As holiday lights twinkle across the Portland metro area, many of us are taking stock of the year behind us and thoughtfully considering what 2025 might bring. If you’re among those wondering what’s happening in our local housing market – perhaps considering a change in the coming year – let’s sit down together (virtually!) and look at what November’s housing numbers are telling us.
I know market reports can feel like a blizzard of statistics, so let’s break down what’s really happening in terms that matter to your decisions. Whether you’re thinking about rightsizing to a River Place condo or exploring single-level homes in Oregon City, understanding today’s market will help you plan with confidence.
What’s Actually Happening with Portland Home Prices?
The median price of a Portland metro home now stands at $545,000, showing a steady 2.3% increase over the year. What does this mean for you? If you’ve been in your home for many years, you likely have significant equity that can support your next move. The average sale price is slightly higher at $615,700, telling us there’s still healthy activity in various price ranges across our market.
Where Are Most Homes Selling?
Here’s something interesting: the most active price range in our market is between $400,000-500,000, representing about 23% of all sales. The next most active range is $500,000-600,000, at about 20% of sales. For those considering rightsizing, this tells us where the most options and activity are happening in our market.
The Pace of Our Market
If you’re wondering whether this is a good time to consider a move, here’s what we’re seeing:
- Homes are typically selling in about 64 days
- We have about 3 months of available homes to choose from
- Over 90% of listings are ready for immediate purchase and occupancy
This balanced pace means you can make decisions thoughtfully, without the frantic energy we’ve seen in some past markets.
What These Numbers Mean for 2025 Planning
Looking at November’s numbers, we’re seeing a market that supports careful decision-making. With closed sales up 25.1% compared to last November, we know buyers are actively making moves, but they’re doing so at a measured pace that allows for thorough consideration – exactly what you want when making important housing decisions.
A Note About Timing
While new listings did decrease about 20% compared to last November (typical for the holiday season), we’re seeing strong buyer interest with pending sales up nearly 10%. This suggests that while fewer homeowners are listing during the holiday season, serious buyers are still actively looking and making decisions.
Interest Rates and Market Impact
While rates have been a frequent topic of conversation this year, it’s worth noting that many buyers are moving forward despite rate fluctuations. Some are using adjustable-rate mortgages or planning to refinance later, while others are making strategic decisions about using their equity. The key is understanding all your options and choosing what works best for your specific situation.
Moving Forward Together
Whether you’re just starting to explore your options or feeling ready to make a move in 2025, these market conditions offer a balanced environment for thoughtful decisions. The steady price appreciation we’re seeing (2.1-2.3% over the year) suggests a stable market – neither too hot nor too cold – which can be ideal for making well-planned transitions.
Would you like to understand more about what these numbers mean for your specific situation? I’m here to help you explore your options without any pressure. Let’s have a conversation about your goals for 2025 and how today’s market might help you achieve them.
Thanks for reading : )
Wishing you and yours a wonderful holiday season,
Peter Lindberg
Lead Broker – Silver Compass Property Group
503-806-4277
