Q1
PACIFIC NW MARKET REPORT
ABOUT THIS REPORT
The Berkshire Hathaway HomeServices Quarterly Market Report features the latest MLS data and local market statistics. Through year-over-year comparisons of key performance indicators and market summaries, this report delivers a comprehensive overview of residential real estate activity for the regions we service across the Pacific Northwest, including:
• Mid-Willamette Valley (Marion, Polk, Linn, & Benton)
• Eugene, Coastal, and Southern Oregon (Lane, Tillamook, & Douglas)
• Central Oregon
• Greater Portland Metro Area
• Southwest Washington (Vancouver Metro Area)
• Greater Seattle Metro Area (King, Pierce, Snohomish, & Thurston)
Learn about trends affecting sales activity and price, read decisive takeaways for each market, and empower yourself with Northwest Knowledge.
ABOUT US
Since 1942, we’ve been helping people buy and sell homes in Oregon and Washington. With 30 offices and a growing regional network of nearly 1,000 real estate professionals, we lead the Northwest in delivering exceptional service backed by datadriven market intelligence, just like you’ll find throughout this report.
For more information and assistance to help successfully navigate today’s real estate market, contact your local Berkshire Hathaway HomeServices broker. We are
All statistics are based upon MLS data for the period of January 1, 2025 – March 31, 2025.
LETTER FROM THE EDITOR
In the Q1 2025 Berkshire Hathaway HomeServices Quarterly Market Report, we surveyed, collected, and analyzed the latest residential real estate market activity data throughout the Pacific Northwest.
Overall, the first quarter reflected a combination of increased supply meeting increased demand, with most regions posting marginal gains or losses—indicative of a more balanced marketplace than we’ve seen over the past few years.
For prospective buyers, a less chaotic pace of sales can translate into more time to make decisions and find the right home to fit their needs. For prospective sellers, buyer demand strengthened late in the quarter. And while we may not be entering a ‘red-hot spring,’ the balanced market will allow sellers to continue achieving positive outcomes.
As you’ll see in this report, many regions recorded higher closed transactions compared to this time last year—even as average days on market lengthened. Overall, modest price appreciation continues.
Higher interest rates continued to impact the market, affecting both prospective buyers grappling with affordability issues and sellers reluctant to list and give up their current rates. However, this type of real estate environment can be successfully navigated with relevant, market-specific Northwest Knowledge—as we’ve included in the Q1 2025 report—coupled with the experience and guidance Berkshire Hathaway HomeServices Forever Agents ® provide.
No matter what your real estate and lifestyle goals may be, Berkshire Hathaway HomeServices Forever Agents® are always here to help you achieve them, so you can buy, sell, or invest with confidence.
Melanie Weidenbach, President & CEO
Mid-Willamette Valley
(Marion, Polk, Linn, & Benton)
The Mid-Willamette Valley market nearly mirrored the first quarter of last year, with modest gains in closed as well as pending units, keeping home prices largely flat from Q1 of 2024, with some exceptions across certain sub-markets.
DAYS ON MARKET
Throughout the Mid-Willamette Valley market, average days on market increased 5%, rising from 62 days in Q1 2024 to 65 days this quarter. In Stayton, average market time grew 43% yearover-year to 60 days. At 55 days, Corvallis posted the lowest (and therefore, the fastest) days on market average in the region, though the number represented a 12% jump from yearago figures.
AVERAGE SALES PRICE
Average sales price ($446,787) remained flat compared with this same time period last year. On a city-by-city basis there was more price movement, with Albany’s average sales price rising 11% from year-ago figures to end Q1 2025 at $471,549. In Independence, average sales price ($347,313) missed the mark by 13% compared with this time last year.
PENDING SALES, NEW LISTINGS, & ACTIVE LISTINGS
Pending sales in the Mid-Willamette Valley were up a slight 3% compared with Q1 of last year; new listings were off 6% and active listings were 4% lower than year-ago figures.
HOME SALES
Closed transactions were 2% higher than Q1 of last year, ending Q1 2025 at 837. Several cities surveyed within this region posted year-over-year declines in closed units, though in Sweet Home, closed units jumped 38% from year-ago figures to 47 this quarter. Stayton also posted positive gains with 18 closed units, a 20% increase over Q1 of 2024.
