Remains Warm

Based on the latest totals, Portland sits in the Warm temperature range, similar to September but near the upper end of the “Warm” category, indicating that demand should stay solid into fall.

Daily Buyer Traffic Shows Ongoing Consistency Through Late September

We get a tighter read on what lies ahead by looking at the last 12 days. We need to account for busier weekend traffic in this type of analysis (bolded below) but given that, we’re seeing a pretty steady pattern of weekday showings ranging from the 1900s to the 2200s. Overall, the stability aligns with Portland’s story of more resilient buyer demand this summer and early fall. 

Inventory Levels Are Gradually Declining but Remain Higher Than in Prior Years

Inventory has reduced slightly in the past few months, but this is on trend for this time of year. As of October 17, 2025, active listings in Portland totaled 1,646, down from 1,663 in September and 1,752 in August. Still, inventory is higher than in 2024 (1,505) and 2023 (1,295), putting it more in line with the totals seen in 2022 (1,581).

Inventory reduction data courtesy of Fidelity National Title.

This gradual decline follows Portland’s typical seasonal movements through late fall, a time when fewer homeowners list properties before the holidays and many frustrated home sellers take their properties off the market. The smaller monthly declines are a gradual rather than a sharp drop-off, indicating that while inventory is lowering, it is still consistent with the cooling demand we see in the season. 

The higher inventory reflects a carryover of housing supply from the busy summer. It mirrors what we’ve seen in our other recent reports where fewer new listings and homes staying active longer, keeping inventory high. 

Price Reductions Are Holding Steady Month Over Month

Price reductions remain relatively steady, following the gradual pattern seen over the last two months. As of October 17, 2025, 50.06% of active listings have experienced price reductions, compared with 49.61% in September and 50.29% in August.

Price reduction data courtesy of Fidelity National Title.

The consistency is notable when comparing historical data. In mid-October 2024, 46.18% of listings saw reductions, and the figure was even lower in 2023 (40.62%). The current level puts us above both those years but slightly below the unusually high 55.08% seen in 2022. Overall, sellers remain responsive but are not increasing reductions faster than expected.

The steadiness shows signs of a market that has already adjusted to higher inventory levels and softer buying. Knowing how things will go moving forward can be tricky, but with buyer traffic holding strong and sellers already pricing competitively, we could see price reductions staying near the 50% range through the rest of fall.

Average Pricing Is Stable Month Over Month but Down Year Over Year

We determine average home prices by analyzing price-per-square-foot data, the most accurate measure of Portland’s home values. As of October 17, 2025, the average price per square foot stands at $313, compared with $311 in September and $311 in August. This shows that pricing has stayed relatively flat over the last two months — a typical pattern for this time of year when the market cools heading into the holidays. 

Average pricing data courtesy of Fidelity National Title.

Year over year, pricing has edged down just slightly, a subtle shift away from Portland’s historical pattern of annual price growth. At this time in 2024, the average price per square foot was $316, matching 2023 levels. The current $313 figure brings values more in line with 2022, when pricing hovered around $310.

Overall, the data points to a balanced market. Higher inventory and elevated price reductions have likely kept upward pressure in check, and steady buyer traffic has guarded against stronger declines.

New Listings and Pending Sales Are Following Typical Seasonal Patterns

The latest data from the RMLS Market Action report ends in September. It shows new listings and pending sales easing as we move further into fall, which ollows Portland’s typical pattern and puts us closer to what we typically see this time of year. New listings are slightly lower than prior years while pending sales were still higher than normal, but recent movements for each show final totals falling more in alignment with 2024 and 2023. 

Advice for Buyers and Sellers

With inventory high compared to the past two years, sellers should prepare for longer market times and stay competitive. While the pace of reductions has stabilized, nearly half of all listings continue to see price adjustments before selling. Strategies like strategic pricing, attractive presentation, and some added patience will help through these slower months. 

For buyers, the current conditions offer opportunities. Steady inventory and consistent buyer traffic mean there are still plenty of options, and price reductions remain common. 

If mortgage rates decline further, activity could rise, but for now, the market favors buyers. 

November 2025 Real Estate Forecast

As we head deeper into fall, we can expect Portland to follow its typical seasonal trend of slower listing activity, moderate traffic, and pricing that remains steady but slightly lower year over year. Inventory has eased from its late-summer peak yet continues to hover above the past two years, keeping conditions favorable for buyers through November.

Given the combination of higher-than-normal buyer traffic, stable price reductions, and mild pricing declines, overall, the market looks balanced. We doubt we will see any sharp movements in November unless interest rates dip to bring a bump in activity. Still, the remainder of 2025 should stay a buyer’s market. 

Work With a Top Local Agent

If you’re planning to buy or sell in the coming months, having the right agent by your side makes all the difference. Our top 1% Portland real estate team offers exceptional marketing, expert negotiation, and a 1.7% listing commission with no hidden fees or long-term contracts.

To learn more or schedule a free consultation, call 503-714-1111 (OR) or 360-345-3833 (WA).