Category: Portland Metro Housing Market

The 2025 Portland Region Detached Homes Market in Review

The Portland Region detached homes market recorded 17,083 sales in 2025. Overall, the market remained stable—modest gains in volume (+2.11%) and prices (+0.84% median to $599,990) amid longer CDOM (+11.09% to 59.15 days) and reduced new construction (-11.86%). Tight supply (~2.9 months) supported price resilience in a selective, balanced environment.

Famous Portland White Stag sign in trees in autumn colors.
Portland White Stag sign with trees in autumn colors.
Via Canva Pro

The Portland Region’s detached single-family home market in 2025 remained in a state of equilibrium—a continuation of the balanced conditions observed throughout the quarterly updates. After the sharp rate-driven shifts of 2022–2023, the region has settled into a new normal: modest growth, increased buyer selectivity, and persistent supply constraints. Prices held firm with slight upward movement, transaction volume grew incrementally, and marketing times lengthened as buyers became more deliberate in a still-elevated borrowing environment.

This stability was not uniform across segments or submarkets. Core properties continued to drive the majority of activity, while luxury showed resilience in select pockets. New construction retreated further, pushing the average home age older and reinforcing resale dominance. Months of supply stayed tight, supporting price levels without dramatic volatility.

The following sections provide a regional overview, segment breakdown, monthly trends, and detailed county-level statistics.

Table of Contents

Data Housekeeping

The Portland Region in this review comprises the six Oregon counties of Columbia, Clackamas, Hood River, Multnomah, Washington, and Yamhill. These counties form a contiguous housing ecosystem centered on Portland—Multnomah as the core home county, with the others tightly integrated through commuting patterns, economic ties, and shared market dynamics (e.g., Yamhill’s strong connection via Highway 99W and wine-country adjacency). Beyond Yamhill, the MLS system changes, further distinguishing this six-county area from broader geographic aggregations. For a detailed overview—including county profiles, population data, key value influencers, and why this definition differs from the official seven-county Portland–Vancouver–Hillsboro MSA—see my dedicated page: The Portland Region – Six-County Market Area Overview.

Colored map of the six counties comprising the Portland Region: Clackamas, Columbia, Hood River, Multnomah, Washington, and Yamhill.
The six-county Portland Region
Via SunCatcherStudio

All data is sourced from RMLS and reflects open-market detached single-family residential sales (excluding condos, attached homes, manufactured homes on leased land, and multifamily). SNL (“Sold Not Listed”) entries—off-market transactions entered retroactively—have been excluded to preserve consistency with true market activity.

All figures have undergone my standard cleaning process to address common RMLS accuracy challenges, including misclassifications (e.g., condos listed as detached), square footage/price typos, incomplete fields, status/date mismatches, and non-representative entries. For a detailed overview of these issues, their impact on market analysis, and how I mitigate them through automated flagging, cross-verification, and manual review, see the dedicated page: RMLS Data Accuracy Challenges.

Important note for the 2025 annual review: I published quarterly updates for each quarter of 2025, and sharp readers may notice that the total sales count here exceeds the sum of the four quarterly figures. This occurs because some agents delay updating records for months after closing. A recent comprehensive check of all non-close-sale data uncovered additional stragglers that were not captured in the quarterly snapshots. As a result, this full-year aggregation provides the most complete and accurate picture of 2025 detached home activity in the region.

Portland Region 2025 Overview

The Portland Region’s detached single-family home market in 2025 remained in a state of equilibrium—modest gains across key metrics despite increased buyer selectivity and a continued retreat in new construction.

Overall Regional Trends

The table below summarizes key metrics for detached single-family residential sales in the Portland Region (Columbia, Clackamas, Hood River, Multnomah, Washington, and Yamhill counties) for all of 2025 compared with 2024.

Category20242025% Change
Total $ Volume$11.4 Billion$11.7 Billion+2.11%
Average Price$676,839$682,557+0.84%
Median Price$595,000$599,990+0.84%
Avg SP/OLP97.92%97.24%-0.69%
Avg PPSF (TSF)$320.37$321.05+0.21%
Avg Lot Size (ac)0.650.64-0.51%
Avg Age (Yrs)43.0048.52+12.84%
Avg CDOM53.2459.15+11.09%
Avg Total SF2,1802,203+1.04%
Total # of Sales16,87217,083+1.25%
# of New Constr.2,1081,858-11.86%
Avg Supply (Mos.)2.662.92+9.77%
# of REOs111110-0.90%
# of Short Sales2337+60.87%
2024 & 2025
Data: RMLS | PortlandAppraisalBlog.com

Key Observations From the Aggregate Data

The 2025 full-year metrics reinforce the theme of stability that defined the quarterly updates—modest gains in volume and prices occurred within a market that remained balanced rather than shifting dramatically in any direction.

  • Modest overall growth with compositional support: Total sales volume rose +2.11% to $11.7 billion on +1.25% more transactions (17,083 closings). Median and average close prices advanced +0.84% each—to $599,990 and $682,557—while average PPSF edged +0.21% to $321.05 despite homes becoming slightly larger (+1.04% to 2,203 SF). Normally, larger average sizes exert downward pressure on PPSF; the fact that PPSF held positive suggests underlying value support through quality or compositional shifts in the sold inventory.
  • Aging inventory and reduced new construction: Average home age increased +12.84% to 48.52 years, driven primarily by a -11.86% decline in new construction closings (1,858 vs 2,108 in 2024). This shift skewed the transaction mix toward older existing stock, limiting fresh supply and reinforcing resale dominance.
  • Increased buyer selectivity: Average cumulative days on market lengthened +11.09% to 59.15 days—a clear sign of greater deliberation and caution. Even as mortgage rates eased gradually through 2025 (from early highs near 7.0% to year-end levels around 6.1–6.2%), rates remained elevated relative to historical norms and sustained the lock-in effect for many homeowners. Buyers took more time to decide, compare, and negotiate, contributing to the modest dip in SP/OLP ratio to 97.24% (-0.69%).
  • Tight supply conditions: Months of supply averaged approximately 2.9 months—well below the traditional 4–6 month benchmark for balance. This continued tightness supported price resilience and prevented broader volatility, even as selectivity rose.
Line graph showing the weekly 30-year fixed mortgage rate for 2025.

The gradual downward trend in weekly 30-year fixed mortgage rates throughout 2025—from early-year highs near 7.0% to year-end levels around 6.1–6.2%—provided some affordability relief compared to 2024. However, rates remained elevated relative to recent historical norms and continued to contribute to buyer caution, as evidenced by the increase in average cumulative days on market.

Portland Region Scatter Plots

To visualize the distribution of individual sale prices across 2025, the following scatter plots show sales price against date of sale. The first graph displays the full range of transactions, while the second focuses on the $0–$2M range. In both, the red line represents a fitted trendline across all transactions.

Scatter plot showing individual home sales in the Portland Region during 2025. Each dot represents a closed sale, plotted by date on the x-axis and price on the y-axis. The data is sourced from RMLS.

The full-range scatter illustrates the complete distribution of detached single-family home sales prices in the Portland Region for 2025. The majority of transactions cluster in the lower bands, with occasional high-end outliers extending up to $10M+. The fitted trendline shows no clear upward or downward direction, reinforcing the year’s price stability.

Scatter plot showing individual home sales in the Portland Region during 2025, with a focus on sales at or below $2 million. Each dot represents a closed sale, plotted by date on the x-axis and price on the y-axis. The data is sourced from RMLS.

The zoomed view focuses on the $0–$2M range, revealing a dense “wall” of sales below approximately $1.3M–$1.5M throughout the year. Density thins noticeably above that level, highlighting the core market’s dominance in transaction volume while higher-price sales remain comparatively sparse and scattered. This pattern aligns with the broader stability theme: modest gains supported by compositional factors rather than broad appreciation.

Bottom-line Summary

The 2025 Portland Region detached single-family home market delivered a year of continued equilibrium—modest gains in volume and prices persisted within a balanced, non-volatile environment. While cumulative days on market lengthened and new construction retreated, the overall picture remained one of stability three years after the rapid mortgage rate rise. Supply stayed tight, buyer selectivity increased modestly, and prices held firm with slight upward movement, reflecting a market that has settled into a sustainable new normal.

Core Market (< $1M)

The core market—homes under $1 million—continued to anchor the majority of activity in the Portland Region during 2025, driving most of the transaction volume while showing modest resilience amid broader selectivity. This segment remained the primary engine of market movement, with buyers in this price range facing affordability constraints yet benefiting from greater availability of inventory compared to the luxury tier.

The following table compares core market metrics (< $1M) in 2025 with 2024:

CategoryCore (< $1M) 2024Core (< $1M) 2025% Change
Total $ Volume$9.04 Billion$9.19 Billion+1.71%
Average Price$592,349$596,742+0.74%
Median Price$570,525$575,000+0.78%
Avg SP/OLP98.15%97.47%-0.69%
Avg PPSF (TSF)$311.84$312.93+0.35%
Avg Lot Size (ac)0.420.46+10.06%
Avg Age (Yrs)46.3948.93+5.48%
Avg CDOM49.9956.50+13.02%
Avg Total SF2,0072,026+0.91%
Total # of Sales15,26015,406+0.96%
# of New Constr.1,9041,698-10.82%
# of REOs79.16%78.84%-0.39%
# of Short Sales90.45%90.18%-0.29%
2024 & 2025
Data: RMLS | PortlandAppraisalBlog.com

The core market—homes under $1 million—continued to anchor the majority of activity in the Portland Region during 2025, accounting for 90.18% of total sales count and 78.84% of dollar volume. This segment drove the bulk of transaction movement while demonstrating modest resilience amid broader selectivity pressures. Transaction volume grew slightly (+0.96% to 15,406 sales), and dollar volume advanced +1.71% to $9.19 billion. Median and average close prices rose +0.78% and +0.74% respectively—to $575,000 and $596,742—with average PPSF edging +0.35% to $312.93 despite a modest increase in average home size (+0.91% to 2,026 SF).

The core segment experienced more pronounced lengthening of marketing times than the region overall, with average cumulative days on market rising +13.02% to 56.50 days. This reflects heightened buyer caution in the more rate-sensitive price range, though sellers conceded only modestly more ground (SP/OLP ratio 97.47%, down -0.69%). New construction in core declined -10.82% to 1,698 closings, contributing to an older average age (+5.48% to 48.93 years) and further emphasizing resale dominance. Notably, average lot size in core increased +10.06% to 0.46 acres—a compositional shift that likely supported the modest PPSF gain by adding value through additional land.

Overall, the core market remained the foundation of regional activity in 2025, absorbing the majority of demand while navigating increased selectivity and reduced fresh supply. Its performance—modest gains in volume and prices with firmer PPSF resilience—helped maintain the year’s broader equilibrium.

Luxury Market (≥ $1M)

The luxury segment—homes priced at $1 million and above—represented a smaller but resilient portion of the Portland Region’s 2025 detached single-family market. While core properties drove the majority of transaction volume, luxury homes showed greater stability in certain metrics, particularly time on market, amid a year of overall equilibrium. This segment benefited from buyers who were often less rate-sensitive and more decisive when the right property aligned with their preferences.

The following table compares luxury market metrics (≥ $1M) in 2025 with 2024:

CategoryLuxury (≥ $1M) 2024Luxury (≥ $1M) 2025% Change
Total $ Volume$2.38 Billion$2.47 Billion+3.63%
Average Price$1,476,662$1,470,905-0.39%
Median Price$1,259,667$1,255,000-0.37%
Avg SP/OLP95.72%95.11%-0.63%
Avg PPSF (TSF)$401.07$395.59-1.37%
Avg Lot Size (ac)2.812.33-17.16%
Avg Age (Yrs)39.3844.71+13.55%
Avg CDOM84.0083.47-0.63%
Avg Total SF3,8133,829+0.41%
Total # of Sales1,6121,677+4.03%
# of New Constr.204160-21.57%
% of $ Volume20.84%21.16%+1.49%
% of Market9.55%9.82%+2.75%
2024 & 2025
Data: RMLS | PortlandAppraisalBlog.com

Luxury homes accounted for 9.82% of total sales count and 21.16% of dollar volume in 2025, with transaction count rising +4.03% to 1,677 and dollar volume advancing +3.63% to $2.47 billion. Median and average close prices softened slightly—down -0.37% to $1,255,000 and -0.39% to $1,470,905—while average PPSF declined -1.37% to $395.59.

Average cumulative days on market showed resilience, dipping -0.63% to 83.47 days, in contrast to the core segment’s more pronounced lengthening (+13.02% to 56.50 days). This suggests that well-positioned high-end homes are still finding buyers efficiently, and emphasizes the need to price homes realistically.

New construction in luxury fell more sharply (-21.57% to 160 closings), contributing to a shift toward resale dominance within the segment.

Average lot size decreased -17.16% to 2.33 acres, though this may reflect a compositional move toward smaller urban or estate parcels rather than a broad trend.

Overall, the luxury market demonstrated relative strength in marketing time and modest dollar-volume growth, even as per-unit metrics softened. This resilience—particularly in time on market—helped balance the year’s broader selectivity, with luxury buyers remaining committed when the right property appeared.

Sales Volume

Washington, Clackamas, and Multnomah counties together accounted for nearly 91% of the region’s detached single-family sales in 2025, underscoring their central role in overall market activity. The following treemap visualizes the distribution by county, sized by sales count:

This treemap graph illustrates the sales volume of single-family homes in the Portland Region for 2025. The data is sourced from RMLS.

Multnomah led with 6,459 sales (37.81% of regional total), followed by Washington (5,046 sales, 29.54%) and Clackamas (3,986 sales, 23.33%). Yamhill contributed 964 sales (5.64%), Columbia 487 sales (2.85%), and Hood River 141 sales (0.83%). This geographic concentration remained highly consistent with 2024—the top three counties held ~90.68% of sales in 2025 compared to ~90.26% the prior year—reflecting the region’s enduring urban and suburban dominance.

The modest year-over-year shifts in county shares (e.g., Multnomah up slightly to 37.81%, Washington down to 29.54%, Clackamas essentially flat) further illustrate the stability that characterized 2025. Smaller counties showed greater percentage volatility due to lower base volumes, but the overall distribution reinforced a balanced market without significant reallocation of activity.

Monthly sales counts in 2025 followed a classic seasonal pattern typical of the Portland Region—lower activity in winter, a ramp-up through spring, peak momentum in late spring and early summer, a modest dip in early fall, and a surprising late-year rebound. The following bar chart shows total detached single-family sales by month for 2025:

This bar graph shows the number of single-family detached residential sales in the Portland Region for each month of 2025. The data is sourced from RMLS.

The chart reveals the expected seasonality: weakest in January and February, building steadily to a spring peak in May and then gradually declining until October (1,686—the year’s highest month) before tapering in November and December. This late-year strength in October and December helped offset softer mid-spring and summer months compared to 2024, contributing to the modest annual increase in total closings.

Monthly sales counts in 2025 tracked closely with 2024 for most of the year, reflecting the same underlying stability across seasons. The following double bar chart compares total detached single-family sales by month for the two years:

This bar graph compares the number of single-family detached residential sales in the Portland Region for 2024 and 2025. The data is sourced from RMLS.

The two years remained remarkably neck-and-neck in monthly activity, with differences mostly modest in scale. 2024 showed noticeable strength in May, June, and November, while 2025 pulled ahead in January, October, and December. This pattern aligns with gradual mortgage rate easing throughout 2025, which likely encouraged some buyers to act earlier in the year or wait for improved affordability late in the year. The standout October performance in 2025 (1,686 sales, the year’s high point) echoed a strong fall trend seen in 2024, likely influenced by families finalizing moves after the school year start, pre-holiday motivation, and Portland’s relatively mild October weather facilitating showings and closings.

Overall, the close month-to-month alignment reinforces that 2025 was not a year of dramatic seasonal shifts or momentum changes—just incremental variations that netted the modest +1.25% increase in annual sales.

Sales Price

Monthly average sales prices in 2025 remained remarkably stable throughout the year, closely mirroring 2024’s patterns with only modest seasonal fluctuations and no significant directional trend. The following bar chart shows average close prices by month for 2025:

This bar graph shows the average sales price of single-family detached residential sales in the Portland Region for each month of 2025. The data is sourced from RMLS.
Note: The y-axis starts at $600,000 to allow better examination of monthly differences.

The chart reveals a narrow range of monthly averages—from approximately $657,000 in November and December to $703,265 in June—a spread of about 7% from low to high. Prices peaked in late spring and early summer (April–August mostly $690k–$703k), then gradually softened through fall and winter. This seasonal arc is typical of the region, with stronger activity and higher-value closings during peak buyer season, followed by a quieter late-year period. The overall flatness across months reinforces the year’s broader price equilibrium.

The following line graph below compares monthly average sales prices for 2024 (blue) and 2025 (red), with a full y-axis scale starting near zero to show true proportional differences:

This line graph shows the average monthly sales prices of homes in the Portland Region for 2024 and 2025. The lines are nearly identical.

When viewed on this full scale, the two years appear nearly identical across most months, with only minor divergences — primarily a stronger start in January and February 2025. This visual compression underscores the high degree of price stability year-over-year. Zooming in we have:

This line graph shows the average monthly sales prices of homes in the Portland Region for 2024 and 2025. The y-axis starts at $580,000 to allow better viewing of minor variations between the two years for each month.
Note: The y-axis starts at $580,000 to allow better examination of monthly differences.

The above graph reveals the modest seasonal movements more clearly.