MID-WILLAMETTE VALLEY
MID-WILLAMETTE VALLEY
Eugene, Coastal, & Southern Oregon
(Lane, Tillamook, & Douglas)
With affordability issues still impacting many prospective buyers, home prices in Eugene, Coastal, and Southern Oregon experienced a slow but steady ascent to start the year. Though activity is just beginning to heat up for springtime, the market already showed some signs of promise, with more inventory and transactions than in Q1 of last year.
DAYS ON MARKET
In Eugene, Coastal, and Southern Oregon, average days on market increased 11% from year-ago figures to end Q1 2025 at 68 days. Market time in Garibaldi (61) and Oceanside (61) fell 76% in both locations, compared with this time period last year. Conversely, in Netarts, average days on market jumped 71% year-over-year to 147 days this quarter.
CLOSED TRANSACTIONS
Closed transactions in the region (1,136) edged up 1% compared with this time last year. In Garibaldi, closed units (5) surged 150%, and closed units also posted gains in Florence (87) and Netarts (6), rising 24% and 20%, respectively, from year-ago figures.
NEW LISTINGS, ACTIVE LISTINGS, AND PENDING SALES
Eugene, Coastal, and Southern Oregon’s new listing total for Q1 2025 (1,640) was 3% higher this quarter than during Q1 2024. Active listings also increased, climbing 8% from year-ago figures to end Q1 2025 at 2,976 for the region. Pending sales were up 7% year-overyear to end Q1 2025 at 1,373.
AVERAGE SALES PRICE
Increasing 2% from Q1 of last year, average sales price for the region landed at $439,340 this quarter. Oceanside’s average sales price climbed 28% year-over-year to end Q1 2025 at $802,500. Average sales price in Netarts also made noticeable gains, jumping 18% from year-ago figures to $542,889 this quarter. Against this regional trend, average sales price in Garibaldi ($295,166) fell 43% compared with the same time period last year.
EUGENE, COASTAL, & SOUTHERN OREGON
Central Oregon
As inventory increased throughout Central Oregon this quarter, buyers were given more options and market time noticeably slowed. However, higher levels of inventory did not put downward pressure on prices, with Central Oregon’s average sales price posting yearover-year gains.
AVERAGE SALES PRICE
Central Oregon’s average sales price—$798,114—was up 3% compared with this time period last year. In Sunriver, average sales price increased 12% year-overyear to end Q1 2025 at $800,679.
CLOSED TRANSACTIONS & PENDING SALES
Closed transactions (851) in Central Oregon increased 9% from year-ago figures. In all Central Oregon cities surveyed for this report, closed transactions posted year-over-year gains, with the highest percentage increase recorded in Sunriver, where closed units (45) jumped 15% compared with this time period last year. Pending sales (939) this quarter were unchanged from Q1 2024.
NEW LISTINGS & ACTIVE LISTINGS
New listings (1,348) jumped 13% year-over-year, and active listings (2,549) also increased 13% compared with this time last year.
DAYS ON MARKET
Average days on market increased 18% year-over-year to end Q1 2025 at 78 days. In Sunriver, average days on market surged 135% from 31 days in Q1 2024 to 73 days this year.
CENTRAL OREGON
Greater Portland Metro Area
A more neutral market—where both buyers and sellers had opportunities—culminated in positive outcomes across closed sales, pending sales, and home prices throughout the Greater Portland Metro Area. Despite growth in inventory, resulting in increased days on market, home prices continued to show favorable appreciation across the area.
DAYS ON MARKET
Average days on market in the Greater Portland Metro Area increased 24% year-over-year from 55 days in 2024 to 68 days this quarter. In Canby, days on market dropped 46% to an average of 64 days. On the other side of this trend, in Lake Oswego, days on market increased 77% from year-ago figures to end Q1 2025 at an average of 69 days.
NEW LISTINGS, ACTIVE LISTINGS, & PENDING SALES
New listings throughout the Greater Portland Metro Area (6,845) were up 4% from year-ago figures; active listings (11,537) increased 6% year-over-year; and pending sales (5,352) edged up 4% higher than this time last year.
