The Portland real estate market is seeing a significant shift, with inventory levels reaching their highest point in over a decade. Whether you’re looking to buy or sell, understanding the current market conditions can help you make informed decisions.
A Surge in New Listings
One of the biggest takeaways from recent market data is the sharp increase in new listings. In January 2024, there was a 13.6% jump in new listings compared to the same time last year, with 2,205 homes hitting the market—up from 1,941 in January 2023. Even more striking, the number of new listings more than doubled from December 2024, when just 1,068 homes entered the market.
For buyers, this means more options and potentially more negotiating power as inventory increases. For sellers, it means more competition, making pricing and presentation more important than ever.
Buyers Are Taking Action
Pending sales—homes that have gone under contract—rose by 15.2% year over year, signaling that buyers are actively making moves despite the market shift. Closed sales were also up 8.3% from January 2023, showing a steady level of demand.
That said, a 20.9% drop in closed transactions compared to December 2024 is typical for the season. Many buyers and sellers push to close deals before the year’s end, making January a naturally slower month for final transactions.
Inventory and Market Time Trends
Right now, the months of inventory (the time it would take for all homes on the market to sell at the current pace) has increased to 3.7 months—the highest in years. Additionally, the average market time for homes to sell is currently 88 days.
As the market moves further into the year, inventory levels and market time will likely adjust, but for now, buyers have a unique opportunity to explore more choices without the intense competition of previous years.
What This Means for Buyers and Sellers
🔹 For Buyers:
- If you’ve been preparing by securing financing and saving for a down payment, now is the time to get strategic.
- More inventory means increased choices, and in some cases, more room for negotiation.
- Work with a real estate professional to identify the right opportunities and timing.
🔹 For Sellers:
- With more homes hitting the market, pricing and presentation will be critical.
- Homes that are well-staged, priced correctly, and marketed effectively will attract serious buyers.
- Selling in today’s market isn’t about rushing—it’s about having the right strategy to maximize returns.
Bottom Line
The Portland real estate market is in a transition phase, offering opportunities for both buyers and sellers who are ready to make their move. While inventory levels are higher, demand remains steady, making preparation and strategy more important than ever.
If you’re considering buying or selling in the Portland metro area, now is the time to start planning your next steps. With the right guidance and market insights, you can make informed decisions that align with your real estate goals.
Join Johnny and Randolf on this weeks Market Update Video: