If you’ve been watching the real estate market closely, you’ve likely noticed that the story isn’t so simple anymore. The question on everyone’s mind: Are we still in a seller’s market? The short answer? Technically, yes—but the full story is a bit more complex.

Two Markets, One Region

The Portland metro housing market, like many across the country, is no longer behaving uniformly. Instead, it’s playing out like two different stories depending on the price point and location.

In some neighborhoods—especially for single-family homes under $600K in areas like North Portland—buyers are still competing fiercely, with homes selling quickly and multiple offers being the norm. But in other segments, such as the downtown condo market, properties are sitting longer, and buyers have more negotiating power than they’ve seen in years.

What Defines a Seller’s vs. Buyer’s Market?

A seller’s market typically means there are more buyers than homes available, which drives up prices and shortens time on market. Conversely, a buyer’s market occurs when inventory outpaces buyer demand, leading to longer listing periods, price reductions, and more room for negotiation.

Right now, Portland remains in a slight seller’s market, according to the data. But many real estate professionals are reporting that the market feels more balanced—something the region hasn’t experienced in quite some time.

Shifting Market Heat

A recent graph from Keeping Current Matters tracks the National Market Heat Index, showing just how strong the seller’s advantage was from 2020 through early 2022. During that time, competition was fierce and buyers had little leverage.

Fast forward to today, and the same index shows a softening—those high seller-control bars have given way to more neutral gray zones. This shift means fewer bidding wars and more price sensitivity. Sellers are now advised to price strategically and consider offering concessions to appeal to cautious buyers.

What’s Causing the Shift?

Inventory is a major factor. Spring typically brings a flood of new listings to the market, and while that’s true this year, many of those homes aren’t moving as quickly. Buyer demand has cooled due to rising affordability concerns and lower consumer confidence, which means homes are staying on the market longer and price reductions are becoming more common—something usually reserved for fall trends.

Key Takeaway: Real Estate Is Local

One of the most important things to remember in today’s market is that real estate is hyper-local. What’s true for one neighborhood or price point may not apply to another.

• Buyers: This may be a golden opportunity. With less competition and more options on the market, now could be a great time to make a move—especially in segments where sellers are offering concessions.
• Sellers: Homes are still selling, but the approach matters. Strategic pricing, flexibility, and preparation are key to attracting today’s more cautious buyers. Don’t panic if your home doesn’t sell in the first week—many strong offers are coming in after two or three weeks, and even after price adjustments.

In this mixed-market moment, understanding the specifics of your neighborhood is more important than ever. Whether you’re buying or selling, partnering with a knowledgeable real estate professional who understands the nuances of your local market can make all the difference.

Join Angela and Jackie in this week's market update video as they discuss more in depth: