The residential real estate market across Portland was mixed in April, exhibiting strength in the single-family market, softer condominium conditions and rising inventory levels overall, according to the latest report from Benchmark Real Estate.
The single-family segment was highly competitive and favored sellers, Benchmark’s owner, Tom Landry, said.
In the condominium and multifamily segments, buyers appear to be more selective amid expanding inventory, following several years of constrained inventory and aggressive appreciation.
Demand for well-priced and desirable properties remains strong.
“We are continuing to see a market that is gradually normalizing,” said Landry. “Single-family homes remain extremely competitive, but condos and multifamilies are seeing more inventory and a slower pace overall.”
Below are the month-over-month comparisons for March compared with April.
Single-family homes
Portland’s single-family market is seeing limited inventory, as many homeowners remain reluctant to give up historically low mortgage rates. Buyer demand is strong, driving competitive activity, multiple-offer situations and many properties selling at or above asking price.
Compared with April 2025, median sale prices remained essentially flat (-0.9%) while closed sales declined 38.9%. Median days on market dropped 25% year-over-year to just five days, reflecting continued buyer urgency and limited supply.
Active inventory increased 27.8% from last year, though overall supply remains constrained at approximately 2.1 months of inventory.
- Median sale price: March $605,000; April $565,000 (down 6.6%)
- Closed sales: March: 19; April: 22 (up 15.8%)
- Median days on market: March: 30; April: 5 (down 85%)
- Active inventory: March: 33; April: 46 (up 48.4%)
- Top single-family sale: 49 Deering St., $1.425 million, 6 bedrooms, 4 full and 2 half-baths, 5,741square feet
“Even with inventory beginning to rise seasonally, the single-family market remains extremely competitive,” said Landry.
Condominiums
The condominium market continues to show softer conditions relative to other segments, with pricing, sales activity and market pace moderating compared to last year. Inventory growth is the primary story, as new listings and active supply continue to rise.
Compared with April 2025, median condo sale prices declined 13.7%, while closed sales fell 9.1%. Median days on market increased 27.6% year-over-year, and active inventory surged 38.2%, reflecting a significant increase in available supply.
Months supply of inventory climbed to approximately 4.7 months, indicating a noticeably more balanced market compared to recent years.
- Median sale price: March $550,000; April $537,000 (down 2.4%)
- Closed sales: March: 24; April: 20 (down 16.7%)
- Median days on market: March: 9; April: 19 (up 105.6%)
- Active inventory: March: 78; April: 94 (up 25.3%)
- Top condo sale: 42 Federal St., $1.383 million, 3 bedrooms, 3 baths, 2,420 square feet
“We are continuing to see the condo market normalize as inventory expands and buyers become more selective,” said Landry.
Multifamily
The multifamily market continues to experience relatively low sales volume, making short-term data swings more pronounced and less reliable as trend indicators. Despite limited transaction activity, pricing has remained relatively stable overall, while inventory levels and new listings have continued to rise as buyers remain cautious amid ongoing rent control pressures.
Compared with April 2025, multifamily median sale prices increased 10.3%, while closed sales declined 20%. Median days on market rose significantly by 65.5%, reflecting slower buyer activity and longer marketing times.
Inventory increased modestly year-over-year, while months of supply climbed to approximately four months of inventory.
- Median sale price: March $950,000; April $987,500 (up 3.9%)
- Closed sales: March: 7; April: 8 (up 14.3%)
- Median days on market: March: 14; April: 24 (up 71.4%)
- Active inventory: March: 27; April: 32 (up 18.5%)
- Top 2-4-unit sale: 78 Atlantic St., $1.59 million, 1 one-bedroom unit, 2 two-bedrooms, 2,700 square feet
“Smaller multifamily properties continue to perform relatively well, particularly for owner-occupants and buyers seeking alternatives to single-family homes,” said Landry. “Larger buildings with below-market rents, however, continue to face pricing pressure and longer marketing times.”
Outlook
Portland’s spring market continues to show signs of gradual normalization as inventory expands and buyers gain additional options across several property categories. While the single-family market remains highly competitive, condominium and multifamily sectors are beginning to reflect more balanced dynamics compared to the aggressive conditions seen over the past several years.
