Each month we break down the RMLS Market Action Report to help Portland area homeowners and buyers understand what’s actually happening in the market. The Portland Metro Residential Market Action Report is a monthly snapshot provided by RMLS, the regional database where real estate agents list homes across the area.
September carried on the seasonal slowdown:
Inventory increased 10.5% to 4.2 months
Median sale price increased 0.9% to $545,000
Total market time increased 19.3% to 68 days*
*Total market time only accounts for listings that went from active to pending during the reported month. Homes that were withdrawn or canceled after extended time on market are not included.
A note on inventory levels: At 4.2 months of inventory, Portland Metro has reached a level we haven't seen in quite some time. In fact, the last time RMLS reported more than four months of inventory before this year was September 2012.
Inventory remained relatively elevated around that time, but the market steadily tightened over the following years. By 2017, Portland was generally operating with less than two months of inventory, and inventory fell even further during the pandemic-era market, reaching just 0.8 months in 2020.
So, what does today's 4.2-month supply mean? The most important takeaway isn't that Portland's market is "crashing." It's that the market is normalizing. After years of exceptionally low inventory and intense competition, we're finally seeing a level of supply that gives buyers more breathing room and brings the market closer to historical norms.
The combination of increased inventory and longer market times means more opportunities and less pressure for buyers. The Black Friday frenzy is over!
We know many buyers were discouraged by the recent rise in interest rates. While higher rates certainly don't help affordability, other market conditions are beginning to ease the pressure buyers have faced in recent years. You no longer have to act immediately because of historically low inventory, or settle for a home that doesn't check enough of your boxes simply because there aren't other options.
Focus on affordability first. Meet with a lender to understand your current buying power, then get your wish list and home searches dialed in and start watching the market. More inventory means more opportunities to be patient, strategic, and selective.
This month's report is another reminder that accurate pricing and a strong first impression matter more than ever. Homes that are priced appropriately, prepared thoughtfully, and presented well can absolutely stand out. But the days of putting a home on the market at your dream price and expecting multiple offers simply because it's for sale are behind us.
Preparation is key - not only when it comes to selecting a competitive and strategic list price, but also when getting your home ready to stand out in a larger pool of available properties.
The market is changing, but that doesn't mean sellers can't be successful. It means strategy matters.
Inventory levels are a leading indicator of market strength. This metric is calculated by dividing the total number of active listings at the end of the month by the number of homes that sold during the same period.
The inventory level for September was 4.2 months, meaning that if no new homes came on the market, it would take 4.2 months for all existing inventory to sell at the current pace of sales.
The median sale price for September was $545,000, representing:
0.9% increase compared to last month
Unchanged compared to September 2025
Lake Oswego / West Linn maintained the highest median sale price in the Portland Metro area at $925,000.
West Portland: $665,000
North Portland: $464,500
NE Portland: $524,000
SE Portland: $477,500
If you’d like to learn more about the Portland Metro real estate market, or how these trends may impact your home, feel free to reach out anytime.
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Address 4200 Mercantile Dr #700 Lake Oswego, OR 97035
Address 4200 Mercantile Dr #700 Lake Oswego, OR 97035