As we wrapped up the third quarter of 2025, the Portland metro housing market continued its gradual shift toward balance. Activity cooled from late-summer levels—normal for this time of year—while year-over-year data points to a market that’s stabilizing rather than shrinking. At first glance, the 9.7% drop in closed sales from August appears concerning but during the same period last year, the metro market dropped 13%. Let’s dive into the other numbers. The graphic is from the new September 2025 Market RMLS Market Action Report.
Closed Sales: A Clearer Year-over-Year Rebound
The standout metric this month is closed sales. Compared with September 2024, closed sales rose +7.2% in September 2025. That’s a notable improvement after last fall, when September 2024 closed sales were -0.9% versus September 2023. More buyers are getting to the finish line, even as overall pace moderates.
Month over month, closed sales dipped -9.7% from August—consistent with seasonal slowing as we head into fall. Closings fell, not the sky.
Inventory Hits 3.8 Months — Highest Since Early 2014
September posted 3.8 months of inventory, the highest level the Portland metro has seen since early 2014. This is a meaningful shift toward balance. With more homes available, buyers have more options and a bit more leverage, while sellers are adapting to slightly longer timelines and tighter pricing strategies.
By the Numbers
Month Over Month: September 2025 vs. August 2025
- New Listings: +0.9%
- Pending Sales: -5.7%
- Closed Sales: -9.7%
- Average Sale Price: -0.6%
- Median Sale Price: -0.9%
- Inventory: +0.3 months
- Total Market Time: No change
Year Over Year: September 2025 vs. September 2024
- New Listings: -3.5%
- Pending Sales: +3.3%
- Closed Sales: +7.2%
- Average Sale Price: 0.0% (flat)
- Median Sale Price: +0.7%
- Inventory: +0.3 months
- Total Market Time: +7 days
Prices Hold Steady Despite Rising Supply
Even with higher inventory, prices remain stable. The average sale price is flat year over year (0.0%), while the median sale price is up a modest +0.7%. Month to month, small price dips are typical for fall and don’t signal a broader price correction at this time.
What This Means for You
For sellers: The market is more competitive than it’s been in years. Right-price from day one, lead with presentation (staging, photography, and condition), and be prepared to negotiate. Well-positioned homes are still selling, but the margin for error is thinner.
For buyers: More options and a calmer pace improve your ability to compare, negotiate, and perform thorough due diligence. With inventory at a decade-plus high, this fall and winter can be an opportunity to secure the right home without the frenzy.