New Construction

New construction activity in 2025 declined noticeably from 2024 levels, with 1,858 new homes closing compared to 2,108 the prior year (-11.86%). As a share of total sales, new construction averaged 10.88% for the year, reflecting a reduced contribution from fresh inventory to overall market volume. The following double bar chart shows monthly total sales (primary bars) versus new construction closings (nested/secondary bars) in 2025:

This bar graph shows the number of single-family detached residential sales in the Portland Region for each month of 2025 with the number of new constructions sales embedded within as a different colored bar. The data is sourced from RMLS.

New construction share was highest early in the year (February 15.35%, January 13.05%, March 13.03%), then trended lower through spring and summer (June–August ~9–10%), reached a low in September (8.41%), and rebounded modestly in November and December (~11–12%). This pattern reflects typical builder closing cycles—more completions in Q1/Q2 — while total sales peaked later in the spring/summer buyer season, resulting in lower relative share during high-volume months. The annual decline contributed to older average inventory and reinforced resale dominance across the region.

While new construction declined regionally, the geographic distribution of new closings remained concentrated in the larger suburban counties. The following side-by-side double bar chart compares new construction sales volume by county in 2024 versus 2025:

This bar graph compares the number of new construction single-family detached residential sales in the Portland Region for 2024 and 2025 broken out by county. The data is sourced from RMLS.

Washington County continued to dominate new construction activity, accounting for 52.53% of regional new closings in 2025 (976 sales, down -8.87% from 2024). Clackamas followed at 26.16% (486 sales, -4.14%), and Multnomah contributed 14.10% (262 sales, -15.76%). Yamhill saw the sharpest relative drop (-42.86% to 120 sales, 6.46% share), while Columbia remained flat at 9 sales (0.48%) and Hood River posted a small gain (5 sales from 0, 0.27% share). The concentration in Washington and Clackamas—together nearly 79% of 2025 new closings—reflects their suburban growth areas and remaining builder pipelines, while smaller counties saw more volatility due to limited scale.

The table below shows new construction sales volume by dollar amount for 2025 compared with 2024.

County2024 $ Amount2025 $ Amount% Change% of Total 2025 $ Amount
Clackamas$431,392,884$423,842,357-1.75%3.63%
Columbia$5,398,000$4,704,700-12.84%0.04%
Hood River$0$3,081,250—0.03%
Multnomah$190,014,459$142,381,946-25.07%1.22%
Washington$813,200,663$719,942,866-11.47%6.17%
Yamhill$107,849,192$65,484,912-39.28%0.56%
Sum$1,547,855,198$1,359,438,031-12.17%11.66%
2024 & 2025
Data: RMLS | PortlandAppraisalBlog.com

The following double bar chart provides the above information at a glance:

This bar graph compares the dollar amount of new construction single-family detached residential sales in the Portland Region for 2024 and 2025 broken out by county. The data is sourced from RMLS.

Washington County dominated new construction dollar volume in 2025 ($719.9 million, 52.96% of regional total), followed by Clackamas ($423.8 million, 31.18%). Together these two counties accounted for over 84% of regional new-home value, reflecting their suburban growth areas and remaining builder pipelines. The regional decline in new construction dollar volume (~12.17% to $1.36 billion) slightly outpaced the count drop, indicating modest softening in average new-home pricing alongside reduced volume.

Clackamas County’s strong showing in new construction value was supported by vested projects in growth areas like Sandy. However, the ongoing sewer moratorium in Sandy (extended to June 2026) may limit future pipeline, potentially reducing Clackamas’s regional share in 2026–2027 as approved projects are completed. For full details on the moratorium’s history, impacts, and timeline, see my recent analysis.

Despite the measurable pullback in new construction closings and dollar volume, the segment remained a significant economic force in the Portland Region. Nearly $1.4 billion in new home value changed hands in 2025—a substantial contribution to local jobs, supply-chain activity, tax base support, and overall economic circulation. This underscores the ongoing importance of home building even in a year of reduced activity and resale dominance.

Cumulative Days on Market

Average cumulative days on market (CDOM) rose +11.09% year-over-year to 59.15 days in 2025, reflecting increased buyer selectivity in a market where mortgage rates, while easing modestly, remained elevated relative to historical norms. The following bar chart shows average CDOM by calendar month for 2025:

This bar graph shows the average cumulative days on market for single-family detached residential sales in the Portland Region for each month of 2025. The data is sourced from RMLS.

The chart reveals the classic “V” pattern typical of the region: longest marketing times in winter months (January & December), a sharp drop through spring (March through May), a trough in late spring/early summer (June & July), then a gradual rise through fall/early winter (September through December). This seasonality aligns with expected patterns—stronger buyer activity and faster turnover during peak season, slower movement in winter due to holidays, weather, and reduced showings.

The bar chart below compares cumulative days on market for 2024 and 2025:

This bar graph compares the average days on market (CDOM) for single-family detached residential homes in the Portland Region for 2024 and 2025. The data is sourced from RMLS.

2025 CDOM was higher in nearly every month, with the increase most pronounced in winter (January +26 days, December +18 days) but evident across the board. The “V” shape persisted in both years, yet the overall elevation in 2025 underscores structural factors—persistent affordability hurdles and buyer caution—rather than seasonal-only shifts. Sellers contributed by holding firm to initial list prices, conceding only modestly more ground (SP/OLP ratio 97.24%, down -0.69%), which extended exposure periods without triggering widespread reductions.

The Core vs Luxury CDOM comparison further illustrates segment-specific dynamics within the year’s broader selectivity trend. The following bar chart shows average cumulative days on market by calendar month for 2025, segmented by core (< $1M) and luxury (≥ $1M):

This bar graph compares the average days on market (CDOM) for single-family detached residential homes in the Portland Region for 2024 and 2025 segmented by under $1M or $1M+. The data is sourced from RMLS.

Luxury CDOM remained consistently higher than core throughout the year, reflecting the longer marketing times typical of higher-price properties that attract fewer, more selective buyers. Annual averages were 83.47 days for luxury (-0.63% from 2024) versus 56.50 days for core (+13.02% from 2024), highlighting greater resilience in the luxury segment. The “V” seasonality persisted in both, with winter highs and summer lows, but luxury showed a flatter profile overall—less pronounced seasonal swings—while core experienced more noticeable lengthening during peak periods.

This divergence aligns with buyer behavior: core buyers, more rate-sensitive and facing affordability constraints, exercised greater caution and took longer to decide, contributing to the segment’s sharper CDOM rise. Luxury buyers—often with more equity or cash positions—remained decisive when the right property appeared, resulting in relatively stable marketing times despite a slower sales pace. The contrast reinforces that selectivity pressures in 2025 were more acute in the core market, while luxury benefited from targeted demand in premium submarkets.

Housing Supply

Months of supply (MOS)—the number of months it would take to absorb current active inventory at the prevailing sales pace, assuming no new listings enter the market—remained low throughout 2025, averaging approximately 2.9 months. This continued tightness supported price resilience and modest gains despite increased buyer selectivity and longer marketing times. The following bar chart shows MOS by calendar month for 2025:

This bar graph shows the months of housing supply for single-family detached residential sales in the Portland Region for each month of 2025. The data is sourced from RMLS.

The chart illustrates clear seasonality: MOS peaked in January (3.36 months) as sales slowed and some listings lingered or re-entered the market post-holidays, dipped through spring (March 2.67, April 2.71), rose modestly during summer (June 3.08, July 3.22, August 3.15), and reached its lowest point in December (2.25 months). The December low reflects widespread year-end listing cancellations and withdrawals—a common pattern as sellers pause for holidays, tax considerations, or motivation loss—while January’s high results from many of those listings re-entering the market alongside new ones.

This seasonal wave aligns with expected regional patterns: stronger sales pace relative to inventory in peak buyer months (spring/summer) pulls MOS lower, while slower winter activity allows inventory to build relative to closings. The annual average of ~2.9 months stayed well below the traditional 4–6 month benchmark for a balanced market, maintaining a seller-leaning environment that helped anchor price stability even as CDOM lengthened.

The line graph below compares monthly months of supply for 2024 (blue line) and 2025 (red line), with a full y-axis scale to show true proportional differences:

This line graph shows the months of housing supply for homes in the Portland Region for 2024 and 2025.

Both years exhibited similar seasonal waves: higher MOS in winter (January peaks around 3.4–3.5 months), a dip through spring as sales pace accelerated, a modest rise in summer, and lows in late fall/early winter (December ~2.2–2.3 months in both years). The lines converged closely at the start (January) and end (December) of the year, with the most noticeable divergence occurring in spring and summer months, where 2024 showed lower (more constrained) MOS—often 0.5–0.8 months below 2025 levels—indicating relatively stronger absorption relative to inventory during peak buying season in 2024.

Overall, 2025 averaged modestly higher supply (2.92 months) compared to 2024 (2.66 months), remaining well below the traditional 4–6 month benchmark for a balanced market. This slight increase contributed to incremental affordability relief and helped support the year’s modest transaction volume growth, while the persistent tightness anchored price stability and limited broader volatility.

Miscellaneous Statistics & Standout Transactions

The 2025 Portland Region detached single-family market produced a range of notable extremes and interesting figures that highlight the diversity and breadth of activity across price points, sizes, features, and marketing times. The following standouts capture some of the year’s most remarkable data points.

Lowest close price: $90,000—a 1930s fixer cabin in Forest Grove (Washington County). The property offered original character but required extensive rehabilitation, including interior plumbing repairs and floor work. Photos of this property are currently available online.

Highest close price: $9.45 million—a lakefront estate in Lake Oswego (Clackamas County). The property featured approximately 280 feet of private Oswego Lake shoreline, panoramic views, a primary suite addition, pool, extensive entertaining spaces, six-car garage (pre-wired for expansion), and a boathouse. This transaction reflects sustained demand for premium waterfront properties in Clackamas County, consistent with the area’s historical strength at the upper end of the market. Photos of this property are currently available online.

Lowest PPSF: $49.84—an REO (bank-owned) fixer-upper in Clatskanie, OR 97016 (Columbia County). This 2-story home with basement offered good natural light and scenic surroundings but required significant vision and effort to restore to its potential. As one of the region’s most affordable major counties, Columbia continues to produce entry-level opportunities for buyers willing to undertake rehabilitation work. Photos of this property are currently available online.

Highest PPSF: $1,646.65 per square foot—a lakefront property on Oswego Lake in Clackamas County that is near the highest sale. The home sold for $8,500,000 and measured 5,162 square feet, featuring 4 bedrooms, 6 full bathrooms, 1 half bathroom, and a 0.26-acre lot. This transaction reflects strong demand for premium waterfront locations in the region, where location and views can drive exceptional value per square foot. Photos of this property are currently available online.

Longest CDOM: 1,923 days—a working vineyard estate in Yamhill County. The property first listed in March 2019 for $1.3 million, saw no price adjustment until March 2023, went pending in July 2024, and closed in August 2025 for $1.195 million. The extended marketing time reflects the challenges of selling a specialized vineyard property on a small-volume market, though the final discount was moderated by appreciation since the initial listing. This extreme duration highlights how niche or rural properties can face prolonged exposure in a selective environment. Photos of this property are currently available online.

Oldest home sold in 2025: Built in 1858—the former residence of Capt. George Jerome in Oregon City, OR (Clackamas County, Canemah historic neighborhood). This 3-bedroom home (main level living plus 3 upstairs bedrooms) sits adjacent to Willamette Falls, with a detached garage offering bonus room potential for hobbies or an ADU. The property represents a piece of Oregon’s early history, located in a neighborhood poised for future development tied to the falls area. Photos of this property are currently available online.

Largest lot sold in 2025: 90.9 acres—a property in North Plains, Oregon (Washington County). The 4,335-square-foot home sits on a mostly sloped and heavily forested lot, offering significant land area with limited immediate buildable potential. This sale reflects the region’s occasional demand for large rural or acreage parcels, often appealing to buyers seeking privacy, recreation, or long-term investment. Photos of this property are currently available online.

Largest home sold in 2025: 13,379 square feet—a sprawling estate in West Linn, Oregon (Clackamas County). The property sat on 20.18 acres adjacent to the Oregon Golf Club and included a shop building larger than the main residence itself. It sold for $6,500,000 after 299 days on market. This sale highlights demand for expansive, large-lot properties in the region’s suburban and semi-rural areas, where size and outbuildings add significant utility. An exterior photo of the property may be viewed here.

Smallest home sold in 2025: 426 square feet—a cabin in Scappoose, Oregon (Columbia County) on 1.4 acres. This compact property offered a minimal footprint with potential for buyers seeking an affordable entry into detached ownership or a rural retreat. Photos of the cozy home are currently available online and may be viewed here.

Most bedrooms: 11—a former adult foster care home in Tigard, OR (Washington County). The 7-bathroom property included a large kitchen, laundry area, living and family rooms, formal and informal dining, a back living/dining area with wet bar and desk setup, recent updates (new roof, AC/furnace, water heater, LVP flooring, electrical panel, interior/exterior paint), furniture negotiable, detached garage for storage, private deck, and an adjacent city-owned lot for extra parking. It sold to another adult care company, reflecting continued demand for larger, adaptable homes suitable for group living or care facilities in the region. Photos of this property are currently available online.

Most bathrooms: 10—a 9,500-square-foot residence in Dundee, Oregon (Yamhill County), currently operating as the Franziska Haus bed and breakfast. The property included 10 bedrooms and was designed for guest accommodations, making it convenient for wine-tasting visitors in the area. It likely could be converted to a private residence with minimal interior changes. Photos of the home are currently available online and may be viewed here.

Multnomah County 2025 Stats

Multnomah County remained the Portland Region’s core and highest-volume market in 2025, accounting for 37.81% of all detached single-family sales with 6,459 transactions. The following table compares key metrics for the county in 2025 with 2024:

Category20242025% Change
Total $ Volume$3.9 Billion$4.1 Billion+6.10%
Average Price$623,165$635,278+1.94%
Median Price$540,000$550,000+1.85%
Avg SP/OLP98.41%98.15%-0.27%
Avg PPSF (TSF)$313.41$316.80+1.08%
Avg Lot Size (ac)0.260.28+8.69%
Avg Age (Yrs)65.7768.84+4.68%
Avg CDOM46.8649.14+4.87%
Avg Total SF2,0852,108+1.08%
Total # of Sales6,2066,459+4.08%
# of New Constr.311262-15.76%
# of REOs5154+5.88%
# of Short Sales916+77.78%
2024 & 2025
Data: RMLS | PortlandAppraisalBlog.com

The table below summarizes key metrics for Multnomah County detached single-family residential sales in Q1 2026 compared with Q1 2025.

Multnomah showed modest growth in transaction volume (+4.08% to 6,459 sales) and dollar volume (+6.10% to $4.1 billion), outpacing the regional increase in both metrics. Median and average close prices rose +1.85% to $550,000 and +1.94% to $635,278 respectively, while average PPSF gained +1.08% to $316.80. The PPSF gains occurred despite a modest home size increase (+1.08% to 2,108 SF), suggesting underlying value support through compositional factors (larger average lot size) and location premiums in the county’s urban/suburban mix. Average cumulative days on market lengthened +4.87% to 49.14 days—a milder increase than the regional +11.09%—indicating relatively stronger demand and quicker turnover compared to surrounding counties. New construction fell -15.76% to 262 closings, contributing to an older average age (+4.68% to 68.84 years) and further emphasizing resale dominance.

The scatter plots below visualize individual sale prices against date of sale in Multnomah County for 2025. The first shows the full range, while the second focuses on the $0–$2M range:

Scatter plot showing individual home sales in Multnomah County during 2025. Each dot represents a closed sale, plotted by date on the x-axis and price on the y-axis. The data is sourced from RMLS.
Scatter plot showing individual home sales in Multnomah County during 2025, with a focus on sales at or below $2 million. Each dot represents a closed sale, plotted by date on the x-axis and price on the y-axis. The data is sourced from RMLS.

The full-range plot includes occasional high-end outliers up to nearly $6M, while the zoomed view reveals a dense “wall” of transactions below approximately $1M, accounting for roughly 91% of the county’s sales count. Density thins noticeably above that level, underscoring Multnomah’s role as the primary driver of core and mid-range volume while luxury sales remained comparatively sparse and scattered throughout the year. This distribution aligns with the county’s urban/suburban character and older inventory base.

Washington County 2025 Stats

Washington County, the region’s second-largest market by volume, represented 29.54% of all detached single-family sales in 2025 with 5,046 transactions. The following table compares key metrics for the county in 2025 with 2024:

Category20242025% Change
Total $ Volume$3.54 Billion$3.45 Billion-2.38%
Average Price$695,447$684,155-1.62%
Median Price$635,000$626,699-1.31%
Avg SP/OLP98.34%97.02%-1.34%
Avg PPSF (TSF)$324.23$317.20-2.17%
Avg Lot Size (ac)0.470.42-10.34%
Avg Age (Yrs)30.1932.24+6.78%
Avg CDOM51.5761.89+20.03%
Avg Total SF2,2212,245+1.09%
Total # of Sales5,0855,046-0.77%
# of New Constr.1,071976-8.87%
# of REOs1517+13.33%
# of Short Sales87-12.50%
2024 & 2025
Data: RMLS | PortlandAppraisalBlog.com

Washington posted a near-flat sales count (-0.77% to 5,046) but saw dollar volume soften -2.38% to $3.45 billion, reflecting modest price erosion and compositional shifts. Median price declined -1.31% to $626,699, average price -1.62% to $684,155, and average PPSF -2.17% to $317.20. These declines occurred despite a slight increase in average home size (+1.09% to 2,245 SF) and were driven primarily by smaller average lot sizes (-10.34% to 0.42 acres) and reduced new construction (-8.87% to 976 closings), which limited higher-priced fresh inventory. Average cumulative days on market surged +20.03% to 61.89 days—the sharpest increase among major counties—signaling greater buyer selectivity and slower absorption in this suburban-heavy market. SP/OLP ratio fell -1.34% to 97.02%, indicating increased concessions.

The scatter plots below visualize individual sale prices against date of sale in Washington County for 2025. The first shows the full range, while the second focuses on the $0–$2M range:

Scatter plot showing individual home sales in Washington County during 2025. Each dot represents a closed sale, plotted by date on the x-axis and price on the y-axis. The data is sourced from RMLS.
Scatter plot showing individual home sales in Washington County during 2025, with a focus on sales at or below $2 million. Each dot represents a closed sale, plotted by date on the x-axis and price on the y-axis. The data is sourced from RMLS.

The full-range plot includes occasional high-end outliers up to $4M, while the zoomed view reveals a dense “wall” of transactions below approximately $1M, thinning noticeably above that level. This pattern underscores Washington’s core market strength in volume while highlighting softer momentum in the luxury segment, consistent with localized pressures in tech-heavy submarkets like Hillsboro. For a detailed look at how Intel layoffs have impacted inventory, pricing, and absorption in Hillsboro during 2024–2025, see my recent analysis.

Clackamas County 2025 Stats

Clackamas County, the region’s third-largest market by volume, represented 23.33% of all detached single-family sales in 2025 with 3,986 transactions. The following table compares key metrics for the county in 2025 with 2024:

Category20242025% Change
Total $ Volume$3.08 Billion$3.16 Billion+2.72%
Average Price$782,331$793,962+1.49%
Median Price$649,950$658,750+1.35%
Avg SP/OLP97.12%96.49%-0.65%
Avg PPSF (TSF)$333.10$336.43+1.00%
Avg Lot Size (ac)1.040.94-9.29%
Avg Age (Yrs)37.4038.27+2.33%
Avg CDOM62.5164.41+3.04%
Avg Total SF2,3812,394+0.55%
Total # of Sales3,9383,986+1.22%
# of New Constr.507486-4.14%
# of REOs2826-7.14%
# of Short Sales510+100.00%
2024 & 2025
Data: RMLS | PortlandAppraisalBlog.com

Clackamas delivered modest but genuine growth in 2025. Sales count rose +1.22% to 3,986, dollar volume increased +2.72% to $3.16 billion, median price advanced +1.35% to $658,750, average price gained +1.49% to $793,962, and average PPSF edged +1.00% to $336.43. These gains occurred despite a reduction in average lot size (-9.29% to 0.94 acres) and only modest home size increase (+0.55% to 2,394 SF), suggesting underlying value support through location, quality, or compositional factors rather than broad size-driven appreciation. Average cumulative days on market lengthened only +3.04% to 64.41 days—a relatively mild increase compared to regional +11.09% or Washington +20.03%—indicating stronger relative demand and quicker turnover in this diverse county. New construction declined modestly -4.14% to 486 closings, the smallest drop among major counties.

Clackamas’s performance was bolstered by its mix of rural/exurban areas and premium enclaves, particularly Lake Oswego and West Linn, which contribute to the county’s outsized share of regional luxury activity. In 2025, Clackamas accounted for approximately 42.1% of the Portland Region’s luxury dollar volume (≥ $1M), totaling $1.04 billion out of the regional $2.47 billion—the largest share among counties. This contrasts with the core market (< $1M), which comprised only ~67% of Clackamas’s own dollar volume, the smallest core dollar volume share among major counties with significant activity.

The scatter plots below visualize individual sale prices against date of sale in Clackamas County for 2025. The first shows the full range, while the second focuses on the $0–$2M range:

Scatter plot showing individual home sales in Clackamas County during 2025. Each dot represents a closed sale, plotted by date on the x-axis and price on the y-axis. The data is sourced from RMLS.
Scatter plot showing individual home sales in Clackamas County during 2025, with a focus on sales at or below $2 million. Each dot represents a closed sale, plotted by date on the x-axis and price on the y-axis. The data is sourced from RMLS.

The full-range plot includes occasional high-end outliers up to nearly $10M, while the zoomed view reveals a dense “wall” of transactions below approximately $1.3M–$1.5M throughout the year, with density thinning noticeably above that level. This pattern highlights Clackamas’s strong core volume alongside its leading role in regional luxury value, driven by premium lakefront and waterfront properties.

Yamhill County 2025 Stats

Yamhill County, a smaller but growing market in the region (5.64% of total sales), saw 964 detached single-family sales in 2025. The following table compares key metrics for the county in 2025 with 2024:

Category20242025% Change
Total $ Volume$603 Million$574 Million-4.88%
Average Price$578,576$595,444+2.92%
Median Price$500,000$515,000+3.00%
Avg SP/OLP97.06%96.49%-0.59%
Avg PPSF (TSF)$302.08$312.04+3.30%
Avg Lot Size (ac)1.661.90+14.23%
Avg Age (Yrs)32.5735.51+9.03%
Avg CDOM67.2676.14+13.19%
Avg Total SF1,9491,972+1.21%
Total # of Sales1,043964-7.57%
# of New Constr.210120-42.86%
# of REOs64-33.33%
# of Short Sales13+200.00%
2024 & 2025
Data: RMLS | PortlandAppraisalBlog.com

Yamhill experienced a sharp decline in transaction volume (-7.57% to 964 sales) and dollar volume (-4.88% to $574 million), driven primarily by a steep drop in new construction (-42.86% to 120 closings). This reduction in fresh supply limited higher-priced inventory and contributed to the overall pullback. Despite these headwinds, price metrics showed resilience: median price rose +3.00% to $515,000, average price +2.92% to $595,444, and average PPSF +3.30% to $312.04. These gains occurred amid only modest home size increase (+1.21% to 1,972 SF) and were largely supported by a significant rise in average lot size (+14.23% to 1.90 acres), suggesting buyers prioritized additional land or rural parcels that added value. Average cumulative days on market lengthened +13.19% to 76.14 days, reflecting increased selectivity, while SP/OLP ratio fell -0.59% to 96.49%, indicating modestly greater concessions.

The scatter plot below visualizes individual sale prices against date of sale in Yamhill County for 2025:

Scatter plot showing individual home sales in Yamhill County during 2025. Each dot represents a closed sale, plotted by date on the x-axis and price on the y-axis. The data is sourced from RMLS.

The scatter shows a dense concentration of transactions below approximately $1M throughout the year, with sparser, more scattered points above that level. This pattern reflects Yamhill’s more rural and affordable character, where core and mid-range volume dominates while luxury sales remain limited. The absence of strong seasonal clustering in the price cloud supports the county’s price resilience despite the volume decline, bolstered by larger lot sizes and selective demand for wine-country or rural properties.

Columbia County 2025 Stats

Columbia County, the region’s smallest major market by volume, represented 2.85% of all detached single-family sales in 2025 with 487 transactions. The following table compares key metrics for the county in 2025 with 2024:

Category20242025% Change
Total $ Volume$226 Million$244 Million+8.00%
Average Price$484,795$501,012+3.35%
Median Price$458,000$477,125+4.18%
Avg SP/OLP95.93%96.08%+0.16%
Avg PPSF (TSF)$272.01$281.23+3.39%
Avg Lot Size (ac)1.942.25+16.33%
Avg Age (Yrs)49.1247.25-3.82%
Avg CDOM71.2481.81+14.84%
Avg Total SF1,8851,933+2.51%
Total # of Sales466487+4.51%
# of New Constr.990.00%
# of REOs119-18.18%
# of Short Sales01N/A
2024 & 2025
Data: RMLS | PortlandAppraisalBlog.com

Columbia County delivered solid performance in 2025, with sales count rising +4.51% to 487 and dollar volume advancing +8.00% to $244 million — growth that outpaced the increase in transactions. Median price gained +4.18% to $477,125, average price +3.35% to $501,012, and average PPSF +3.39% to $281.23. These improvements occurred alongside larger average home size (+2.51% to 1,933 SF) and a substantial increase in average lot size (+16.33% to 2.25 acres), indicating compositional factors — more spacious properties and land parcels — supported genuine value appreciation. Average cumulative days on market lengthened +14.84% to 81.81 days, reflecting increased selectivity consistent with regional trends. New construction remained flat at 9 closings, and SP/OLP ratio improved slightly +0.16% to 96.08%.

The scatter plot below visualizes individual sale prices against date of sale in Columbia County for 2025:

Scatter plot showing individual home sales in Columbia County during 2025. Each dot represents a closed sale, plotted by date on the x-axis and price on the y-axis. The data is sourced from RMLS.

The scatter shows an extremely dense concentration of transactions below approximately $600,000 throughout the year, with thin activity above that level; $1M+ sales are rare outliers. This tight clustering reinforces Columbia’s position as the most affordable county in the region, where the core market (< $1M) overwhelmingly dominated (98.56% of sales count, 96.57% of dollar volume) and luxury activity remained negligible (only 7 sales, ~3.43% of county dollar volume).

Hood River County 2025 Stats

Hood River County, the region’s smallest market by volume, represented 0.83% of all detached single-family sales in 2025 with 141 transactions. Due to its low base numbers, the county is prone to large percentage swings. The following table compares key metrics for the county in 2025 with 2024:

Category20242025% Change
Total $ Volume$105.7 Million$121.9 Million+15.27%
Average Price$789,004$864,341+9.55%
Median Price$720,500$735,000+2.01%
Avg SP/OLP96.08%94.00%-2.17%
Avg PPSF (TSF)$424.03$417.15-1.62%
Avg Lot Size (ac)1.242.47+98.78%
Avg Age (Yrs)42.0743.70+3.89%
Avg CDOM52.8276.21+44.29%
Avg Total SF1,9902,136+7.30%
Total # of Sales134141+5.22%
# of New Constr.05N/A
# of REOs00N/A
# of Short Sales00N/A
2024 & 2025
Data: RMLS | PortlandAppraisalBlog.com

Hood River posted solid growth on a small base: sales count rose +5.22% to 141, and dollar volume advanced +15.27% to $121.9 million. Median price gained +2.01% to $735,000, average price increased +9.55% to $864,341, and average PPSF softened -1.62% to $417.15. These results were driven by compositional factors—larger average home size (+7.30% to 2,136 SF) and a substantial increase in average lot size (+98.78% to 2.47 acres)—which added value and supported the dollar volume jump despite only modest sales growth. Average cumulative days on market lengthened significantly +44.29% to 76.21 days, amplified by the small base and reflecting increased selectivity. New construction emerged modestly (5 closings from 0), while SP/OLP ratio fell -2.17% to 94.00%, indicating greater discounts.

The scatter plot below visualizes individual sale prices against date of sale in Hood River County for 2025:

Scatter plot showing individual home sales in Hood River County during 2025. Each dot represents a closed sale, plotted by date on the x-axis and price on the y-axis. The data is sourced from RMLS.

The scatter shows a relatively tight mid-range cluster ($500k–$1.5M) for much of the year, with several high-end outliers ($2M–$3.5M+) appearing more frequently in the latter months. The fitted trendline reflects an upward shift in the second half of 2025, driven by these late-year luxury sales. This pattern aligns with the segment’s strong performance (luxury sales count +60% to 32, dollar volume +68.15% to $47.3M) on a small base, contributing significantly to the county’s overall growth. Hood River’s scenic Gorge location, wine-country appeal, and tourism/second-home demand help explain the selective strength at the upper end despite limited overall volume.

Closing Thoughts

The 2025 Portland Region detached single-family home market delivered a year of continued equilibrium—modest gains in volume and prices persisted within a balanced, non-volatile environment. While cumulative days on market lengthened and new construction retreated, the overall picture remained one of stability three years after the rapid mortgage rate rise. Supply stayed tight, buyer selectivity increased modestly, and prices held firm with slight upward movement, reflecting a market that has settled into a sustainable new normal.

This stability played out against a backdrop of remarkable diversity across the six-county region. From urban core neighborhoods in Multnomah to suburban growth corridors in Washington and Clackamas, rural and wine-country areas in Yamhill, affordable exurban pockets in Columbia, and scenic Gorge communities in Hood River, the market offered a wide spectrum of options. Affordability remained a challenge for many, yet detached ownership was still attainable at the lower end—the year’s lowest sale closed at $90,000. Homes were found for those willing to be patient, search diligently, and consider rehabilitation or rural locations. Meanwhile, the 17,083 transactions represented substantial movement: long-time owners parting with properties held for decades, families relocating for schools, jobs, or lifestyle, and first-time buyers achieving detached homeownership. Each closing reflected real human transitions and progress in a selective but functional market.

Sources & Further Reading

All data presented in this annual review is sourced directly from RMLS and has been subjected to my rigorous cleaning and validation process to ensure reliability for detached single-family residential analysis in the six-county Portland Region. The trends, comparisons, and commentary are the result of original appraisal expertise and independent analysis—not aggregated from secondary sources or news summaries.

Coda

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The Portland Region Q4 2025 Detached Homes Market Update

Q4 2025 Portland Region detached homes update: median price $582k (flat), average $664k (+0.06%), sales volume +3.19%, CDOM rises to 68 days (+16%). County trends, core vs luxury split, appraisal insights, and more.

St. Johns Bridge in Portland shrouded in morning fog, with evergreen trees and misty atmosphere—iconic view of North Portland.
St. Johns Bridge in the fog—Portland’s northern gateway to neighborhoods full of character and classic detached homes.
Via Canva Pro

As the first month of 2026 draws to a close, it’s a natural time to look back at how the Portland Region’s single-family detached home market performed in Q4 2025 (October through December). The data reveals a market that has largely maintained stability despite the ongoing influence of higher interest rates that took hold in 2022 and beyond.

Sellers continue to hold firm, often marketing properties for longer periods to connect with the right buyer and minimize concessions on price. At the same time, buyers have gained slightly more leverage in negotiations, reflecting greater selectivity amid elevated borrowing costs. Core and luxury segments exhibited some distinct patterns in response to these dynamics, yet overall the market appears to have settled into a balanced equilibrium—neither surging nor retreating sharply.

Table of Contents

Data Housekeeping

The Portland Region in this update comprises the six Oregon counties of Columbia, Clackamas, Hood River, Multnomah, Washington, and Yamhill. These counties form a contiguous housing ecosystem centered on Portland—Multnomah as the core home county, with the others tightly integrated through commuting patterns, economic ties, and shared market dynamics (e.g., Yamhill’s strong connection via Highway 99W and wine-country adjacency). Beyond Yamhill, the MLS system changes, further distinguishing this six-county area from broader geographic aggregations. For a detailed overview—including county profiles, population data, key value influencers, and why this definition differs from the official seven-county Portland–Vancouver–Hillsboro MSA—see my dedicated page: The Portland Region – Six-County Market Area Overview.

Colored map of the six counties comprising the Portland Region: Clackamas, Columbia, Hood River, Multnomah, Washington, and Yamhill.
The six-county Portland Region
Via SunCatcherStudio

All data is sourced from RMLS and reflects open-market detached single-family residential sales (excluding condos, attached homes, manufactured homes on leased land, and multifamily). SNL (“Sold Not Listed”) entries—off-market transactions entered retroactively—have been excluded to preserve consistency with true market activity.

All figures have undergone my standard cleaning process to address common RMLS accuracy challenges, including misclassifications (e.g., condos listed as detached), square footage/price typos, incomplete fields, status/date mismatches, and non-representative entries. For a detailed overview of these issues, their impact on market analysis, and how I mitigate them through automated flagging, cross-verification, and manual review, see my dedicated page: RMLS Data Accuracy Challenges.

Portland Region 2025 Q4 Overview

The Q4 2025 detached single-family home market in the six-county Portland Region showed signs of continued stabilization. After several quarters of adjustment to elevated interest rates, the data reflects a market that has found a tentative balance—neither accelerating nor declining sharply. Volume edged higher year-over-year, while price metrics remained essentially flat, and days on market continued to lengthen, pointing to buyer selectivity and seller patience.

Overall Regional Trends

The table below summarizes key metrics for detached single-family residential sales in the Portland Region (Columbia, Clackamas, Hood River, Multnomah, Washington, and Yamhill counties) for Q4 2025 compared with Q4 2024.

CategoryQ4 2024Q4 2025% Change
Total $ Volume$2.73 Billion$2.82 Billion+3.25%
Average Price$663,713$664,118+0.06%
Median Price$582,000$582,0000.00%
Avg SP/OLP96.75%95.72%-1.07%
Avg PPSF (TSF)$318.77$314.63-1.30%
Avg Lot Size (ac)0.630.62-0.64%
Avg Age (Yrs)46.2047.17+2.10%
Avg CDOM58.8468.45+16.32%
Avg Total SF2,1542,193+1.83%
Total # of Sales4,1124,243+3.19%
# of New Constr.483463-4.14%
# of REOs 1842+133.33%
# of Short Sales78+14.29%
Q4 2024 & Q4 2025
Data: RMLS | PortlandAppraisalBlog.com

Key Observations From the Aggregate Data

  • Sales count rose modestly (+3.19%), driving the overall volume increase (+3.25%), while both average and median prices were virtually unchanged.
  • The slight decline in average PPSF (-1.30%) appears largely compositional: average square footage increased +1.83%, and larger homes typically carry lower PPSF unless offset by luxury or new-construction premiums.
  • Average cumulative days on market increased significantly (+16.32% to 68.45 days), consistent with buyers remaining selective under higher borrowing costs and sellers holding firm rather than conceding aggressively (reflected in the modest drop in SP/OLP ratio to 95.72%).
  • New construction volume retreated further (-4.14%), though the year-over-year drop was less severe than in Q3 2025.
  • Distressed activity (REOs + short sales) ticked up to approximately 1.18% of total sales (from 0.61% in Q4 2024), but remains negligible in the broader market context.

