Portland’s residential real estate market closed 2025 with overall stability across major property categories, although the fourth quarter showed a noticeable softening, according to a year-end analysis from Tom Landry of Benchmark Real Estate.
“As we start the new year, the data shows a market that remained steady on the whole, but it also confirms what many buyers and sellers felt in the fourth quarter — homes began to linger longer, inventory felt more active and price reductions became more common,” said Landry.
The late-year shift provides context as the market starts the new year, which could remain slow.
Still, Landry said he expects activity to increase in the second and third quarters, driven by seasonal demand and the potential for improving affordability if interest rates continue trending downward.
Single-family sales
Single-family performance was stable year over year, he said.
“The single-family category is the clearest example of stability,” said Landry. “Even with a slightly slower pace and modestly fewer sales, prices rose meaningfully, and price-per-square-foot stayed essentially flat” — suggesting that buyers are taking a little more time and being selective.
- Number of sales: 417 in 2025 vs. 424 in 2024 (down 1.7%)
- Total sold volume: $301,283,486 in 2025 vs. $290,150,137 in 2024 (up 3.8%)
- Average sold price: $722,502 in 2025 vs. $684,316 in 2024 (up 5.6%)
- Average price per square foot: $389.29 in 2025 vs. $392.81 in 2024 (down 0.9%)
- Average days on market: 28 in 2025 vs. 24 in 2024
- Highest-priced sale for 2025: 112 Vaughan St., 6,466 square feet, eight bedrooms, six full bathrooms, one half-bath, $3.8 million.
Condominium sales
Condo activity, however, declined compared to 2024.
“This is where we see the biggest adjustment,” Landry said. “With more selection and more listings to choose from, buyers are responding to value — and the market is rewarding sellers who price correctly from the start.”
Landry cautioned against reading too much into the statistics around condo sales: “In 2024, we saw two large condo projects sell en masse, which explains much of the swing and fluctuation.”
- Number of sales: 295 in 2025 vs. 371 in 2024 (down 20.5%)
- Total sold volume: $196,521,246 in 2025 vs. $273,487,635 in 2024 (down 28.1%)
- Average sold price: $666,550 in 2025 vs. $737,163 in 2024 (down 9.6%)
- Average price per square foot: $538.89 in 2025 vs. $569.88 in 2024 (down 5.4%)
- Average days on market: 58 in 2025 vs. 60 in 2024
- Top sale for 2025: 387 Commercial St., Unit 708, $2.995 million, 2,005 square feet, 3-bedroom, 2.5-bath
Multifamily sales
Sales of small multifamily properties showed notable strength, Landry said.
“Two- to four-unit properties stood out as a growth segment,” he said. “The jump in both sales and volume suggests demand remains strong for flexible housing options and income-producing properties, even with borrowing costs still elevated.”
- Number of sales: 107 in 2025 vs. 81 in 2024 (up 32.1%)
- Total sold volume: $98,232,599 in 2025 vs. $71,059,400 in 2024 (up 38.3%)
- Average sold price: $936,508 in 2025 vs. $862,649 in 2024 (up 8.6%)
- Average price per square foot: $305.86 in 2025 vs. $308.99 in 2024 (down 1.0%)
- Average days on market: 33 in 2025 vs. 32 in 2024
- Highest-priced sale for 2025: 4 St. Lawrence St., 4,842-square-foot two-unit, $2.95 million
Across all residential categories, 2025’s pricing per square foot stayed relatively flat, while days on market shifted modestly, reflecting normalization and a more deliberative buyer pool, said Landry.
At the same time, the fourth quarter showed a shift to more inventory, more time on market and more price reductions.
“That fourth-quarter softness is likely to carry into the first quarter,” said Landry. “But if rates continue to ease and spring demand returns as it typically does, we should see a very active second and third quarter.”