Inventory Shifts: Why More Homes ≠ A Buyer’s Market (Necessarily)-A Look At Late 2025

If you’ve been hearing that “inventory is up,” you might be wondering what that actually means for you. More choices? Better negotiating power? A market finally catching its breath?

The short answer: yes — but unevenly.

Across Portland, Oregon, and Vancouver, Washington, inventory increased through the second half of 2025, but the story isn’t as simple as buyers suddenly holding all the cards. What’s happening instead is a market that’s slowly finding more balance, with opportunity showing up differently depending on price point, location, and the type of home.

Understanding these shifts helps buyers and sellers move forward with confidence — and with realistic expectations.

It’s important to understand that more listings don’t automatically mean deep discounts or stress-free negotiations.

Here’s why:

• Inventory tends to rise naturally in the second half of the year as fewer buyers are actively searching.

• Many of the new listings are concentrated in specific price ranges, or newly built neighborhoods, not evenly spread across the market.

• Well-priced homes in desirable neighborhoods are still moving, even if they’re taking a little longer.

This is less about the market swinging to one side, and more about it slowing down enough to breathe.

And, not all homes experience the same level of demand.

In Portland, entry-level and mid-range homes continue to attract steady interest, especially in neighborhoods with good walkability, schools, or access to transit. These homes may still see multiple offers, even as overall inventory grows.

At the same time, higher-priced homes are often where inventory builds first. In late 2025, homes at the top of the market generally took longer to sell and were more likely to see price adjustments.

In Vancouver, inventory also increased through Q3 and Q4, with listings rising faster than buyer demand in some segments. Even so, median prices remained relatively steady, signaling a market that’s adjusting, not unraveling.

What this means:

• Buyers may find more breathing room in certain price ranges.

• Sellers  need to be more thoughtful about pricing and presentation.

• The “market” isn’t one thing — it’s a collection of many small, local stories.

This is why local data matters so much. Two neighborhoods just a few miles apart can feel like completely different markets.  When you focus on local supply, days on market, and recent price movement, the picture becomes clearer — and far more useful.

The Pacific Northwest has become a big draw for those seeking a friendlier climate (both in nature and society), which has helped to keep home prices more consistent, as we still find a large number of folks moving here from out of state. Another reason we focus on local statistics rather than national trends.

What does this mean for buyers and sellers right now? This market is offering something many people have been waiting for: options without chaos. It is moving toward balance, not extremes.

Rising inventory is a meaningful shift, but it doesn’t flip a switch overnight.

This is a market that’s learning how to support enoughness — enough choice, enough time, and enough stability that real estate doesn’t have to feel like it’s about pressure, it can feel like it’s about possibility,