Bottom-line Summary

If the Portland Region housing market were a ship, Q4 2025 would be described as “steady as she goes.” The vessel is neither listing sharply nor picking up speed; it is maintaining course through persistent headwinds from higher interest rates. Sellers are exercising patience by allowing longer marketing periods, buyers are exercising discretion by negotiating more effectively, and price levels are holding firm despite the extended exposure time. This equilibrium suggests a market that has largely absorbed the rate shock of 2022–2023 and is now operating in a more normalized, balanced state—albeit one where momentum is subdued and selectivity is elevated.

Core Market (< $1M)

The core market—detached single-family homes closing under $1 million—accounts for the overwhelming majority of transactions in the region (91.35% of sales count and 80.55% of dollar volume in Q4 2025). This segment largely drives the overall picture of stability described earlier, with year-over-year changes that are muted but revealing of ongoing buyer caution.

The table below shows core-market metrics for Q4 2025 compared with Q4 2024.

CategoryCore (< $1M) Q4 2024Core (< $1M) Q4 2025% Change
Total $ Volume$2.2 Billion$2.3 Billion+3.31%
Avg Price$585,561$585,609+0.01%
Median Price$565,000$562,250-0.49%
Avg SP/OLP97.09%96.03%-1.09%
Avg PPSF (TSF)$311.12$306.72-1.41%
Avg Lot Size (ac)0.450.44-1.08%
Avg Age (Yrs)47.0147.51+1.06%
Avg CDOM54.2965.25+20.20%
Avg Total SF1,9922,033+2.08%
# of Sales3,7523,876+3.30%
# of New Constr.432425-1.62%
% of $ Volume80.50%80.55%+0.06%
% of Market91.25%91.35%+0.12%
Q4 2024 & Q4 2025
Data: RMLS | PortlandAppraisalBlog.com

The core segment saw a healthy increase in transaction volume (+3.30% in sales count), which translated directly to the modest dollar-volume growth (+3.31%). Price levels, however, remained essentially flat—average price up a negligible 0.01%, median price down slightly (-0.49%). This stability at the median level aligns with the broader regional pattern and suggests that the typical buyer in this price band is still finding properties within reach despite elevated rates.

The most noticeable movement appears in market tempo. Average cumulative days on market climbed +20.20% to 65.25 days, a sharper rise than the regional average as a whole. Buyers in this price-sensitive segment are clearly taking more time to commit, inspecting more options, and negotiating more effectively—the modest decline in the SP/OLP ratio (97.09% → 96.03%) reflects that added leverage. Sellers, meanwhile, appear willing to wait rather than drop asking prices aggressively.

The slight drop in average PPSF (-1.41%) is again largely explained by compositional factors: homes closing in Q4 2025 were, on average, 41 square feet larger (+2.08%). Larger floor plans naturally dilute PPSF unless premium finishes or locations offset the effect, which does not appear to be the case here on a broad scale.

New construction in the core market held up reasonably well, with only a -1.62% drop in count year-over-year. This modest retreat contrasts with sharper declines seen in prior quarters and suggests builders are still finding demand for entry-to-mid-level new homes, even as overall supply pressures ease slightly.

Overall, the core market continues to reflect the realities of affordability-conscious buyers navigating higher borrowing costs: more transactions at stable prices, but with extended decision time and a bit more negotiating power on the buyer side.

Luxury Market (≥ $1M)

The luxury segment—detached single-family homes closing at or above $1 million—remains a smaller but influential portion of the regional market, representing 8.65% of sales count and 19.45% of total dollar volume in Q4 2025. While the core market drives the headline numbers on volume and stability, the luxury segment often reveals early signals of shifting buyer sentiment and supply constraints.

The table below shows luxury-market metrics for Q4 2025 compared with Q4 2024.

CategoryLuxury (≥ $1M) Q4 2024Luxury (≥ $1M) Q4 2025% Change
Total $ Volume$532 Million$548 Million+2.98%
Avg Price$1,478,221$1,493,272+1.02%
Median Price$1,259,167$1,277,000+1.42%
Avg SP/OLP93.22%92.43%-0.85%
Avg PPSF (TSF)$398.51$398.18-0.08%
Avg Lot Size (ac)2.482.51+1.18%
Avg Age (Yrs)37.7943.61+15.40%
Avg CDOM106.33102.18-3.90%
Avg Total SF3,8393,881+1.07%
# of Sales360367+1.94%
# of New Constr.5138-25.49%
% of $ Volume19.50%19.45%-0.26%
% of Market8.75%8.65%-1.20%
Q4 2024 & Q4 2025
Data: RMLS | PortlandAppraisalBlog.com

The luxury segment posted modest gains in both transaction count (+1.94%) and dollar volume (+2.98%), which translated to small but positive price movement: average price up +1.02% and median price up +1.42%. This slight upward pressure contrasts with the flat pricing seen in the core market and contributed an additional ~$15.9 million in total seller proceeds compared with Q4 2024 in this segment.

Market tempo improved somewhat for luxury properties. Average cumulative days on market fell -3.90% to 102.2 days—the only segment to see a reduction in exposure time. This suggests that well-positioned high-end homes are still finding motivated buyers relatively efficiently, even as the broader market lengthens. The SP/OLP ratio continued to soften slightly (93.22% → 92.43%), indicating that sellers in this price band are conceding a bit more ground to close deals.

The most striking shift occurred in new construction. The number of new luxury homes closing dropped sharply (-25.5%), from 51 to 38. This retreat is significantly steeper than the core segment’s mild -1.62% decline and continues a multi-quarter trend of reduced high-end speculative building. Builders appear to be pulling back from the upper end, possibly due to financing costs, buyer selectivity, or uncertainty around future demand.

Another notable change is the jump in average age of sold properties (+15.40% to 43.61 years). A key driver here is the sharp retreat in new construction (-25.49%, from 51 to 38 closings). New homes typically enter and close with near-zero age, pulling the average down when they represent a meaningful share of sales. With far fewer new builds closing this quarter, the sales mix shifted toward existing (and generally older) properties, naturally increasing the average age of transactions. PPSF remained virtually flat (-0.08%), and average square footage edged up modestly (+1.07%), indicating that luxury buyers are not trading down on size or quality but are closing on a different mix of inventory.

From an appraisal perspective, the luxury market’s relative resilience on pricing and CDOM improvement provides a useful contrast for comp selection and market-condition adjustments. However, the sharp drop in new construction supply at this price point may begin to influence highest-and-best-use considerations and functional obsolescence assessments for older luxury improvements in the coming quarters.

Sales Volume

A treemap visualizing the distribution of detached single-family home sales by county in Q4 2025 clearly illustrates the market’s geographic concentration.

This treemap graph illustrates the sales volume of single-family homes in the Portland Region Q4 2025. The data is sourced from RMLS.

The “Big Three” counties—Multnomah, Washington, and Clackamas—account for over 90% of total transactions and dollar volume, underscoring their role as the dominant drivers of regional activity. Multnomah leads in sheer number of sales (37.99% of the total), followed closely by Washington (30.12%) and Clackamas (22.63%). The remaining three counties (Yamhill, Columbia, and Hood River) together represent less than 10% of sales, highlighting the highly urban/suburban focus of the Portland Region’s detached home market.

The bar chart below compares monthly sales volume across the three months of Q4 for 2024 and 2025.

This bar graph compares the number of single-family detached residential sales in the Portland Region for Q4 2024 and Q4 2025. The data is sourced from RMLS.

Monthly sales patterns show a mixed picture compared with last year. October 2025 posted a noticeable increase (1,686 vs. 1,579), helping drive the overall quarterly gain in transaction volume. November softened relative to 2024 (1,255 vs. 1,338), reflecting typical holiday slowdown effects, while December rebounded (1,302 vs. 1,195), closing the quarter on a stronger note. The net result is a modest year-over-year increase in total sales (4,243 vs. 4,112), consistent with the regional stabilization theme.

Sales Price

The bar chart below compares monthly average sales prices across the three months of Q4 for 2024 and 2025.

This bar graph compares the average sales price of single-family detached residential homes in the Portland Region for Q4 2024 and Q4 2025. The data is sourced from RMLS.
Note: The y-axis starts at $630,000 to allow better examination of monthly differences.

Average sales prices showed only minor month-to-month variation compared with the prior year. October 2025 posted a modest increase over October 2024 ($674,243 vs. $666,189), while November softened ($657,867 vs. $674,704). December then rebounded slightly ($657,031 vs. $648,133). These movements align with the overall quarterly stability, where the average price ended virtually unchanged (+0.06% for the full quarter) despite the shifting monthly pattern. The lack of significant upward or downward momentum reinforces the sense of equilibrium reached in the market after several years of rate-driven adjustment.

New Construction

The bar graph below shows monthly total detached single-family sales in Q4 2025, with new construction volume nested within each bar to illustrate the portion of sales that were newly built.

This bar graph compares the sales volume of new construction and total sales in the Portland Region for Q4 2025. The data is sourced from RMLS.

New construction remained a relatively small but visible share of overall activity in Q4 2025, averaging 10.91% of total sales for the quarter. Monthly percentages ranged from 9.25% in October to 12.37% in December, reflecting some seasonal pickup toward year-end. The absolute count of new homes closing (463) was down modestly from Q4 2024 (483, -4.14%), continuing the multi-quarter retreat in new supply observed earlier in the year. This reduction has contributed to the gradual tightening of inventory in certain segments and price bands, particularly at the luxury end where the drop was more pronounced.

A county-level breakout of new construction sales volume in Q4 2025 compared with Q4 2024 reveals significant variation across the region. The bar graph below shows the number of new construction closings by county, with side-by-side bars for 2024 and 2025.

This bar graph compares the number of new construction single-family detached residential sales in the Portland Region for Q4 2024 and Q4 2025 broken out by county. The data is sourced from RMLS.

Washington County continued to lead in absolute new construction volume (223 closings in 2025, 48.16% of the regional total), though it experienced the largest absolute drop (-47 units, -17.41%). Clackamas posted the strongest percentage gain (+13.33%) and now represents nearly 30% of all new closings. Multnomah showed solid growth (+22.22%), while Yamhill, Columbia, and Hood River remained small contributors, with Hood River moving from zero to four closings.

The overall regional decline in new construction (-4.14%) masks these internal shifts. The concentration in Washington and Clackamas reflects ongoing builder focus on suburban growth corridors, while the limited activity in outer counties highlights the challenges of scaling new supply in lower-volume, more rural submarkets.

Clackamas County’s recent gain in new construction share (now 29.37% of regional total) may prove short-lived. The ongoing sewer moratorium in Sandy, Oregon—one of the county’s primary growth areas—has already begun to constrain the new-home pipeline. Sandy historically averaged 27% new construction annually for its total sales count over a 28-year period, significantly exceeding available sewer capacity. With the remaining approved projects expected to close by late 2026 or early 2027, Clackamas’s contribution to regional new supply is likely to shrink in the coming quarters. For a full analysis of this shift and its implications for local market dynamics, see my recent deep dive: Sandy Oregon’s Sewer Moratorium.

The dollar value of new construction closings provides additional context on builder activity and investment scale. The table below shows new construction sales volume by dollar amount for Q4 2025 compared with Q4 2024.

County2024 $ Amount2025 $ Amount% Change% of Total 2025 $ Amount
Clackamas$100,484,661$124,588,363+23.99%4.42%
Columbia$1,169,000$2,200,700+88.25%0.08%
Hood River$0$2,511,250—0.09%
Multnomah$30,948,989$33,205,496+7.29%1.18%
Washington$204,616,369$155,310,537-24.10%5.51%
Yamhill$19,903,315$16,491,838-17.14%0.59%
Sum$357,122,334$334,308,184-6.39%11.86%
Q4 2024 & Q4 2025
Data: RMLS | PortlandAppraisalBlog.com

The following double bar chart provides the above information at a glance.

This bar graph compares the dollar amount of new construction single-family detached residential sales in the Portland Region for Q4 2024 and Q4 2025 broken out by county. The data is sourced from RMLS.

While the count of new construction closings fell modestly (-4.14%), the dollar volume declined more noticeably (-6.39% regionally), reflecting a shift toward relatively lower-priced new homes or fewer ultra-high-end builds. Washington County again dominated in absolute dollars ($155.3M, 5.51% of the total regional value) but saw the largest year-over-year drop (-$49.3M, -24.10%). Clackamas posted the strongest dollar gain (+$24.1M, +23.99%), taking a larger slice of the shrinking pie. These patterns highlight ongoing builder caution in higher-cost segments and continued focus on suburban growth corridors.

Cumulative Days on Market

The bar chart below compares average cumulative days on market (CDOM) across the three months of Q4 for 2024 and 2025.

This bar graph compares the average days on market (CDOM) for single-family detached residential homes in the Portland Region for Q4 2024 and Q4 2025. The data is sourced from RMLS.

Average cumulative days on market rose across every month in Q4 2025 compared with the prior year, with increases ranging from 13.74% in November to 19.83% in October. The quarterly average CDOM climbed +16.32% overall (58.84 → 68.45 days), reflecting sustained buyer selectivity amid elevated interest rates. Sellers have responded by allowing longer marketing periods rather than making aggressive price concessions, contributing to the market’s current equilibrium. This extended exposure time is a key signal for appraisers when assessing comparable freshness and applying market-condition adjustments in valuations.

The bar chart below breaks out average CDOM by market segment for the three months of Q4 2025, comparing core (< $1M) and luxury (≥ $1M) properties.

This bar graph compares the average days on market (CDOM) for single-family detached residential homes in the Portland Region for Q4 2024 and Q4 2025 segmented by under $1M or $1M+. The data is sourced from RMLS.

Core-market CDOM rose steadily from 61 days in October to 73 days in December, reflecting the price-sensitive nature of the segment and buyers taking more time to commit. Luxury-market CDOM showed a similar upward trend but from a much higher baseline, increasing from 83 days in October to 130 days in December. The persistent and larger gap between the two segments indicates that luxury buyers remain more selective and willing to wait for properties that precisely match their criteria, even as overall market tempo has slowed, and also the difficulties in finding a buyer than can afford homes in this segment.

Miscellaneous Statistics & Standout Transactions

Real estate data overlay on a light gray background, with a small clay house on the bottom right. The central white rectangle displays six key statistics: lowest price, highest price, longest CDOM, oldest home, highest PPSF, and lowest PPSF. The data is sourced from RMLS.

A few notable extremes and outliers from Q4 2025 illustrate the wide range of value drivers across the six-county region.

Lowest close price: $90,000—a 1930s fixer cabin in Forest Grove (Washington County). The property offered original character but required extensive rehabilitation, including interior plumbing repairs and floor work. Photos of this property are currently available online.

Highest close price: $9,000,000—a lakefront estate in Lake Oswego (Clackamas County). The custom-built residence featured premium waterfront amenities, including a private dock, boathouse, and expansive outdoor entertaining spaces. Photos of this property are currently available online.

Longest CDOM: 1,190 days—a $1.9M listing in Multnomah County (Alphabet District) that closed at $1.35M. The 2017-remodeled oversized bungalow included modern updates and a separate ADU, yet required multiple price reductions before finding a buyer. Photos of this property are currently available online.

Oldest home sold: Built in 1881—located in Oregon City (Clackamas County). This restored Italianate two-story featured high ceilings, new hardwood floors, and a complete modern kitchen, blending historic character with contemporary systems. Photos of this property are currently available online.

Highest PPSF: $1,459—a small home on 82 acres in Multnomah County. The elevated price per square foot was driven primarily by the large acreage and historic outbuildings rather than the modest improvements. Photos of this property are currently available online.

Lowest PPSF: $123—an REO (bank-owned) sale in Clatskanie (Columbia County). The 2-story home with basement needed significant restoration, with the low per-square-foot price reflecting condition challenges and rural location. Photos of this property are currently available online.

These outliers demonstrate that detached single-family home ownership in the Portland Region can begin around $100,000 for buyers who are patient, flexible, and prepared to address condition or location factors. They stand in contrast to the region’s severely strained affordability, as measured by the Portland Appraisal Blog Affordability Index (PABAI), which stood at 79.2 for Q4 2025. For the full methodology and discussion, see the dedicated page: Portland Appraisal Blog Affordability Index – PABAI. A comprehensive review of 2025 affordability trends is forthcoming.

With the regional aggregate trends, segment splits, monthly patterns, and notable outliers now in view, the remainder of this update turns to a county-level breakdown. The following sections present year-over-year comparisons for each of the six counties in the Portland Region—Multnomah, Washington, Clackamas, Yamhill, Columbia, and Hood River—ordered by Q4 2025 sales volume descending. Each county snapshot includes key metrics, commentary on local drivers, and any segment-specific observations that help explain broader regional patterns.

