The Portland, OR metro area housing market in January 2025 presents a dynamic landscape with notable shifts in various metrics. The Median Sales Price stands at $545,000, reflecting a modest year-over-year increase of 1.1%. This growth, albeit slight, indicates a stable market environment. The Median List Price mirrors the sales price at $545,000, with a more pronounced year-over-year rise of 3.8%, suggesting sellers are optimistic about market conditions.

Price Per Square Foot metrics reveal a nuanced picture. The median Price Per Square Foot is $296.50, up by 0.8% year-over-year, while the Median List Price per square foot is $312.38, marking a 3.0% increase. These figures suggest a gradual appreciation in property values, although the growth is more significant in listing prices than in actual sales.

Transaction activity has seen a substantial uptick. Homes Sold in January reached 1,691, a significant 12.8% increase from the previous year. Pending Sales also rose by 11.7%, totaling 2,257. This heightened activity is further supported by a surge in New Listings, which climbed by 22.4% to 2,328. The increase in inventory by 5.7% to 4,605 units indicates a more robust supply, yet the Months of Supply decreased by 20.0% to 2.7 months, highlighting a competitive market environment.

The Median Days on Market have increased by 11.0% to 56 days, suggesting that while there is increased activity, properties are taking slightly longer to sell. The average sale to list ratio remains stable at 98.9%, with a marginal year-over-year increase of 0.1%. However, the percentage of Homes Sold above list price has slightly decreased by 0.2% to 24.0%, indicating a slight cooling in competitive bidding scenarios.

Price adjustments are becoming more common, with 37.0% of listings experiencing Price Drops, a significant 14.0% increase from the previous year. This trend may reflect sellers adjusting expectations in response to market conditions. Additionally, 33.8% of homes went off the market within two weeks, up by 4.2% year-over-year, suggesting that well-priced homes are still attracting swift interest.

Overall, the Portland, OR metro area housing market in January 2025 is characterized by increased activity and a competitive environment, with sellers adjusting to evolving market dynamics. While prices are appreciating, the pace is moderate, and the market remains attractive for both buyers and sellers navigating these changes.