AVERAGE SALES PRICE
In Q1 2025, average sales price increased to $603,832, rising 4% compared with Q1 2024. In West Linn, average sales price ($1,041,902) was up 16% year-over-year, and average sales price in both Canby ($610,311) and Lake Oswego ($1,265,234) increased 12% from year-ago figures, with Lake Oswego posting the highest average sales price for the region.
CLOSED TRANSACTIONS
Closed transactions were 6% higher than this time last year, ending Q1 2025 at 4,500. In North Portland, closed units jumped 37% year-over-year to 228 units, and in Sandy, closed units (62) were 35% higher compared with this same time period last year.
GREATER PORTLAND METRO AREA
GREATER PORTLAND METRO AREA
Southwest Washington
(Vancouver Metro Area)
While sellers were prepared to list in some other markets across the region, new listings showed a slight decline in the first quarter across the Vancouver Metro market while closed sales grew, accelerating home prices across Southwest Washington.
DAYS ON MARKET
Days on market jumped 20% year-over-year from 54 in Q1 2024 to 65 this quarter. Average days on market surged in La Center (104) and Washougal (99) by 63% and 62%, respectively. In Woodland, average days on market declined 29% year-over-year to 67 days.
AVERAGE SALES PRICE
In the Vancouver Metro Area, average sales price increased 5% from year-ago figures to $595,224 this quarter. La Center’s average sales price was up 14% year-over-year to $628,338 and Camas’ average sales price—also the highest in the region—jumped 11% from year-ago figures to end Q1 2025 at $893,846.
CLOSED TRANSACTIONS & PENDING SALES
Closed transactions (1,326) edged up by 3% compared with this time period last year. Closed units in Woodland surged 32% to 37 units this quarter. In Ridgefield, closed units (124) missed the mark by 19%. Pending sales in the area were 2% lower than this time last year, ending Q1 2025 at 1,549.
NEW LISTINGS & ACTIVE LISTINGS
New listings (1,858) fell 5% year-over-year, while active listings (3,188) were 4% higher in Q1 2025 than they were in Q1 2024.
NUMBER OF CLOSED UNITS
Greater Seattle Metro Area
(King, Pierce, Snohomish, & Thurston)
As the Greater Seattle Metro Area market welcomed in a new year, Q1 showed several signs of activity heating up. New listings, active listings, pending sales, and closed transactions all posted positive year-over-year gains, and while average sales price recorded a minimal increase, high demand and balanced inventory are set to keep prices on an upward trajectory, although at a more moderate pace.
DAYS ON MARKET
In the Greater Seattle Metro Area, average days on market increased 11% from year-ago figures, ending Q1 2025 at an average of 42 days. And while most cities throughout the region also experienced a rise in average days on market, in Gig Harbor/Key Peninsula, figures fell 23% yearover-year, to 47 days this quarter. At 22 days, Bellevue and Redmond/ Carnation posted the lowest days-on-market average, which represented no percentage change in Redmond/Carnation from Q1 2024, and a 19% drop from year-ago figures in Bellevue.
CLOSED TRANSACTIONS
Up 6% year-over-year, closed transactions in the Greater Seattle Metro Area ended Q1 2025 at 10,660. Closed units in Olympia (345) jumped 43% compared with this time last year, and closed units in Everett (415) surged 36% from Q1 2024 to this quarter. Conversely, closed units in Lacey/ DuPont (177) and Mercer Island (35) fell 20% from year-ago figures.
PENDING SALES, NEW LISTINGS, & ACTIVE LISTINGS
Pending sales (12,828) were up 6% compared with this time last year; new listings (16,223) increased 14%; and active listings (22,812) also showed expansion, rising 20% from year-ago figures.
AVERAGE SALES PRICE
Greater Seattle Metro Area’s average sales price ($881,938) ticked up 1% compared with this time last year. Average sales price in Mercer Island experienced the largest year-over-year percentage increase, jumping 21% from Q1 of 2024 to end this quarter at $2,849,169. Average sales price in Gig Harbor/Key Peninsula ($992,785) also posted a significant increase, rising 15% compared with this time last year.
PACIFIC NW MARKET REPORT
GREATER SEATTLE METRO AREA
GREATER SEATTLE METRO AREA
NUMBER OF CLOSED UNITS