Multnomah County Q4 2025 Stats

Multnomah County, the urban core of the Portland Region, led in detached single-family home transaction volume for Q4 2025 with 1,612 sales—representing 37.99% of the regional total and a 5.29% increase from Q4 2024. Despite the high count, average and median prices remained below regional figures, reflecting the county’s mix of older homes, smaller lots, and more modest price bands in established neighborhoods.

The table below summarizes key metrics for Multnomah County detached single-family residential sales in Q4 2025 compared with Q4 2024.

CategoryQ4 2024Q4 2025% Change
Total $ Volume$928 Million$986 Million+6.26%
Average Price$606,203$611,760+0.92%
Median Price$530,000$533,750+0.71%
Avg SP/OLP97.06%96.63%-0.45%
Avg PPSF (TSF)$310.39$311.32+0.30%
Avg Lot Size (ac)0.270.30+11.38%
Avg Age (Yrs)66.0466.30+0.38%
Avg CDOM51.9954.48+4.79%
Avg Total SF2,0592,068+0.46%
# of Sales1,5311,612+5.29%
# of New Constr.5466+22.22%
# of REOs719+171.43%
# of Short Sales34+33.33%
Q4 2024 & Q4 2025
Data: RMLS | PortlandAppraisalBlog.com

Multnomah County’s market tempo remained the fastest in the region, with average cumulative days on market at 54.48 days—well below the regional average of 68.45 days. This shorter exposure time reflects sustained urban demand in walkable neighborhoods such as the Alphabet District, Pearl, and inner-eastside areas, where proximity to amenities and transit continues to draw buyers despite elevated rates. The modest rise in CDOM (+4.79%) was less pronounced than the regional increase (+16.32%), indicating relatively stronger buyer interest and quicker decision-making in the core.

Price metrics showed slight upward movement: average price +0.92% to $611,760 and median price +0.71% to $533,750. The SP/OLP ratio softened marginally (97.06% → 96.63%), suggesting buyers retained some negotiating leverage even in a high-volume market. Average PPSF edged up +0.30%, despite the small increase in average square footage (+0.46%). The PPSF increase was likely due to the lot size increase (+11.38%), though the county’s older housing stock (average age 66.30 years) continues to temper broader price gains.

New construction activity increased +22.22% (66 closings), rebounding from a sharp -48% year-over-year drop in Q3 2025. Despite the gain, new builds remained a small share (4.1% of county sales), underscoring persistent infill constraints and builder focus on suburban corridors elsewhere. Distressed sales ticked up (REOs +171.43%, short sales +33.33%), though absolute numbers stayed low and did not materially influence the overall market.

A scatter plot of all Multnomah County sales in Q4 2025 (close price vs. date of sale) shows no strong upward or downward trend across the quarter.

Scatter plot showing individual home sales in Multnomah County during Q4 2025. Each dot represents a closed sale, plotted by date on the x-axis and price on the y-axis. The data is sourced from RMLS.

The distribution clusters primarily in the $400k–$800k range with CDOM generally under 100 days, consistent with the county’s efficient urban tempo. A modest number of sales appear above $1.5M, with one notable outlier closing above $3.5M, reflecting continued activity at the upper end despite the broader market’s stability.

From an appraisal perspective, Multnomah County’s combination of high transaction volume, shorter CDOM, and modest price growth provides a stable benchmark for comp selection in urban submarkets. The limited new supply and aging inventory require careful adjustments for condition, functional obsolescence, and location premiums, while the scatter of higher-end sales suggests selective but persistent demand above $1.5M.

Washington County Q4 2025 Stats

Washington County ranked second in detached single-family home transaction volume for Q4 2025 with 1,278 sales (30.12% of the regional total), up +7.58% from Q4 2024. The county experienced noticeable price softening alongside longer market times, reflecting a shift in buyer behavior and supply dynamics in this suburban growth corridor.

The table below summarizes key metrics for Washington County detached single-family residential sales in Q4 2025 compared with Q4 2024.

CategoryQ4 2024Q4 2025% Change
Total $ Volume$818 Million$842 Million+2.92%
Average Price$688,426$658,641-4.33%
Median Price$625,000$605,000-3.20%
Avg SP/OLP97.13%95.50%-1.68%
Avg PPSF (TSF)$322.16$307.84-4.45%
Avg Lot Size (ac)0.360.41+14.24%
Avg Age (Yrs)29.2732.39+10.67%
Avg CDOM59.6374.24+24.49%
Avg Total SF2,2132,241+1.26%
# of Sales1,1881,278+7.58%
# of New Constr.270223-17.41%
# of REOs27+250.00%
# of Short Sales30-100.00%
Q4 2024 & Q4 2025
Data: RMLS | PortlandAppraisalBlog.com

Transaction volume grew solidly (+7.58%), driving a modest increase in total dollar volume (+2.92%). However, both average and median prices declined noticeably (-4.33% and -3.20%, respectively), and average PPSF fell -4.45%. This softening appears partially compositional: new construction retreated sharply (-17.41%, 270 → 223 closings), removing a number of higher-priced new builds from the sales mix. The remaining closings skewed toward older homes (average age +10.67% to 32.39 years) and larger lots (+14.24%), which typically carry lower PPSF in this market.

The weakening in average and median prices can be partially explained by the impact of job loss in Hillsboro. External obsolescence tied to Intel’s 2024–2025 workforce reductions has contributed to declining resale prices and buyer confidence in certain segments. For a detailed analysis of resale trends, condominium/attached impacts, and appraisal implications in Hillsboro, see my recent deep dive: External Obsolescence in Hillsboro — Residential Market Response to Intel’s 2024–2025 Workforce Reductions.

Market tempo slowed significantly, with average cumulative days on market rising +24.49% to 74.24 days—among the longest in the region and well above the prior year’s level. This extension, combined with a softer SP/OLP ratio (97.13% → 95.50%), indicates buyers were more selective and willing to wait, particularly in a county heavily influenced by tech employment centers like Hillsboro.

Distressed activity remained low in absolute terms but showed directional movement (REOs +250.00% to 7, short sales -100.00% to 0), consistent with broader regional patterns where condition-related sales are still rare but present.

A scatter plot of all Washington County sales in Q4 2025 shows no strong upward or downward trend overall.

Scatter plot showing individual home sales in Washington County during Q4 2025. Each dot represents a closed sale, plotted by date on the x-axis and price on the y-axis. The data is sourced from RMLS.

The vast majority of transactions cluster between the high $400,000s and just under $1 million, reflecting the county’s primary move-up and family-oriented price band. Activity thins noticeably above $1 million, with only a handful of points in the $1.5M+ range and just three sales exceeding $2 million, underscoring limited buyer participation at the true upper end of the market.

From an appraisal perspective, Washington County’s volume growth amid price softening and extended CDOM highlights the importance of segment-specific adjustments when selecting comparables. The retreat in new construction and shift toward older/larger existing homes may affect functional obsolescence assessments and market-condition time adjustments, particularly in submarkets sensitive to employment stability.

Clackamas County Q4 2025 Stats

Clackamas County ranked third in detached single-family home transaction volume for Q4 2025 with 960 sales (22.63% of the regional total), down slightly -1.13% from Q4 2024. Despite the modest volume decline, the county showed resilience in pricing, with both average and median prices posting gains amid longer market times.

The table below summarizes key metrics for Clackamas County detached single-family residential sales in Q4 2025 compared with Q4 2024.

CategoryQ4 2024Q4 2025% Change
Total $ Volume$752 Million$754 Million+0.25%
Average Price$774,067$784,904+1.40%
Median Price$625,583$650,000+3.90%
Avg SP/OLP96.02%94.95%-1.11%
Avg PPSF (TSF)$333.13$331.95-0.35%
Avg Lot Size (ac)1.080.84-22.65%
Avg Age (Yrs)37.8137.53-0.73%
Avg CDOM66.0878.50+18.80%
Avg Total SF2,3532,402+2.06%
# of Sales971960-1.13%
# of New Constr.120136+13.33%
# of REOs313+333.33%
# of Short Sales01—
Q4 2024 & Q4 2025
Data: RMLS | PortlandAppraisalBlog.com

Clackamas County bucked the regional trend of price stability or softening, with average price up +1.40% to $784,904 and median price up +3.90% to $650,000—the highest median among the six counties. This upward movement occurred despite a slight decline in sales count and a modest drop in PPSF (-0.35%), supported by a small increase in average square footage (+2.06%). The notable reduction in average lot size (-22.65%) appears driven by a compositional shift toward smaller-lot sales in premium and growth-oriented submarkets (e.g., Lake Oswego, West Linn, Happy Valley, Wilsonville), where demand remained strong and prices held firm or increased. New construction gains (+13.33%, 120 → 136 closings) were concentrated in these same corridors (Happy Valley, Wilsonville, Canby, Sandy), adding higher-priced units on compact lots and helping offset softness in more rural areas with larger parcels.

Market tempo slowed, with average cumulative days on market rising +18.80% to 78.50 days—above the regional average. This extension, paired with a softer SP/OLP ratio (96.02% → 94.95%), indicates buyers exercised greater selectivity, though price gains suggest demand held firm in desirable submarkets.

A scatter plot of all Clackamas County sales in Q4 2025 shows no major upward or downward trend overall.

Scatter plot showing individual home sales in Clackamas County during Q4 2025. Each dot represents a closed sale, plotted by date on the x-axis and price on the y-axis. The data is sourced from RMLS.

The bulk of transactions cluster between roughly $400k and $1M, with activity thinning considerably above $1 million. Clackamas stands out regionally for its active high-end market, with 30 sales at or above $2M (including the county’s top sale of $9M in Lake Oswego)—far more than any other county. When slicing away these extreme outliers above $2M (leaving 930 data points), the distribution remains flat with no clear directional pattern, consistent with balanced mid-market performance.

Scatter plot showing individual home sales in Clackamas County during Q4 2025, restricted to sales $2M or less. Each dot represents a closed sale, plotted by date on the x-axis and price on the y-axis. The data is sourced from RMLS.

Lake Oswego ZIP codes 97034 and 97035 rank #1 and #3 among areas with appreciable sales volume in the Portland Region, underscoring their role in anchoring the county’s price resilience.

Map of the two Lake Oswego ZIP codes showing the #1 and #3 most expensive ZIPs for detached single-family homes in the Portland Region with significant sales volume.
ZIP code map of 97034 & 97035, ranking #1 and #3 is average sales price for ZIP codes with appreciable volume.
Map via Oregonmetro.gov

From an appraisal perspective, Clackamas County’s price gains amid longer CDOM and reduced lot sizes highlight the need for careful location and size adjustments in comp selection.

Yamhill County Q4 2025 Stats

Yamhill County ranked fourth in detached single-family home transaction volume for Q4 2025 with 236 sales (5.56% of the regional total), down -9.58% from Q4 2024. The county showed modest price gains despite the volume decline, reflecting a shift toward larger-lot and higher-value closings.

The table below summarizes key metrics for Yamhill County detached single-family residential sales in Q4 2025 compared with Q4 2024.

CategoryQ4 2024Q4 2025% Change
Total $ Volume$145 Million$139 Million-4.18%
Average Price$555,905$589,101+5.97%
Median Price$509,900$515,000+1.00%
Avg SP/OLP96.59%95.01%-1.63%
Avg PPSF (TSF)$305.05$312.27+2.37%
Avg Lot Size (ac)1.492.05+37.40%
Avg Age (Yrs)36.7535.60-3.13%
Avg CDOM61.0279.34+30.03%
Avg Total SF1,8661,956+4.81%
# of Sales261236-9.58%
# of New Constr.3730-18.92%
# of REOs21-50.00%
# of Short Sales13+200.00%

Yamhill County saw a decline in sales count (-9.58%) and total dollar volume (-4.18%), but average price rose +5.97% to $589,101 and median price increased +1.00% to $515,000. This upward movement in pricing was largely compositional: average lot size increased significantly (+37.40% to 2.05 acres) and average square footage rose +4.81%, shifting the sales mix toward larger properties that typically command higher prices in this rural/suburban county. Average PPSF edged up +2.37%, consistent with the larger parcels and slightly newer homes (average age down -3.13% to 35.60 years).

Market tempo slowed considerably, with average cumulative days on market rising +30.03% to 79.34 days—one of the longer exposures in the region. The softer SP/OLP ratio (96.59% → 95.01%) suggests buyers were more selective and willing to negotiate, particularly in a lower-volume county with limited new supply.

New construction continued to retreat (-18.92%, 37 → 30 closings), with Lafayette capturing the majority (21 of 30 county-wide new homes), likely reflecting the final phase of a small subdivision in this growing but still small community.

A scatter plot of all Yamhill County sales in Q4 2025 shows no strong upward or downward trend overall.

Scatter plot showing individual home sales in Yamhill County during Q4 2025. Each dot represents a closed sale, plotted by date on the x-axis and price on the y-axis. The data is sourced from RMLS.

The vast majority of transactions cluster between $400,000 and $700,000 (approximately 61% of sales fall in the $400k–$599k bands), reflecting the county’s primary mid-market focus. Activity thins considerably above $800,000, with only a handful of sales reaching $1 million and just one exceeding $2 million, underscoring limited buyer participation at the upper end.

From an appraisal perspective, Yamhill County’s modest price gains amid declining volume and extended CDOM highlight the importance of size and location adjustments in comp selection. The shift toward larger lots and the retreat in new construction may affect supply considerations and functional obsolescence assessments in this more rural county, while the mid-market concentration provides a stable base for typical valuations.

Columbia County Q4 2025 Stats

Columbia County ranked fifth in detached single-family home transaction volume for Q4 2025 with 111 sales (2.62% of the regional total), down -9.02% from Q4 2024. The county showed modest price gains despite the volume decline, reflecting a shift toward larger homes in this more rural area.

The table below summarizes key metrics for Columbia County detached single-family residential sales in Q4 2025 compared with Q4 2024.

CategoryQ4 2024Q4 2025% Change
Total $ Volume$59.7 Million$56.1 Million-5.99%
Average Price$489,143$505,417+3.33%
Median Price$457,650$480,000+4.88%
Avg SP/OLP95.69%94.58%-1.16%
Avg PPSF (TSF)$268.23$260.02-3.06%
Avg Lot Size (ac)2.372.16-9.00%
Avg Age (Yrs)49.3249.14-0.37%
Avg CDOM74.8083.37+11.45%
Avg Total SF1,9272,140+11.02%
# of Sales122111-9.02%
# of New Constr.24+100.00%
# of REOs42-50.00%
# of Short Sales00—
Q4 2024 & Q4 2025
Data: RMLS | PortlandAppraisalBlog.com

Columbia County’s sales activity is overwhelmingly concentrated along the Columbia River corridor (e.g., St. Helens, Scappoose, Rainier, Columbia City, Deer Island, and Clatskanie), with approximately 97 of the 111 sales occurring in these river-adjacent areas. This geographic focus aptly reflects the county’s name and population distribution.

Map of all single-family detached home sales during Q4 2025 in Columbia County. Pins cluster in the near the Columbia River.

Average price rose +3.33% to $505,417 and median price increased +4.88% to $480,000 despite a decline in sales count and total dollar volume (-5.99%). This upward movement in pricing was largely compositional: average square footage increased +11.02%, shifting the sales mix toward larger homes that command higher prices in this rural county. Average PPSF fell -3.06%, consistent with the larger floor plans and slightly smaller lots (-9.00%), while average age remained stable (49.14 years).

Market tempo slowed, with average cumulative days on market rising +11.45% to 83.37 days—one of the longer exposures in the region. The softer SP/OLP ratio (95.69% → 94.58%) suggests buyers were more selective, particularly in a lower-volume county with limited new supply.

New construction remained minimal but doubled (2 → 4 closings), a small absolute increase that did not materially impact the overall market. Distressed activity stayed low (REOs -50.00% to 2, short sales 0).

A scatter plot of all Columbia County sales in Q4 2025 shows no major upward or downward trend overall.

Scatter plot showing individual home sales in Columbia County during Q4 2025. Each dot represents a closed sale, plotted by date on the x-axis and price on the y-axis. The data is sourced from RMLS.

The bulk of transactions cluster between roughly $300k and $600k (approximately 72% of sales fall in the $300k–$599k bands), reflecting the county’s primary mid-market, rural focus. Activity thins considerably above $700k, with only a small number of sales reaching $800k–$900k and one sale above $1 million, underscoring limited buyer participation at the upper end of the market.

From an appraisal perspective, Columbia County’s modest price gains amid declining volume and extended CDOM highlight the influence of property size and location in rural submarkets. The shift toward larger homes and limited new construction require careful adjustments for the contributory value of additional square footage and condition when selecting comparables.

Hood River County Q4 2025 Stats

Hood River County ranked sixth in detached single-family home transaction volume for Q4 2025 with 46 sales (1.08% of the regional total), up +17.95% from Q4 2024. The county posted strong gains in both volume and pricing, reflecting robust demand in this scenic, smaller market.

The table below summarizes key metrics for Hood River County detached single-family residential sales in Q4 2025 compared with Q4 2024.

CategoryQ4 2024Q4 2025% Change
Total $ Volume$26.9 Million$41.3 Million+53.86%
Average Price$688,544$898,167+30.44%
Median Price$685,000$729,125+6.44%
Avg SP/OLP95.42%92.49%-3.08%
Avg PPSF (TSF)$436.47$402.20-7.85%
Avg Lot Size (ac)0.322.43+649.39%
Avg Age (Yrs)45.7943.57-4.87%
Avg CDOM59.3395.39+60.77%
Avg Total SF1,7472,250+28.83%
# of Sales3946+17.95%
# of New Constr.04—
# of REOs00—
# of Short Sales00—
Q4 2024 & Q4 2025
Data: RMLS | PortlandAppraisalBlog.com

Hood River County saw notable growth in sales count (+17.95%) and total dollar volume (+53.86%), with average price rising +30.44% to $898,167 and median price up +6.44% to $729,125—the highest median in the region. This strong upward pressure was largely compositional: average lot size increased dramatically (+649.39% to 2.43 acres) and average square footage rose +28.83%, shifting the sales mix toward larger properties that command premium prices in this scenic, rural county. Average PPSF declined -7.85%, consistent with the much larger lots and floor plans.

