🔒Portland multifamily, condo markets soften in July: broker report

July data showed a dramatic summer slowdown in two of Portland's three major residential sectors.

Condominiums and multifamily properties are lingering as inventory rises and sales fall, according to the latest report from Benchmark Real Estate, led by Tom Landry.

Single-family homes remain the exception. Limited supply continues to support higher prices, fast sales and offers above asking, he said.

“The most dramatic shift is in multifamilies,” Landry said. In comparison with July 2025, active inventory climbed 61.8%, closed sales fell 63.6% and median days on the market rose 29.6% to 35 days.

Condos are moving in the same direction, with supply up 56.1% and median days on the market up 255.6% year-over-year.

“Single-family homes remain highly competitive, but condos and multifamilies are softening quickly,” said Landry.

Landry attributed the multifamily slowdown to rent control, higher interest rates and the cost of capital. Portland’s rent control ordinance took effect  Jan. 1, 2021, capping the amount landlords can hike rents annually.

“An investor can no longer count on buying an underperforming building, improving it and bringing rents to market, “ he said. “That changes both the income potential and the value equation.”

Single-family market

Portland's single-family market remains strong. Median sale price increased 5.5% year-over-year and 2.7% from June to $627,450. Median days on market fell 12.5% from last year to seven days, and sellers received an average 101.7% of asking price.

Closed sales declined 33.3% year over year, reflecting a continuing shortage of available homes.

• Median sale price: June $611,000; July $627,450 (up 2.7%)
• Closed sales: June 53; July 38 (down 28.3%)
• Median days on market: June 5; July 7 (up 40%)
• Highest sale: 375 Spring St., six bedrooms, 3.5 baths, 5,930 square feet, $2.7 million

"Single-family supply cannot expand quickly in Portland, and that scarcity continues to protect values," said Landry. "Sellers are still averaging above asking price.”

Condominiums

Portland's condominium market slowed substantially in July. Active inventory rose 26.1% and closed sales declined 19.2%. Median days on market reached 32 days — up 255.6% from July 2025 and 178.3% from June.

The median sale price rose 1.7% year-over-year and 8.3% from June to $539,000. Median sold price per square foot increased 7.4% from last year and 6% from June to $561.

• Median sale price: June $497,500; July $539,000 (up 8.3%)
• Closed sales: June 34; July 21 (down 38.2%)
• Median days on market: June 11.5; July 32 (up 178.3%)
• Highest sale: 99 Federal St. Unit 403, 3 bedrooms, 2.5 baths, 1,840 square feet, $1.6 million

“Prices remain stable today, but sellers who overreach will linger and face deeper negotiation,” said Landry.

Multifamily

Portland's multifamily market showed the clearest signs of significant softening, he said.

Active inventory climbed 61.8% year-over-year to 55 properties, while closed sales fell 63.6% to only four. Median days on market increased 29.6% year-over-year to 35 days, and sellers received 93.3% of asking price.

The median sale price increased to $862,000, but four transactions constitute a very small sample.

• Median sale price: June $819,500; July $862,000 (up 5.2%)
• Closed sales: June 14; July 4 (down 71.4%)
• Median days on market: June 7.5; July 35 (up 366.7%)
• Highest 2-4-unit sale: 68 Pleasant St., four one-bedroom units, 3,260 square feet, $1 million

Buyers who live in one unit of a two- to four-unit property can qualify for owner-occupied financing and are exempt from Portland rent control while they remain owner-occupants,” he noted.

Outlook

Portland enters late summer with three distinct realities, he continued. Single-family homes remain scarce and competitive. Condos are approaching buyer-market conditions.

Multifamilies have crossed into a high-inventory environment where buyers can negotiate price, terms and inspections.

"This is the window to secure better terms with less competition,” he said.