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The Portland, OR real estate market experienced a drop in inventory over recent years. Low supply levels made things more challenging and competitive for home buyers in the area, giving them fewer properties to choose from and less bargaining power.
Now, as we get further into 2025, housing market inventory in the Portland area still remains low, though local real estate experts believe we could see a shift in this trend.
In 2025, supply levels in Portland (and elsewhere across the U.S.) continues to remain tight. Demand among buyers is too high for the current supply of housing to accommodate.
Having said that, local experts are anticipating inventory to rise again in 2025 following a dip in mortgage interest rates and an anticipated decline by the end of this year.
Real estate market inventory is often measured by the number of “months’ supply.” This metric indicates how long it would take to sell off the current inventory of homes on the market, given the current sales pace in the area.
When measured in this way, housing market supply levels within the Portland, Oregon metro area have declined over the past few months. The short version is that there are fewer homes listed for sale today than at the beginning of 2025.
That said, according to RedFin, there were 17% more homes sold in Portland as of March 2025 compared to the same time a year earlier.
Home buyers in the Portland area might read this report and think: “Oh no, there goes the real estate market again.”
After all, we all remember the hyper-competitive real estate market conditions that developed in the early stages of the pandemic. Back then, a severe inventory shortage led to bidding wars, rapid price growth, and a lot of headaches for home buyers.
But things will likely be different this time around. No matter what inventory levels do in 2025, we probably won’t see the kind of fierce competition that occurred over the past few years.
For one thing, there are fewer buyers now when compared to a few years ago. Higher home prices and mortgage rates, along with general inflation, have reduced the pool of qualified home buyers. So there’s less demand these days.
Even with a reduction in supply, the Portland real estate market probably won’t experience such frenzied conditions anytime soon.
As a home buyer in the Portland area, you might have an easier time finding a suitable property within your budget. The reason for this is something we’ve already stated in terms of the possibility of a slight increase in housing supply.
Still, the local market could be competitive for buyers later in 2025 – especially if the recent inventory declines going forward.
You can increase your chance for success by making a strong offer the first time around. To do this, spend some time reviewing recent home sales in the area where you plan to buy a home. This will help you determine the best offer amount, based on what similar homes have sold for in the same area.
You can also benefit from expanding your search area as much as possible. Inventory levels, home prices, and competition can vary from one city or community to the next. So you might be able to get more house for the money, and with less hassle, just by shifting to a different ZIP Code.
Do you need mortgage financing in Portland, OR? We can help. Sammamish Mortgage has been helping borrowers across the Pacific Northwest since 1992, including Washington State, Colorado, Idaho, and Oregon. We offer many different mortgage programs with flexible qualification requirements to suit the needs of each borrower, including our Diamond Homebuyer Program, Cash Buyer Program, and Bridge Loans. Contact us today if you have questions about applying for a mortgage, or visit our website to get an instant rate quote.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.