Q1-2025-OR-WA-Puget-Sound

Q1

2 0 2 5

OREGON

•

S W WA S H I N G TO N • P U G E T S O U N D

PA C I F I C N W

Q1

MARKET REPORT

2025

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.

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S

PA C I F I C N W

Q1

MARKET REPORT

2025

LET TER 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

L E T T E R F R O M T H E E D I TO R

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S

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.

Q1

PA C I F I C N W

MARKET REPORT

2025

MID-WILLAMETTE VALLEY 2024

2025

AVERAGE DAYS ON MARKET

AVERAGE SOLD PRICE SALEM/ KEIZER

$435,727

55

$436,930

62

$467,813

STAY TON

42

$479,228

DALL AS

60

$452,574

102

$448,333

71

MONMOUTH

$500,205

56

$500,442

65

$400,209

INDEPENDENCE

49

$347,313

61 $455,279

PHILOMATH

77

$443,039

105

$423,491

ALBANY

57

$471,549

67 $562,343

CORVALLIS

49

$546,540

55

$385,312

LEBANON

71

$400,588

78

$356,230

SWEET HOME

59

$368,369

$0K

M I D -W I L L A M E T T E VA L L E Y

$100K

$200K

$300K

68

$400K

$500K

$600K

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S

Q1

PA C I F I C N W

MARKET REPORT

2025

MID-WILLAMETTE VALLEY 2024

2025

NUMBER OF CLOSED UNITS 1200 1000 800 600 320

400

300

200

528

SALEM/ KEIZER

280

560

260 240 220 200 180 160

156

140

144

120 100

110 89

80

79

60

84

72 60

40 34

M I D -W I L L A M E T T E VA L L E Y

SWEET HOME

13

LEBANON

15

CORVALLIS

INDEPENDENCE

MONMOUTH

15

ALBANY

20 12

PHILOMATH

26

18

STAY TON

15

DALL AS

20

47

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S

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.

Q1

PA C I F I C N W

MARKET REPORT

2025

EUGENE, COASTAL, & SOUTHERN OREGON 2024

2025

AVERAGE DAYS ON MARKET

AVERAGE SOLD PRICE EUGENE

87 $517,000

256

$295,166

61

$317,000

117

N/A

N/A $460,222

NETARTS

86

$542,889

147 $628,750

256 $802,500

$0

FLORENCE

$0K

67

$374,720

GARIBALDI

OCEANSIDE

47 60

$403,600

ROSEBURG

TILLAMOOK

$497,171 $504,204

$150K

$438,194

72

$433,452

78

$300K

E U G E N E , C O A S TA L , & S O U T H E R N O R E G O N

61

$450K

$600K

$750K

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S

Q1

PA C I F I C N W

MARKET REPORT

2025

EUGENE, COASTAL, & SOUTHERN OREGON 850

800

2024

750 700 650

2025 130

NUMBER OF CLOSED UNITS 120

600

110

550

100

500

90

450 400

410

87

80

441

70

350

70

60

300

50

250

40

200

30

150 132

100

20

128

10 FLORENCE

ROSEBURG

EUGENE

50

30 25 20 15 10 5

3

0

OCEANSIDE

GARIBALDI E U G E N E , C O A S TA L , & S O U T H E R N O R E G O N

6

5 1

NETARTS

5

2

TILLAMOOK

5

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S

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.

Q1

PA C I F I C N W

MARKET REPORT

2025

CENTRAL OREGON 2024

2025

AVERAGE DAYS ON MARKET

AVERAGE SOLD PRICE $878,420

BEND

$932,992

REDMOND/ TERREBONNE

73

$551,995

84 $717,955

31 $800,679

$150K

$300K

77

$544,480

SUNRIVER

$0K

65

$450K

$600K

$750K

73

$900K

450 NUMBER OF CLOSED UNITS 400 1,200

350

1,050

300

900

250

750

200

600 450

476

498

150

300

100

150

50

171

186

CENTRAL OREGON

45

SUNRIVER

REDMOND/ TERREBONNE

BEND

39

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S

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.