Market tempo slowed significantly, with average cumulative days on market rising +60.77% to 95.39 days—one of the longest exposures in the region. The softer SP/OLP ratio (95.42% → 92.49%) suggests buyers exercised greater selectivity, even as price gains indicate sustained demand for desirable properties.

New construction emerged from zero in Q4 2024 to 4 closings in Q4 2025, a small but positive increase in this low-volume county. Distressed activity remained nonexistent (REOs and short sales zero both quarters).

A scatter plot of all Hood River County sales in Q4 2025 shows no strong upward or downward trend overall.

Scatter plot showing individual home sales in Hood River County during Q4 2025. Each dot represents a closed sale, plotted by date on the x-axis and price on the y-axis. The data is sourced from RMLS.

The bulk of transactions cluster in the $500k–$1M range, with decent activity above $1M and three sales exceeding $2M—impressive for a county with only 46 total closings. The lowest sale was $360,000, reflecting limited low-end inventory in this scenic market.

Sales are heavily concentrated in and around Hood River city (including many properties with Hood River addresses but outside official city limits), underscoring the area’s role as the county’s primary population and housing hub.

Map of all single-family detached home sales during Q4 2025 in Hood River County. Pins cluster in the City of Hood River proper.

From an appraisal perspective, Hood River County’s sharp price and volume gains amid longer CDOM and much larger lots highlight the influence of property size and scenic/rural appeal in this smaller market. The emergence of new construction and extended exposure time require careful adjustments for condition, location premiums, and lot size when selecting comparables.

Closing Thoughts

The Portland Region’s detached single-family home market in Q4 2025 displayed clear signs of stabilization after several quarters of adjustment to higher interest rates. Transaction volume edged higher (+3.19%), prices held essentially flat at the median ($582,000) and showed only marginal movement at the average (+0.06%), and days on market continued to lengthen (+16.32% to 68.45 days), reflecting sustained buyer selectivity and seller patience. The core market (< $1M) drove most of the activity while showing more pronounced tempo slowdowns, while the luxury segment (≥ $1M) exhibited relative resilience in pricing and shorter exposure in some cases, though with sharper retreats in new construction supply.

County-level patterns varied, with the urban core (Multnomah) maintaining the fastest tempo and high volume, suburban Washington and Clackamas showing mixed softening and resilience respectively, and the outer counties (Yamhill, Columbia, Hood River) demonstrating more pronounced compositional shifts and longer marketing times. Overall, the market has reached a balanced equilibrium—neither surging nor retreating sharply—yet the extended exposure times and segment-specific supply constraints remain key signals for appraisers, lenders, and realtors navigating valuations and decisions in the coming quarters.

What trends do you expect to see in Q1 2026? I’d love to hear your thoughts—feel free to reply here or reach out directly.

Sources & Further Reading

All data presented in this quarterly update is sourced directly from RMLS and has been subjected to my rigorous cleaning and validation process to ensure reliability for detached single-family residential analysis in the six-county Portland Region. The trends, comparisons, and commentary are the result of original appraisal expertise and independent analysis—not aggregated from secondary sources or news summaries.

Coda

Thanks for reading—I hope you found a useful insight or an unexpected nugget along the way. If you enjoyed the post, please consider subscribing for future updates.

Are you an agent in Portland who wonders why appraisers always do “x”?

A homeowner with questions about appraiser methodology?

If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.

And if you’re in need of appraisal services in Portland or anywhere in the Portland Region, we’d be glad to assist.

Appraisal Deep Dive: External Obsolescence in Hillsboro — Residential Market Response to Intel’s 2024–2025 Workforce Reductions

Hillsboro’s residential market responded to Intel’s 2024–2025 layoffs with clear external obsolescence—condominium and attached resale segments showed steepest price declines and longest marketing times. Original RMLS analysis.

Intel's Gordon Moore Park at Ronler Acres campus in Hillsboro, Oregon, showing the scale of semiconductor facilities central to local employment and residential market dynamics
Intel’s Gordon Moore Park at Ronler Acres—the largest campus in Hillsboro and primary site impacted by 2024–2025 workforce reductions.
Photo: M.O. Stevens via Wikimedia Commons (CC BY 3.0)

Hillsboro has long been synonymous with high-wage technology employment, anchored by Intel’s extensive campus network. When a dominant employer undergoes significant workforce reduction, the ripple effect can manifest as external obsolescence in the surrounding residential market—reduced buyer demand, extended marketing periods, and downward pressure on realized prices, particularly in segments most tied to that employment base.

Between late 2024 and the end of 2025, Intel eliminated more than 4,400 positions in Oregon, with the vast majority concentrated in Hillsboro facilities. This represented a roughly 20% contraction from peak local headcount. The timeline provides clear inflection points for analyzing market reaction.

Intel Oregon Workforce Reduction Timeline (Hillsboro-Focused)

  • October 2024: Approximately 1,300 positions eliminated (separations beginning November 2024).
  • July 2025: Roughly 2,400 additional positions cut across Ronler Acres, Jones Farm, Hawthorn Farm, and Aloha sites.
  • November 2025: Further 669 roles removed, bringing the 2025 total above 3,100.
Map of Hillsboro Oregon semiconductor cluster showing Intel Ronler Acres, Jones Farm, and Hawthorn Farm campuses alongside related industry sites, highlighting employment concentration affecting nearby residential values.
Semiconductor business cluster in Hillsboro, Oregon, illustrating the concentration of Intel campuses (Ronler Acres, Jones Farm, Hawthorn Farm) amid supplier and partner facilities—the geographic core of the employment shock.
Via Hillsboro GIS
Approximate Hillsboro city limits boundary used for RMLS closed-sales analysis (detached, attached, and condominium properties, 2023–2025).
Via Hillsboro GIS

Annual Market Summary (Hillsboro Closed Sales, 2023–2025)

TypeYear# of SalesAvg PriceAvg PPSFAvg CDOMSP/OLP %
Condo202390$366,533$2992599.12%
202473$361,835$3163797.66%
202588$335,105$2896694.89%
Attach.2023208$465,801$3053199.02%
2024272$477,344$2985198.00%
2025281$455,479$2877296.83%
Detach.2023732$589,096$3143998.52%
2024757$603,627$3254898.32%
2025783$586,434$3136097.39%
Annual market summary for Hillsboro closed sales (all property types, including new construction, 2023–2025). Overall averages reflect relative price stability across the period.
Data: RMLS | Portland Appraisal Blog

Data reflects single-family residential class properties within Hillsboro city limits (detached homes, attached townhomes/rowhomes, and condominiums).

Price Trends Reveal a Split Market

Line chart showing quarterly average sales price trends for condominium, attached, and detached properties in Hillsboro Oregon from 2023 through 2025, illustrating segment-specific softening.
Quarterly average close price trends in Hillsboro (all closed sales, 2023–2025). Detached properties maintained relative stability longest, while condominium and attached segments showed earlier and steeper declines.
Line chart comparing quarterly average sales price for resale-only condominium, attached, and detached homes in Hillsboro Oregon 2023–2025, highlighting greater price pressure on existing properties.
Quarterly average close price trends in Hillsboro (resale properties only, excluding new construction). Removing builder sales unmasks deeper weakness in existing detached and attached stock.

Some local year-end commentary described Hillsboro values as generally stable, citing modest average price gains and balanced overall inventory; this matches the annual market summary table above. However, if you peel back the onion a different picture emerges. The apparent stability reflects the continued delivery of new-construction projects—many planned and entitled well before Intel’s workforce reductions began. When new-construction sales are excluded, existing condominium and attached resale properties show consistent price declines and significantly longer marketing periods—evidence that the employment shock has already exerted measurable external obsolescence on resale stock. The broader market averages may feel the full effect in 2026 and beyond as pre-layoff development pipelines clear.

Type2023 Avg Close2024 Avg Close2025 Avg Close2025 vs 2023 Change2025 Avg CDOMSP/OLP 2025
Condo$366,533$361,835$335,105–8.6%66 days94.89%
Attach.$449,270$452,930$435,573–3.0%56 days96.22%
Detach.$568,134$578,012$570,170+0.4%50 days97.37%
Resale-only trends reveal clearer softening, particularly in condominium and attached segments.
Data: RMLS | Portland Appraisal Blog

The Textbook Signal: Rising Cumulative Days on Market

Perhaps the clearest indicator of external obsolescence is the extension of marketing periods. Prolonged days on market with little to no price premium is a hallmark response to localized employment contraction.

Line chart of quarterly average cumulative days on market for resale condominium, attached, and detached properties in Hillsboro Oregon 2023–2025, demonstrating progressive market-time extension tied to employment disruption.
Quarterly average cumulative days on market (resale properties only, Q1 2023–Q4 2025). Condominium resale led the increase, followed closely by attached; detached resale joined the upward trend decisively in late 2025.

The extension of marketing periods in resale properties offers one of the clearest indicators of external obsolescence. Condominium resale led the trend with sharp increases beginning in mid-2024, followed closely by attached resale. Detached resale, initially more resilient, joined the upward trajectory decisively in late 2025. By Q4 2025, average cumulative days on market across all three resale segments converged in the 74–83 day range—a dramatic shift from the 20–40 day norms prevalent in 2023.

Key CDOM Inflection Points (Resale Properties)

TypeAvg CDOM Q4 2024Avg CDOM Q4 2025Increase
Condominium50 days74 days+48%
Attached61 days83 days+36%
Detached48 days78 days+63%
Average cumulative days on market for resale properties: Q4 2024 vs. Q4 2025 comparison, highlighting the sharpest extensions.
Data: RMLS | Portland Appraisal Blog

The near-convergence at 74–83 days by year-end 2025 represents a dramatic shift from pre-2024 norms, when most segments averaged 20–40 days.

Individual Sale Behavior: No Premium for Extended Marketing Time

Scatter analysis of 2024–2025 closed sales reinforces the aggregate trend.

Scatterplot of sales price versus cumulative days on market for Hillsboro Oregon condominium closings 2024–2025, showing flat relationship and numerous long-market-time sales with no price premium.
Sales price vs. cumulative days on market—Hillsboro condominium sales, 2024–2025. Flat trend line and long rightward tail illustrate absence of price compensation for prolonged marketing periods. Vertical dashed line at 60 days highlights extended-market properties.
Scatterplot of sales price versus cumulative days on market for resale attached townhome and rowhome sales in Hillsboro Oregon 2024–2025, revealing motivated pricing behavior in existing stock.
Sales price vs. cumulative days on market—Hillsboro attached resale properties only, 2024–2025. Similar flat relationship and extended tail once new-construction sales are removed. Vertical dashed line at 60 days.

Both distributions exhibit essentially zero correlation between longer marketing time and higher achieved price—a buyer’s market signal where sellers concede on price rather than wait.

Upper-Tier Detached Vulnerability

Year# of ResalesAvg Resale Price# of New ConAvg New Con Price% New Con
202324$1,006,57317$981,11141%
202424$964,68528$969,00454%
202535$954,78128$901,58244%
Total83$972,59273$945,68747%
Hillsboro detached sales priced $800,000 and above (2023–2025), separated by resale and new construction. Resale and new-construction prices trend lower while sheer new-construction volume helps support aggregates, leading to an impression of overall market stability.
Data: RMLS | Portland Appraisal Blog

Even within the more resilient detached segment, properties priced $800,000 and above—often appealing to higher-compensated technology professionals—displayed noticeable softening. Resale upper-tier homes closed at lower average prices in 2025 ($955,000) than in prior years, while new-construction sales in this bracket experienced even sharper erosion, averaging $902,000 in 2025—an 8.1% decline from the 2023 figure.

Appraiser Perspective: Practical Implications

The data presents several direct challenges in current Hillsboro residential appraisals:

  • Comparable selection becomes more complex when pre-layoff and post-layoff sales coexist. Appraisers must prioritize recent closings and apply verifiable market condition (time) adjustments, particularly for condominium and attached resale comps.
  • Reconciliation weighting should favor sales with similar motivation profiles; distressed or relocation-driven transactions carry greater weight in segments showing extended CDOM.
  • Market condition (time) adjustments are warranted when comparable sales bracket the layoff timeline. Sales closing before mid-2024 often reflect stronger demand and may require negative adjustments when applied to current assignments to account for subsequent market erosion; more recent closings in condominium and attached resale segments typically need little or no adjustment, while pre-layoff comps may warrant downward support in reconciliation.
  • New vs. resale distinction is critical in attached and upper-tier detached appraisals. Builder sales frequently achieve high sale-to-list ratios through incentives and concessions that are not always reflected in the recorded price, which can distort aggregate trends and make the overall market appear more stable than the resale segment suggests. Generally, appraisers compare new to new and resale to resale. The danger zone arises when comparing a 2–3 year-old near-new resale home to an actual new-construction sale; extensive efforts should be made to verify whether recent new-construction transactions included substantial concessions or favorable financing terms.

New construction accounted for 27.8% of all Hillsboro closed sales from 2023–2025—a notably high share that remained steady year-over-year. These deliveries largely reflect projects planned and entitled before Intel’s workforce reductions began. As that pre-layoff pipeline clears in the coming years, overall market averages may more closely mirror the resale trends observed here.

Lenders, homeowners, and real estate professionals active in Hillsboro should recognize that proximity to the semiconductor corridor no longer commands the same location premium it once did—at least in denser and higher-priced segments. The Portland Appraisal Blog will monitor how the tapering new-construction pipeline shapes broader metrics in 2026 and beyond.

Sources & Further Reading

Thanks for reading—I hope you found a useful insight or an unexpected nugget along the way. If you enjoyed the post, please consider subscribing for future updates.

CODA

Are you an agent in Portland who wonders why appraisers always do “x”?

A homeowner with questions about appraiser methodology?

If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.

And if you’re in need of appraisal services in Portland or anywhere in the Portland Region, we’d be glad to assist.

Appraisal Deep Dive: Sandy Oregon’s Sewer Moratorium — The End of a 27-Year New Construction Boom

Sandy’s sewer moratorium has halted most new development after a 27-year boom where new homes made up ~27% of sales—nearly 3x the regional average. Original RMLS analysis (1998–2025) and field reporting reveal the impacts and what comes next.

City of Sandy Wastewater Treatment Plant sign at 33400 SE Jarl Rd – the 1965 facility central to the ongoing sewer moratorium and infrastructure challenges
The entrance sign to the City of Sandy Wastewater Treatment Plant at 33400 SE Jarl Rd. Built in 1965 for a much smaller population, this facility is at the center of the moratorium on new sewer connections.
Photo: Abdur Abdul-Malik, Portland Appraisal Blog

Table of Contents

Introduction

After decades of explosive growth—one of Oregon’s highest rates of new home construction—the City of Sandy faced a severe infrastructure crisis. A federal settlement with the EPA forced the city to impose a moratorium on new sewer connections, halting most new development.

Sandy’s wastewater treatment plant, built in 1965 and last significantly upgraded in 1998, could not keep pace with expansion. Population grew from ~5,000 to over 13,000, adding thousands of homes and overwhelming the system with inflow and infiltration during wet weather. This led to hundreds of violations of Clean Water Act permits, including exceedances of effluent limits and prohibited bypasses that released untreated or partially treated wastewater into Tickle Creek—a tributary of the Clackamas River.

The violations exposed the city to potential civil penalties exceeding $100 million under the Clean Water Act. A fine which, if imposed, could have bankrupted the city. Sandy reached an agreement with the EPA, U.S. Department of Justice, and Oregon DEQ, committing to major upgrades to remediate the pollution.

Key requirements also included limiting new sewer connections—resulting in the moratorium, initiated in October 2022 and extended most recently to June 2, 2026 (Resolution 2025-39). The long-term fix favors piping effluent to Gresham’s plant (target late 2020s–early 2030s).

While vested pre-moratorium projects continue to build and sell in 2026, the backlog will soon run out—likely in the coming years—bringing new construction to a near-total halt. The most significant constraints on supply may therefore emerge 2027–2030, until regional wastewater capacity is fully online.

This post details the timeline, infrastructure roots, and—through original RMLS analysis (1998–2025)—the moratorium’s emerging and future impacts on Sandy’s housing market.

Teaser Stat: New detached single-family homes represented ~27% of all SFR sales from 1998–2025—nearly three times the typical regional average (~10%).

Tickle Creek Trail sign in Sandy, Oregon – the creek at the center of the city's wastewater treatment challenges and moratorium story.
Tickle Creek Trail entrance sign in Sandy. The creek’s water quality improvements came at the cost of a moratorium on new sewer connections to prevent further strain on the system.
Photo: Abdur Abdul-Malik, Portland Appraisal Blog
Tickle Creek in Sandy today—flowing through protected riparian forest.
Photo: Abdur Abdul-Malik, Portland Appraisal Blog

The situation underscores the long-term consequences when growth outpaces infrastructure.

The Infrastructure Story – How Sandy Reached the Breaking Point

Sandy’s sewer moratorium didn’t appear out of nowhere. It was the culmination of decades of rapid growth colliding with infrastructure built for a much smaller town.

