April delivered a spring surge of listings, giving Portland’s real estate market a noticeable inventory bump at a time when buyers are actively reengaging. According to the latest RMLS Market Action report, both supply and demand are showing signs of resilience, even as mortgage rates remain higher than many would like.
More Homes, More Choices
One of the biggest takeaways from April: new listings jumped 7.6% year-over-year and a whopping 25.9% from March. That translates to 3,358 new homes on the market in a single month—the highest number since last summer. Inventory climbed to 3.1 months, giving buyers more options and easing the bottleneck that defined much of 2023.
Buyer Demand Still Solid
Pending sales dipped slightly compared to April 2024—down 3.8%—but nudged upward from March. Closed sales were essentially flat year-over-year, with 1,880 homes closing in April, but that’s a 16.6% increase from March. That month-to-month momentum is a good sign that buyers are still showing up, even amid economic uncertainty.
Prices Continue to Rise (Gently)
Price growth remains steady without overheating. The average sale price year-to-date sits at $616,700—up 2.6% from the same period last year. The median sale price is up 2.1% to $540,000. Rolling 12-month averages show similar growth: +1.8% for the average, +2.1% for the median.
Notably, luxury activity is shifting. Sales between $1 million and $1.2 million surged, but closings over $2 million dropped compared to last year. In total, 234 homes sold above the $1 million mark—up from 215 in April 2024—though the ultra-luxury tier saw fewer takers. It’s a subtle but telling sign of how high-end buyer behavior is evolving in today’s market.
Total Market Time & Trends
Homes are moving slightly faster, with average market time dropping to 62 days. That’s still longer than the ultra-competitive market of 2021–2022, but notably better than last fall’s slowdown. In short: sellers who price appropriately are finding buyers.
No Rate Cut Yet: Waiting on the Smoke Signals
The Federal Reserve held rates steady again at its May meeting, defying market hopes for a spring cut. Despite cooling inflation data, officials signaled they’re waiting for a clearer economic picture before making a move. With the next Fed meeting set for June 17–18, all eyes are on inflation, jobs—and the tone of the next announcement. At this point, the market is treating every Fed statement like smoke from the Vatican.
What This Means Going Forward
April’s numbers are encouraging for a market still shaking off last year’s volatility. There’s more for buyers to look at, sellers are seeing steady interest, and prices are rising at a sustainable clip. If mortgage rates moderate at all in the coming months, we could see even more momentum heading into summer.