Hi, I’m Kelsey Burkett with Rooted Realty Group at Living Room Realty, here with your latest market update as we head into spring in Portland.
A Market That’s Starting to Move Again
This spring, the story isn’t just about more inventory. It’s about who’s actually deciding to move.
After a couple of years of feeling stuck, we’re finally seeing some momentum. Sellers are beginning to list again, even if it means giving up those ultra-low interest rates. That shift has pushed inventory to just over three months across the Portland metro.
New listings are up about 17% compared to this time last year, a clear sign that the “wait and see” phase is starting to thaw.
Two Markets, One City
Not all homes are behaving the same right now. In fact, we’re seeing two distinct markets play out at once.
Move-in ready homes in close-in neighborhoods are still moving quickly, often attracting multiple offers. Meanwhile, homes that feel dated, overpriced, or a bit further out are sitting longer and seeing price adjustments.
The gap between “dialed” and “needs work” is wider than it’s been in the past few years.
Opportunities for Buyers
For buyers, this shift creates real opportunity, especially for those willing to look beyond turnkey homes.
If you’ve been priced out of a neighborhood you love, it may be worth considering homes that need cosmetic updates but have solid fundamentals, like a newer roof, updated systems, and a strong foundation. These properties can offer a path into better locations while allowing you to build equity over time.
Mortgage rates have improved slightly, with most buyers landing in the low-to-mid 6% range and occasional dips into the 5s depending on the scenario. As a result, pending sales are up about 10% year over year.
Even so, buyers are approaching the market thoughtfully. They’re taking their time, negotiating more, and carefully considering long-term affordability.
The Bigger Picture: Affordability
Zooming out, affordability remains one of the biggest factors shaping the market.
Portland has been getting national attention for leading the way in “middle housing,” including duplexes, triplexes, and cottage clusters designed to create more attainable entry points. While more of this housing is coming online, the majority of homes are still out of reach for many middle-income buyers.
Progress is being made, but buyers continue to need creativity and strategy to find their way in.
What Sellers Should Know
For sellers, the takeaway is clear: preparation and pricing matter more than ever.
Homes that feel fresh, updated, and well-positioned are still performing strongly. But buyers are quicker to pass if something feels off. The market is less forgiving when a home misses the mark.
A More Thoughtful Market
Overall, this spring is shaping up to be a more balanced and intentional market. There’s opportunity on both sides, but it requires a bit more strategy than it did a few years ago.
If you’re thinking about making a move, or just trying to make sense of it all, we’re here to help you figure out what makes the most sense for you.
