Photo / Courtesy Benchmark Real Estate
A 2,005-square-foot condo unit at 387 Commercial St., known as Hobson’s Landing, sold for $2.995 million.
June 16, 2025
Portland inventory of single-family homes for sale spikes in May
Photo / Courtesy Benchmark Real Estate
The brick single-family at 375 Spring St. sold for $2.4 million, making it May’s top seller in Portland.
Portland’s single-family home market saw 44 sales in May, a 22% increase in volume from April and up 7.3% year-over-year.
But the real story was a spike in inventory, with 62 homes on the market, up from 45 in April, according to the latest monthly market report from Benchmark Real Estate, which based its analysis on data from the Multiple Listing Service.
“That’s a big jump this month and last month and could cool things off if demand doesn’t keep pace,” said Tom Landry, the firm’s owner.
For May 2025:
Single-families
- Median sale price: $569,000 (down from $570,000 in April and down from
- $620,000 in May 2024)
- Sales: 44 (up from 36 in April and from 41 in May 2024)
- Median days on market: 7 (up from 6 in April and from 6 in May 2024)
- Inventory: 62 (up from 45 in April and from 46 in May 2024)
- Top sale: 275 Spring St.: 5-bedroom, 3.5-bath, 5,930 square feet, $2.4 million
Condos
- Median sale price: $465,000 (down from $622,500 in April and from
- $607,000 in May 2024)
- Sales: 31 (up from 22 in April, down from 35 in May 2024)
- Median days on market: 17 days (up from 15 in April and from 11 in May 2024)
- Inventory: 83 (up from 70 in April and from 68 in May 2024)
- Top sale: 387 Commercial St., No. 708: 3-bedroom, 2.5-bath, 2,005 square feet, $2.995 million
"We’re seeing softness and hesitancy in condos,” said Landry. “Some owners may be pulling the trigger to sell second or third units, or to simplify life amid economic uncertainty.”
Multi-families
- Median sale price: $810,000 (down from $895,000 in April, up from
- $805,000 in May 2024)
- Sales: 13 (up from 10 in April and from 9 in May 2024)
- Median days on market: 8 days (down from 15 in April and from 9 in May of
- 2024)
Photo / Courtesy Benchmark Real EstateThe top 2-4-unit sale in May was 74 Melbourne St., where the multi-family sold for $1.4 million - Inventory: 26 (down from 28 in April and from 34 in May 2024)
- Top 2-4-unit sale: 74 Melbourne St.: 3 units, updated, 3,288 square feet, $1.4 million
Multifamily properties are a “volatile” slice of the market, said Landry.
The dip in multi-family inventory could suggest some investors are choosing to hold onto performing assets rather than test softer buyer demand, he said.
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