The city’s wastewater treatment plant was constructed in 1965, designed to serve a population of roughly 2,000–2,500 residents. A significant upgrade in 1998 increased capacity to 1.2 million gallons per day (MGD), but no further major expansions followed.

Meanwhile, Sandy transformed. Between 1998 and 2025, 1,413 new single-family homes were sold (RMLS data)—representing ~27% of all SFR sales over that period, nearly three times the typical regional average.

Population growth accelerated sharply after 1970, leaving the city more than twice as large as it was when the Sandy plant last underwent a major upgrade (1998):

The result placed extraordinary demand on the aging system. During wet weather, inflow and infiltration (I&I)—stormwater entering through direct connections and groundwater seeping into pipes—routinely overwhelmed the system. Rain alone might have caused flooding or diluted overflows, but when combined with effluent from homes (wastewater containing nutrients, bacteria, and solids), it resulted in treatment capacity being exceeded, leading to permit violations including the release of untreated or partially treated wastewater into Tickle Creek.

Storm drain in Sandy, Oregon during wet weather, showing surface water pooling around the grate – an example of inflow and infiltration (I&I) contributing to sewer system overload.
Storm drain in Sandy during rain. Surface runoff entering the sewer system through drains like this is a primary source of inflow and infiltration (I&I), which overwhelmed the treatment plant and led to permit violations.
Photo: Abdur Abdul-Malik, Portland Appraisal Blog

The violations triggered federal enforcement. Under the Clean Water Act, potential civil penalties could have exceeded $100 million—a sum larger than the city’s annual budget. The latest biennial budget is $188 million (2025–2027 adopted). In 2023, Sandy reached a Consent Decree with the EPA, U.S. Department of Justice, and Oregon DEQ. The city settled for a reduced penalty of $324,300 (after completing a $200,000 supplemental environmental project for riparian restoration along Tickle Creek) and committed to comprehensive upgrades.

Central to the agreement was the “Sandy Clean Waters” program—a multi-phase overhaul of collection systems, treatment processes, and long-term planning. A key compliance requirement: limit new sewer connections that increase flows until capacity is proven.

This led directly to the moratorium on new land-use applications requiring sewer hookups, first adopted in October 2022 and extended multiple times—most recently to June 2, 2026 via Resolution 2025-39.

The city’s preferred long-term solution is a regional partnership: constructing an approximately 10-mile pipeline to send effluent to Gresham’s larger treatment facility. Engineering studies and intergovernmental agreements are underway, with completion targeted for the late 2020s or early 2030s.

Aerial view of the City of Sandy Wastewater Treatment Plant in Boring, Oregon, showing its compact footprint surrounded by dense forest and Tickle Creek nearby – the 1965 facility central to the sewer moratorium and infrastructure challenges.
Aerial view of the Sandy Wastewater Treatment Plant (1965, upgraded 1998), tucked away in a forested area near Tickle Creek. The limited space and aging design were overwhelmed by Sandy’s growth from ~5,000 to over 13,000 residents.
Image: Google Maps
Aerial view of the Gresham Wastewater Treatment Plant in Gresham, Oregon – a large, modern regional facility that Sandy plans to connect to via a proposed 10-mile pipeline for long-term wastewater treatment.
Aerial view of the Gresham Wastewater Treatment Plant – the larger, regional facility that will become Sandy’s primary treatment partner through the proposed 10-mile effluent pipeline, targeted for the late 2020s or early 2030s.
Image: Google Maps

In the interim, the city has made progress on immediate fixes—infiltration repairs, basin upgrades, and stress testing—but growth remains capped to protect water quality and avoid further penalties.

The result is a community that grew faster than its infrastructure could support, now navigating the consequences of that mismatch.

The Moratorium – Timeline and Mechanics

With the infrastructure crisis established, the City of Sandy turned to a rarely used tool under Oregon law: a moratorium on development tied to public facilities.

Authorized by ORS 197.520–197.530, such moratoria allow cities to pause land-use applications when a “shortage of public facilities” exists, provided they demonstrate reasonable progress toward resolution. Sandy has relied on this framework since 2022, extending the moratorium multiple times through public hearings and written findings.

Key Timeline

DateResolution / ActionKey Details
10/3/2022 Resolution 2022-24Initial moratorium adopted; no new applications requiring sewer connections accepted
3/20/2023Resolution 2023-07First extension; stress testing begins
6/20/2023Resolution 2023-27Consent Decree-aligned moratorium; capacity capped at 300 connections
11/20/2023Resolution 2023-34Extension to June 2024
5/20/2024Ordinance 2024-09Extensions for pre-moratorium approvals to prevent expiration
6/3/2024Resolution 2024-11Capacity unlocked to ~451 available (conditional EPA approval)
12/2/2024Resolution 2024-24Extension to June 2025
6/2/2025Resolution 2025-14Mass allocation closed; focus on extensions/reassignments
11/17/2025Resolution 2025-39Current extension to June 2, 2026
Timeline of City of Sandy’s resolutions extending the moratorium.

The moratorium is not a blanket building ban. Remodels, additions that do not increase wastewater flows (e.g., no new bathrooms), and certain replacements are generally permitted. Property line adjustments, variances, and developments using on-site septic systems are also exempt.

What is restricted: new land-use applications that propose additional sewer connections or modifications increasing flows. This includes most new subdivisions, partitions creating additional lots, multifamily projects, and commercial developments requiring hookups.

How Capacity Is Managed

The city uses Equivalent Residential Units (ERUs) as a measure—one ERU roughly equals the wastewater load of a single-family home.

  • Initial cap (2022–2023): 120–300 ERUs
  • Conditional EPA approval (April 2024): Potential total of 570 ERUs (with pathway to more pending upgrades)
  • As of late 2025: Approximately 374 ERUs remain available, primarily reserved for vested pre-moratorium projects, public health needs (failed septics), and limited reassignments—meaning the actual number of new detached single-family homes that can connect is far lower than the ERU figure suggests.

Pre-October 2022 applications (“vested”) retain priority, allowing some construction to continue. However, the backlog is finite, and new non-vested projects face significant hurdles.

The extensions follow state law requirements: six-month terms, public hearings, and findings of ongoing shortage plus progress (e.g., infiltration repairs, engineering for the Gresham pipeline).

This mechanism has bought time for compliance but will eventually constrain supply of new homes—effects explored through market data in the next section.

The Market Impact – An Appraiser’s Original Analysis (1998–2025)

The moratorium’s effects on Sandy’s real estate market are already measurable—and point to a future of tighter supply and shifting values.

Original RMLS analysis of single-family residential (SFR) sales in Sandy ZIP 97055 from January 1998 through December 2025 reveals a market long defined by exceptional new-construction activity, now facing a sharp pivot.

Over 28 years, 5,264 SFR detached home sales closed in Sandy. Of these, 1,413 were new-construction homes—representing ~27% of the total. This is nearly three times the typical share seen in comparable Portland-metro and Clackamas County markets, where new homes rarely exceed 10–12% of annual sales.

Sandy’s reliance on new construction was extraordinary—and, frankly, almost unheard of in mature real estate markets. In peak years like 2001, more than 60% of all single-family sales were brand-new homes—meaning over one in two transactions involved a house that didn’t exist the year before. Even the long-term average of ~27% is roughly three times the norm for established markets. Outside true boom-town anomalies (think early-2000s Las Vegas or parts of Florida), you rarely see new development dominate to this degree. For decades, Sandy operated less like a typical suburb and more like an active greenfield expansion zone.

The pattern was not uniform:

  • Early 2000s peak: New construction frequently exceeded 50–60% of sales.
  • Mid-2010s dip: Share fell to single digits during post-recovery caution.
  • 2018–2023 resurgence: New homes consistently 20–32% of sales, reflecting migration, low rates, and Sandy’s appeal as a Mt. Hood gateway.
A dual-bar chart showing annual single-family residential (SFR) sales in Sandy, Oregon from 1998 to 2025. Blue bars represent total SFR sales per year (ranging from ~73 in 1998 to a peak of 285 in 2015), while red bars represent new construction sales (peaking at 104 in 2001 and dropping sharply to 14 in 2025). The graph illustrates the historical dominance of new construction before the sewer moratorium significantly reduced new supply in recent years.

Focusing on new construction as a percentage of total sales shows Sandy peaking over 60% and beginning a downward trajectory, bottoming in 2017. A new trend began in 2018, interrupted by the moratorium:

Line graph showing new construction as a percentage of total single-family residential sales in Sandy, Oregon from 1998 to 2025. The line peaks at approximately 61% in 2001, fluctuates between 20–40% through most years, drops sharply to around 10% in 2024, and rebounds to 26% in 2025, illustrating the historical dominance of new homes before the sewer moratorium's impact.

The 2024–2025 period marks the clearest shift:

  • 2024: New share fell to 10.3% (lowest since the Great Recession era).
  • 2025: Partial rebound to 26.1%, reflecting the final closings from vested pre-moratorium projects.

This rebound masks the underlying trend: the pipeline of vested developments is thinning. As it exhausts, new supply faces a near-total halt.

Price Per Square Foot Trends

Average price per square foot (PPSF) rose across both segments, but patterns differ due to size variation.

Line graph comparing average price per square foot (PPSF) for new construction homes (blue line) versus existing homes (orange line) in Sandy, Oregon from 1998 to 2025. Both lines show a general upward trend from approximately $100 in 1998 to around $280–$290 in 2025, with multiple crossings and greater volatility in the new construction line, reflecting differences in average home size over time.
The lines cross multiple times (e.g., 2004–2005, 2010, 2014–2015). In periods of similar size—such as 2014–2015 (both ~1,780 SF)—PPSF was nearly identical, with no consistent advantage for new homes.
  • Existing homes: Steady increase from ~$100 in 1998 to $290 in 2025.
  • New construction: Slightly more volatile, often tracking below existing PPSF in many years—largely because new homes averaged significantly larger square footage and PPSF generally declines the larger a home gets.

The 2014–2015 period provides the clearest evidence that PPSF differences are primarily size-driven. During those years, new and existing homes had nearly identical average square footage (~1,780 SF), and PPSF tracked very closely (~$138–$146), with no consistent advantage for new construction. Other crossing points (e.g., 2004–2005, where existing edged higher, and 2010) further illustrate that per-square-foot pricing reflects size and market timing more than construction age.

Size and Age: New Homes Drove Greater Demand

New construction trended larger and more fixture-intensive—amplifying strain on the system.

Line graph comparing average total square footage for new construction homes (blue line) versus existing homes (orange line) in Sandy, Oregon from 1998 to 2025. The new construction line starts around 1,600 SF and rises significantly to approximately 2,300–2,345 SF in 2024–2025, while the existing homes line remains relatively stable between 1,600 and 1,900 SF, highlighting the increasing size of new homes over time.
  • Average total SF (new): Progressed from ~1,600 in early years to 2,300–2,345 in 2024–2025.
  • Average bedrooms/baths (new): 3.7–3.8 beds / 2.5–2.6 baths in recent years (vs. existing ~3.3 beds / 2.0 baths).
Line graph comparing the average year built for new construction homes (blue line) versus existing homes (orange line) in Sandy, Oregon from 1998 to 2025. The new construction line starts near 1998 and rises steadily to 2025, reflecting newly built homes. The existing homes line remains relatively stable around the 1990s to early 2000s range, showing the gradual aging of the existing housing stock over time.

Sandy’s overall housing stock is notably younger than the broader Portland region. Average year built for all homes sold in the period was ~2003, compared to a regional average age of ~48 years (Q3 2025 data). The narrower gap in the late 1990s reflects an earlier growth surge in the 1980s, which temporarily refreshed the existing stock. The widening gap from 2000 onward illustrates the intensity of subsequent development.

Field Observations: Vested Projects in Transition

On-site visits to pre-moratorium subdivisions reveal ongoing construction in vested phases, contrasting with the broader supply constraint as the backlog thins.

Active construction site in a vested pre-moratorium subdivision in Sandy, Oregon, showing an excavator digging on a muddy lot with foundation forms and dirt piles – illustrating ongoing development from allocated sewer connections during the moratorium.
Construction in progress at a pre-moratorium (vested) subdivision in Sandy (October 2025). These projects continue under previously allocated sewer connections, but represent the thinning backlog as the moratorium limits new supply.
Photo: Abdur Abdul-Malik, Portland Appraisal Blog
New single-family homes under construction in a vested subdivision in Sandy, Oregon. One home only has foundation poured.
Homes in various stages of completion, from foundation recently poured to nearly complete.
Photo: Abdur Abdul-Malik, Portland Appraisal Blog
New single-family homes under construction in a vested subdivision in Sandy, Oregon. Subject of picture is a framed house without siding.
A framed home. The average size of new homes has climbed by ~50% since 1998. With fixture count increasing as well.
Photo: Abdur Abdul-Malik, Portland Appraisal Blog
New single-family homes under construction in a vested subdivision in Sandy, Oregon. Section of completed homes with a framed house in the distance.
A subdivision nearly complete, a framed house can be seen in the distance.
Photo: Abdur Abdul-Malik, Portland Appraisal Blog

Summary of Impacts

  • Supply: New construction share has fallen from a long-term ~27% average to volatile single-digit territory in 2024, with 2025’s rebound likely the final surge.
  • Pricing: Overall PPSF has risen steadily across both segments, influenced by size differences rather than consistent age-based premiums.
  • Future: As vested projects complete, non-vested development faces severe constraints until regional capacity arrives.

The data confirms a market transitioning from abundance of new inventory to reliance on existing stock—with corresponding pressure on redevelopment and constrained large-scale growth.

Looking Ahead – The Next Decade of Constraints

The moratorium on new sewer connections is currently extended through June 2, 2026 (Resolution 2025-39, adopted November 2025). City staff and council findings indicate continued six-month renewals are likely until permanent capacity is secured.

While some pre-moratorium (“vested”) projects continue construction and sales in 2026, the remaining backlog of allocated connections is finite—approximately 374 ERUs as of late 2025, mostly reserved for committed developments and limited exceptions.

As this pipeline exhausts—likely in the coming years—new non-vested development will face a near-total halt. The most significant supply constraints may therefore emerge 2027–2030, a period when demand from Portland-metro spillover could remain strong but new inventory options are severely limited.

The city’s preferred long-term solution is a regional partnership: constructing an approximately 10-mile pipeline to route effluent to Gresham’s larger treatment facility. Engineering studies and an intergovernmental agreement were targeted for completion by late 2025, with construction and transition spanning several years thereafter (city estimates point to the late 2020s or early 2030s for full operation).

Until then, the Consent Decree and state law require ongoing limits on connections that increase wastewater flows.

Regional Ripple Effects

Sandy’s constraints will soon begin to influence broader county trends. New single-family detached sales in the Portland region show Washington County maintaining strong dominance in volume, with Clackamas County (home to Sandy) less than half the volume. As Sandy’s vested backlog thins, Washington County’s lead in regional new construction is likely to grow.

Bar chart comparing of single-family homes in the Portland region by County for Q3 2025, highlighting real estate trends, sourced from RMLS data.

The Rising Cost of Connection

The Clean Waters program and eventual Gresham partnership come with substantial financial implications for ratepayers and future development.

To fund the estimated $211–$245 million total program cost, Sandy has implemented significant rate increases. Residential sewer bills now include a base fee of $35.08 per month plus a usage charge of $9.00 per CCF (Centum Cubic Feet; one CCF equals 100 cubic feet of water, or approximately 748 gallons—a common billing unit for utilities).

For a typical household using 7–10 CCF per month, the extra $40–$50 per month over comparable Gresham rates is equivalent to the cost of two streaming services or a budget gym membership. With projected annual increases of 10–15% to service the program’s debt, this gap is expected to widen in coming years—potentially adding $6,000 or more in additional costs per household over a decade.

Gresham waster water treatment plant entrance sign–the regional facility Sandy will rely on.
Entrance sign for the Gresham waster water treatment plant. This facility is substantially larger than the one in Sandy and has excess capacity and has reached energy net zero.
Photo: Abdur Abdul-Malik, Portland Appraisal Blog (CC BY-SA 4.0)
Anaerobic digesters at the Gresham Wastewater Treatment Plant, Oregon.
Anaerobic digestion tanks with green roofs and associated buildings at the City of Gresham Wastewater Treatment Plant, 20015 NE Sandy Blvd, Gresham, Oregon. View from the entrance road shows solar panels and part of the biogas production and sludge stabilization facilities. 
Photo: Abdur Abdul-Malik, Portland Appraisal Blog (CC BY-SA 4.0)
Cost CategoryHistorical Baseline
(Sandy)		Current/Projected (2025–2026+)Gresham Benchmark
Total Program CostN/A$211–$245 millionN/A
Monthly Base Rate~$30$35.08$27.18
Usage Rate (per CCF*)~$7.76$9.00$2.41
Est. Monthly Bill (Avg User)~$55–$65~$75–$85+ (with increases)~$44–$51
SDC (Detached SFR)~$3,000–$5,000Under review (likely higher)$7,915
*CCF = 100 cubic feet (~748 gallons). For reference, the average Sandy household uses 7–10 CCF per month. Rising costs reflect the scale of required upgrades and regional partnership. Future SDCs may include contributions to Gresham capacity.

These higher ongoing expenses represent a notable shift. Once the moratorium lifts and regional capacity is online, the elevated barrier to entry—through both system development charges and monthly utility costs—may alter the economics of large-scale new construction compared to the 1998–2023 boom period. The full impact on development feasibility remains to be seen.

