The Portland, OR metro area housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes stands at $544,950, reflecting a modest year-over-year increase of 0.5%. This indicates a relatively stable pricing environment, albeit with slight upward pressure.

The Median List Price is slightly higher at $549,900, marking a 1.5% increase from the previous year. This suggests that sellers are optimistic about the market's potential, although the gap between list and sales prices remains narrow. The median Price Per Square Foot has risen by 2.4% to $305.40, while the Median List Price per square foot has seen a smaller increase of 0.8%, reaching $311.39.

In terms of sales activity, the number of Homes Sold has increased significantly by 7.3% year-over-year, totaling 1,900 units. However, Pending Sales have decreased by 9.8%, indicating a potential slowdown in future transactions. New Listings have dropped sharply by 20.4%, with only 1,986 homes entering the market, which could contribute to tighter inventory levels in the coming months.

Inventory levels have remained relatively stable, with a slight increase of 0.4% year-over-year, totaling 4,534 homes. The Months of Supply have decreased by 20.0% to 2.40 months, suggesting a more competitive market environment. Homes are spending less time on the market, with the Median Days on Market decreasing by 7.0% to 43 days.

The average sale to list ratio has improved slightly by 0.4%, reaching 99.6%, indicating that homes are selling very close to their asking prices. The percentage of Homes Sold above list price has increased by 2.6% to 30.3%, reflecting strong buyer demand in certain segments of the market. Conversely, the proportion of Price Drops has risen by 7.1% to 31.0%, suggesting that some sellers may be adjusting their expectations to align with market realities.

Finally, the percentage of homes going off the market within two weeks has increased marginally by 0.8% to 39.0%, highlighting the brisk pace of transactions for well-priced properties.