Portland’s residential real estate market continues to show signs of cooling, with notable shifts across single-family homes, condos and multi-families, based on data from the Multiple Listing Service.
But the shifts could signal a market correction, not a crash, said Tom Landry of Benchmark Real Estate, which distributes a monthly market report.
“This isn’t 2008. We’re not seeing a collapse, we’re seeing a balancing,” Landry said. “Inventory is up, prices are down, but demand is holding steady. That’s a textbook correction.”
In a comparison of March inventory with April, each segment is seeing growth, but at slower rates. The continued growth offers a contrast with the market in 2020, when demand overwhelmed supply and bidding wars were the norm, he said.
Despite price drops and longer timelines, buyers are still buying. April sales were up across the board, fueled by improved inventory and slightly lower mortgage rates and a willingness to “marry the house, date the rate” — a saying that means buying a house is a long-term commitment, but interest rates can be revisited when it makes sense.
For April 2025:
Single-family homes
- Median sale price: $570,000 (up from $542,500 in March but down from $700,000 in April 2024)
- Sales: 36 (up from 16 in March and up from 31 in April 2024)
- Median days on market: 6 (down from 45 in March and equal to April 2024)
- Inventory: 45 (up from 37 in March and up from 32 in April 2024)
- Top sale: 45 Thomas St.: 5-bedroom, 3.5-bath, 3,558 square feet, $1.55 million
Condos
- Median sale price: $622,500 (up from $471,250 in March and up
- from $603,500 in April 2024)
- Sales: 22 (up from 16 in March and up from 12 in April 2024)
- Median days on market: 15 days (up from 9 in March and up from $535,000
- in April 2024)
No. 62 at 166 Fore St., a 2-bedroom, 1,269-square-foot condo was Portland’s biggest sale for the segment in April at $1.3 million. PHOTO / COURTESY BENCHMARK REAL ESTATE - Inventory: 70 (up from 63 in March and up from 54 in April 2024)
- Top sale: 166 Fore St., No. 62, 2-bedroom, 2-bath, 1,269 square feet, $1.3 million
Multi-families
- Median sale price: $895,000 (up from $817,500 in March and down
- from $965,000 in April 2024)
- Sales: 10 (up from 8 in March and up from 9 in April 2024)
- Median days on market: 15 days (down from 43 in March and up from 8 in April 2024)
-
A two-unit multi-family at 4 St. Lawrence St. was Portland’s biggest sale for the segment in April at $2.95 million. PHOTO / COURTESY BENCHMARK REAL ESTATE - Inventory: 28 (down from 29 in March and up from 17 in April 2024)
- Top 2- to 4-unit sale: 4 St. Lawrence St., 2 units, garage, decks, views, $2.95 million