Vacant Land and Interim Use

For vacant lots without vested rights, the moratorium creates a prolonged holding period. Highest and best use as immediate residential development is no longer supportable; instead, these parcels function as speculative holds for future development—potentially until the Gresham pipeline is operational around 2030.

This interim use introduces time-value considerations in appraisals: discounted cash flow adjustments for the delay in realizing development potential, alongside uncertainty over final SDC levels and rate structures.

Alternative Development Paths

The moratorium explicitly exempts developments using on-site septic systems, provided they meet Clackamas County health standards for soil percolation, setbacks, and reserve areas (typically requiring ~1 acre minimum for public water, or 2 acres with a well, plus ~10,000 square feet for drainfield and reserve).

This carve-out may encourage a shift in strategy for owners of larger parcels (0.5–2+ acres), particularly on the city’s fringes or within the Urban Growth Boundary. Subdividing such lots into multiple sewer-ready parcels is blocked, as it requires new connections. However, keeping the lot intact and building a single home on septic remains permitted. In fact, owners of adjacent parcels may explore assemblage to create lots large enough to support a single septic system, potentially keeping otherwise vacant land financially viable during the holding period.

Builders—especially spec or custom operators rather than high-volume tract developers—may pivot to this model: larger, high-end homes on assembled junior-acreage or full-acreage sites. This path preserves lot size (necessary for septic viability), limits density, and carries higher upfront costs (~$20,000–$40,000 for the system) plus ongoing maintenance. It is likely most viable for luxury or custom builds, where buyers prioritize space, privacy, and views over urban density.

Over time, this could slow the historical trend toward smaller lots and denser subdivisions (evident in the -15% to -17% correlation between year built and lot size for 1998–2025 sales). Parcels with proven septic suitability may command a premium as one of the few remaining routes to truly new construction.

Market Implications

With new greenfield or large-scale subdivisions effectively paused, buyers will continue relying on existing inventory, including new construction homes already vested. Older properties with existing sewer connections—particularly marginal or teardown candidates—may see increased redevelopment interest, though additions or replacements that increase flows remain prohibited, capping rebuild scale on many lots.

Sandy’s housing market is beginning to adapt to reduced new supply. The next several years will test how it performs under prolonged constraints—until regional capacity finally arrives.

Takeaway

Sandy’s story is a microcosm of a larger challenge facing many growing communities in Oregon and beyond: infrastructure rarely keeps pace with demand. For nearly three decades, new homes made up ~27% of all single-family sales—nearly three times the regional norm—with peaks above 60% in the early 2000s. That pace was extraordinary, but it came at a cost: an aging 1965 treatment plant overwhelmed, permit violations, federal penalties, and now a multi-year moratorium on new sewer connections.

The data reveals a market in transition. The 2024 drop to 10.3% new construction share was an early warning of the supply squeeze, even as 2025 rebounded to 26.1% (likely the final surge from vested projects). While 2026 may still see decent new home closings from the remaining backlog, the real constraints are likely still ahead—potentially dipping to low single-digit percentages (or even near 1%) in the 2027–2030+ period as non-vested development faces a near-total halt.

The long-term fix—a 10-mile pipeline to Gresham—is underway, with engineering studies and intergovernmental agreements targeted for late 2025. However, as of early 2026, it appears the formal IGA between Sandy and Gresham has not yet been signed, illustrating how even well-planned large-scale infrastructure projects frequently encounter delays due to permitting, coordination, terrain challenges, or cost overruns. Such delays could push pipeline completion well into the 2030s and prolong constraints on new supply.

As a result, builders will likely shift their focus to jurisdictions or areas with existing capacity (e.g., neighboring counties or sewered infill sites), further concentrating regional new construction outside Sandy. The next several years will test how the market adapts to prolonged limits—rewarding existing inventory, redevelopment on sewered lots, and alternative paths on larger parcels—until regional capacity finally arrives.

Sources & Further Reading

This post is based on official public records, direct city documents, EPA filings, and original RMLS data analysis (1998–2025). All links were verified as active on January 08, 2026. For the most current moratorium status, always check the City of Sandy’s development moratorium page.

City of Sandy Official Pages

  • Development Moratorium Information (main hub – current status, extensions to June 2, 2026, ERU allocation): Link
  • Equivalent Residential Units (ERUs) Currently Available: Link
  • Sandy Clean Waters Program (project overview, Gresham pipeline, upgrades, $211–$245 million cost range): Link
  • Wastewater Consent Decree Settlement (city summary and supporting documents): Link
  • EPA Approves New Sewer Capacity for Sandy (2024 ERU increase details): Link
  • Adopted Budget 2025–2027 ($188 million biennial budget reference): Link
  • Information on New Utility Rates: Link

Key Resolutions (Direct PDFs where available)

  • Resolution 2025-39 (extends moratorium to June 2, 2026): Link
  • Resolution 2025-14: Link
  • Resolution 2024-24: Link
  • Resolution 2024-11: Link
  • Ordinance 2024-09 (extensions for pre-moratorium approvals): Link

EPA & Federal Documents

  • City of Sandy Clean Water Settlement (EPA overview, $100M+ potential penalty context): Link
  • Final Consent Decree (PDF – entered September 11, 2023): Link
  • EPA News Release on Settlement (July 2023): Link

Regional & Population Context

  • U.S. Census Bureau QuickFacts – Sandy, Oregon (2020 census 12,612; historical data): Link
  • Portland State University Population Estimate Reports: Link
  • PDXScholar Oregon Population Estimates & Reports: Link

City of Gresham Official Pages

  • Gresham Wastewater Treatment Plant: Link
  • Gresham Wastewater Treatment Plant (20MGD Capacity): Link
  • Gresham Wastewater Utility Rates: Link

Oregon Revised Statues

  • ORS 197.520 – Manner of Declaring Moratorium: Link
  • ORS 197.530 – Correction Program: Link

Data & Methodology

  • All photos by Abdur Abdul-Malik / Portland Appraisal Blog unless otherwise noted (aerials from Google Maps).
  • RMLS single-family residential sales data, Sandy ZIP 97055 (1998–2025). New Construction carefully parsed and classified.
  • The Portland Region Q3 2025 Market Update: Portland Appraisal Blog

Thanks for reading—I hope you found a useful insight or an unexpected nugget along the way. If you enjoyed the post, please consider subscribing for future updates.

CODA

Are you an agent in Portland who wonders why appraisers always do “x”?

A homeowner with questions about appraiser methodology?

If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.

And if you’re in need of appraisal services in Portland or anywhere in the Portland Region, we’d be glad to assist.

Appraisal Deep Dive: The Ritz-Carlton Residences, Portland — Market Resistance and the Principle of Conformity in Downtown Condominiums (2023–2025)

The Ritz-Carlton Residences, Portland closed only 11 of 132 units in 2024–2025 at an average $274,000 reduction from original list, illustrating external obsolescence and violation of the principle of conformity in downtown Portland’s soft condo market.

Block 216 tower, home to The Ritz-Carlton, Portland hotel and the Ritz-Carlton Residences condominiums, downtown Portland Oregon
Block 216 (The Ritz-Carlton, Portland hotel and Ritz-Carlton Residences) viewed from West Burnside Street, Portland, Oregon.
Photo: Steven Walling via Wikimedia Commons (CC BY 2.0)

As 2025 draws to a close, Block 216—Portland’s tallest residential tower at 460 feet and 35 stories—stands as a prominent feature of the downtown skyline. Completed in 2023–2024, the mixed-use project includes The Ritz-Carlton, Portland hotel on the lower floors and 132 branded luxury condominiums above, marketed as the Ritz-Carlton Residences, Portland.

Launched with considerable optimism for a post-pandemic downtown revival, the residences were positioned as the pinnacle of urban luxury living—complete with Ritz-Carlton service access, premium finishes, and panoramic views. Original list prices ranged from $850,000 to $7,850,000.

Yet the market response has been markedly different. As of December 31, 2025, only 11 units have closed. The original developer transferred the unsold inventory to the lender via deed in lieu of foreclosure in summer 2025, and Christie’s International Real Estate Evergreen was appointed exclusive brokerage in December 2025, with significant price reductions (starting at 50%) scheduled for January 2026.

This appraisal deep dive examines the project’s sales and listing history through RMLS data, placing it within the broader context of the Portland Downtown condominium market and highlighting key valuation principles brought into sharp relief.

Timeline of Key Developments

  • 2019–2023: Block 216 construction and pre-sales period. Residences marketed under Ritz-Carlton branding license as ultra-luxury product with hotel amenity access.
  • 2024: Tower completion and public launch of condominium sales under LUXE Forbes Global Properties. Phased marketing begins.
  • Late 2023–early 2025: Eleven closings recorded in RMLS, eight of which show 0 days on market (indicative of off-market or exclusive arrangements).
  • Summer 2025: Developer executes deed in lieu of foreclosure, transferring bulk unsold inventory to lender Ready Capital—a project-level transaction, not individual buyer foreclosures. Public records confirm the hotel portions of Block 216 transferred to a lender REO entity in July 2025.
  • December 2025: Christie’s International Real Estate Evergreen appointed exclusive brokerage; major price repositioning announced for January 2026.

The Portland Downtown Condominium Market: A Soft Backdrop

The Ritz-Carlton Residences are located in the City of Portland’s “Portland Downtown” neighborhood—the central area immediately south of the Pearl District, encompassing the West End and cultural district around Pioneer Courthouse Square and the South Park Blocks.

Map of Portland Downtown neighborhood boundary showing location of Block 216 and The Ritz-Carlton Residences Portland
The Ritz-Carlton Residences, Portland (Block 216) within the City of Portland’s “Portland Downtown” neighborhood boundary, immediately south of the Pearl District.
Map via Bing Maps

This area offers exceptional walkability and proximity to cultural institutions, but the condominium market has remained soft for years. From 2022–2025, 482 condominium sales closed in the neighborhood at an average price of $407,358 and $372 per square foot. Units averaged 1,109 square feet in size, with an average year built of 1982 and average monthly HOA fees of $784.

The scatterplot below illustrates the price distribution over time:

Scatterplot showing condominium sales prices over time in Portland Downtown neighborhood with points sized by total square feet and Ritz-Carlton Residences sales highlighted as outliers above the main cluster.
Sales Price vs. Date of Sale for condominiums in Portland’s Downtown neighborhood (2021–2025). All points are sized proportionally by total square feet. Gray dots represent all other sales; colored dots are the 11 closed sales at the Ritz-Carlton Residences, Portland. The Ritz units closed well above the neighborhood norm.

Sales prices have shown remarkable stability—remaining largely in the $200,000–$1.2 million range, with the historical high (prior to Block 216) at $3.065 million from a 2017 transaction. This stagnation reflects persistent oversupply and slow absorption in the urban core.

The table below quantifies the contrast between the neighborhood and the Ritz-Carlton Residences:

MetricPortland Downtown (482 sales)Ritz-Carlton (11 sales)Insight
Avg Close Price$407,358$1,500,364Ritz closed at 3.7× the neighborhood average.
Avg PPSF$372.27$1,052.73Ritz realized 2.8× higher PPSF—still far above neighborhood norm.
SP/OLP %93.29%84.48%Ritz required significantly larger price reductions from original list to close.
Avg Year Built19822023Ritz is brand-new vs. 40+ year-old neighborhood average.
Avg Total SF1,1091,363Ritz units larger on average.
Avg HOA Monthly$784$2,402Ritz HOA 3× higher—significant carrying cost difference.
Avg CDOM11425Skewed by Ritz exclusives; real public marketing time much longer.
Data: RMLS | Portland Appraisal Blog

The Ritz-Carlton Residences: Pricing Premise vs. Market Reality

Of the 132 total residences, 71 distinct units were publicly marketed in phases—full release of floors 21–23 (the “entry-level” tiers) and selective listings on higher floors. These 71 units generated 105 separate listing records in RMLS, with a median of 145 days per active spell and many accumulating 400+ cumulative days across repeated expirations and re-lists.

Only 11 closings were recorded:

  • Average sold price $1,500,364 (average reduction of $274,000 from original list price per unit).
  • Average PPSF $1,053 (marginal trend from regression ~$1,665).

These closings occurred between late 2023 and February 2025, with no additional sales recorded in the remainder of the year.

The developer’s original pricing was highly disciplined and size-driven:

Scatterplot of list price versus total square feet for marketed Ritz-Carlton Residences Portland units showing tight linear correlation.
List Price vs. Total Square Feet for the 71 marketed units at the Ritz-Carlton Residences, Portland (2022–2025). Trend implies ~$2,096 per square foot.

The closed sales followed a similar pattern but at a lower level:

Scatterplot of sales price versus total square feet for closed Ritz-Carlton Residences Portland units showing consistent reduction from original pricing premise.
Sales Price vs. Total Square Feet for the 11 closed sales at the Ritz-Carlton Residences, Portland (~$1,665 marginal PPSF trend, average realized $1,053/psf).

Among the 11 closed sales (primarily on floors 21–31), no discernible premium for higher floors was observed in realized prices:

Scatterplot showing no correlation between sales price and floor level in closed Ritz-Carlton Residences Portland sales.
Sales Price vs. Floor Number for the 11 closed sales at the Ritz-Carlton Residences, Portland (floors 21–31). R² near zero—no contributory value observed for higher floors in current data; upper floors remain unsold.

Notably, eight of the 11 closings showed 0 days on market—likely off-market or exclusive arrangements. The publicly marketed units faced far greater resistance.

The Inclusionary Housing Obligation and Additional External Pressure

Portland’s Inclusionary Housing program requires new residential developments of 20 or more units to either include affordable units or pay a fee-in-lieu. For Block 216, the developer initially proposed 26 on-site affordable units during the entitlement phase but switched to the fee option in 2023.

On-site inclusion proved functionally challenging: even with restricted sale prices, the project’s elevated monthly HOA dues (averaging $2,402 across closed sales) and luxury service model would likely exceed income qualifications for targeted buyers. The calculated fee-in-lieu obligation totaled approximately $7.8 million (base plus interest) and was due December 31, 2025.

Following the summer 2025 deed-in-lieu transfer to lender Ready Capital, uncertainty remains regarding collection of this amount. As of the post date, it is unknown whether the fee has been paid. If unpaid, it would represent an additional external factor appraisers must consider—a financial encumbrance separate from the physical improvements that may influence marketability and value reconciliation for both unsold inventory and existing ownerships.

Appraiser Perspective: The Principle of Conformity and External Obsolescence

The original pricing strategy for the Ritz-Carlton Residences appears to have been calibrated to the Pearl District rather than the property’s actual location in Portland Downtown. The Pearl has demonstrated a proven ceiling around $7 million for top-tier condominiums, as detailed in an earlier Portland Appraisal Blog post analyzing that market over the past decade. In contrast, the highest condominium sale in the Portland Downtown neighborhood prior to Block 216 was $3.065 million in 2017.

By listing units up to $7.85 million, the developer effectively positioned the project outside the neighborhood’s historical range of conformity—a principle of appraisal theory that holds value is maximized when a property aligns with prevailing market expectations in its location. The resulting resistance illustrates how site-specific external factors can override new construction, branding, and amenity premiums.

This pricing strategy mirrors a common challenge appraisers encounter when reviewing sale transactions or proposed listings: comparable sales selected from superior or more established submarkets to support an optimistic value conclusion. The uniform price reductions required on closed sales (average $274,000 reduction from original list price per unit) and prolonged adverse listing history on the unsold inventory further demonstrate concentrated external obsolescence within an already challenged submarket.

Outlook and Implications for Owners and Lenders

The January 2026 price repositioning may improve absorption at levels more aligned with neighborhood norms. However, the influx of discounted intra-building comparable sales could create reconciliation challenges for appraisals of the existing 11 ownerships—particularly the eight early exclusive buyers who closed near original asks.

Lenders and owners of recently purchased units should monitor upcoming sales closely, as distressed marketing conditions on remaining inventory can influence market value indications even for arms-length prior transactions.

For developers and lenders contemplating future high-rise condominium projects in the urban core, the Block 216 experience underscores the importance of grounding pricing premises in location-specific comparable data rather than aspirational benchmarks from adjacent submarkets.

Update

An analysis of how the Ritz-Carlton Residences, Portland has performed up to June 1, 2026 is now available.

Sources & Further Reading

  • The Ritz‑Carlton Residences, Portland — A Case Study in a Well‑Managed Turnaround (2026): Portland Appraisal Blog
  • Christie’s International Real Estate Evergreen appointment and price repositioning announcement: Press Release
  • Ready Capital secures ownership via deed in lieu (summer 2025): Investor Relations News
  • KGW coverage of price reductions and brokerage change: Article
  • Willamette Week on lender taking possession: Article
  • Street Roots on inclusionary housing fee and deadline: Article
  • Portland Inclusionary Housing Program overview and requirements: City of Portland
  • Block 216 hotel unit ownership transfer (July 2025): Multnomah County Property Records (search Account P727368)
  • The Portland Pearl District Condo Market – The Last 10 Years (2015–2024): Portland Appraisal Blog

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Thanks for reading—I hope you found a useful insight or an unexpected nugget along the way. If you enjoyed the post, please consider subscribing for future updates.

CODA

Are you an agent in Portland who wonders why appraisers always do “x”?

A homeowner with questions about appraiser methodology?

If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.

And if you’re in need of appraisal services in Portland or anywhere in the Portland Region, we’d be glad to assist.