Q1

PA C I F I C N W

MARKET REPORT

2025

GREATER PORTLAND METRO AREA 2024

2025

AVERAGE DAYS ON MARKET

AVERAGE SOLD PRICE $671,231

PORTL AND - W PORTL AND - N

84

$460,079

52

$489,519

PORTL AND - NE PORTL AND - SE

60

$741,995

77

$533,032

43

$540,327

50

$490,595

48

$517,473

55

NW WASHINGTON COUNT Y

$720,404

44

$707,437

63 $1,125,772

L AKE OSWEGO

SANDY

$480,433

52 78

$502,946

89

$545,871

90

$565,387

50

$585,148

58

$583,940

53

$609,060

118

$610,311

BEAVERTON/ ALOHA

64

$536,913

46

$550,907

66 $662,408

TIGARD/ TUAL ATIN WILSONVILLE

72

$677,533

87

$670,557

57

$668,955

HILLSBORO/ FOREST GROVE

71

$556,294

50

$555,793

72 $732,422

SHERWOOD

58

$720,814

66

$461,017

54

$472,225

65 $599,761

62

$498,986

100

$563,674

NEWBERG

$250K

70

$542,916

CANBY

COLUMBIA COUNT Y

55

$476,514

OREGON CIT Y

YAMHILL/ CARLTON

52 $1,041,902

MILWAUKIE/ CLACKAMAS/ HAPPY VALLEY

MCMINNVILLE

69

$896,350

WEST LINN GRESHAM/ TROUTDALE

39

$1,265,234

54

$580,971

77

$427,517

69

$446,253

82

$375K

G R E AT E R P O R T L A N D M E T R O A R E A

$500K

$625K

$750K

$875K

$1M

$1.25 M

$1.5 M

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S

Q1

PA C I F I C N W

MARKET REPORT

2025

1600

GREATER PORTLAND METRO AREA 1500 1400

1300 1200 1100

2024

1000

2025

NUMBER OF CLOSED UNITS

900 800 700 600 542

500 448

389

387 382

167

100

274

233 239

228

218 120

131

173 113

109

69

62

WEST LINN

L AKE OSWEGO

NW WASHINGTON COUNT Y

PORTL AND - SE

PORTL AND - NE

PORTL AND - W

PORTL AND - N

72

376

268

CANBY

200

OREGON CIT Y

300

57

BEAVERTON/ ALOHA

432

MILWAUKIE/ CLACKAMAS/ HAPPY VALLEY

404

GRESHAM/ TROUTDALE

400

700 600 500 400 300

334 283

200

G R E AT E R P O R T L A N D M E T R O A R E A

91

85

18

24

69

80

NEWBERG

122

62

YAMHILL/ CARLTON

123 46

MCMINNVILLE

70

COLUMBIA COUNT Y

72

SANDY

87

SHERWOOD

66

HILLSBORO/ FOREST GROVE

107

WILSONVILLE

111

TIGARD/ TUAL ATIN

100

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S

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.

Q1

PA C I F I C N W

MARKET REPORT

2025

SW WASHINGTON METRO AREA 2024

2025

AVERAGE DAYS ON MARKET

AVERAGE SOLD PRICE VANCOUVER

$512,600

46

$529,926

54 $690,006

WASHOUGAL

61

$712,894

BAT TLE GROUND WOODL AND

99

$592,941

60

$618,907

82

$601,223

94

$606,995

67

$551,756

L A CENTER

64 $628,338

104

$639,543

RIDGEFIELD

73

$702,448

85 $802,554

CAMAS

63 $893,846

60

$378,509

LONGVIEW/ KELSO

55

$392,404

$200K

$300K

69

$400K

$500K

$600K

$700K

$800K

$900K

325 2000

300

1800

250

1600

225

175 150

848 790

125

600

100

400

75

200

50

124 102

88

80

73

71 51

WOODL AND

BAT TLE GROUND

WASHOUGAL

VANCOUVER

154

118

28

S W WA S H I N G TO N M E T R O A R E A

154

46

37

LONGVIEW/ KELSO

800

154

CAMAS

1000

200

LA CENTER

1200

1,263 1,252

RIDGEFIELD

1400

NUMBER OF CLOSED UNITS

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S

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.

Q1

PA C I F I C N W

MARKET REPORT

2025

GREATER SEATTLE METRO AREA 2024

AVERAGE SOLD PRICE KING COUNT Y PIERCE COUNT Y

38 44 52

$785,887

32

$795,972

40

$537,822

50

$542,737

53 $859,745

33

$869,121

38 $1,193,321

CENTRAL SEAT TLE

40

$1,042,525

40

$1,117,308

NORTH SEAT TLE

KENT

36

$1,078,673

$607,865

WEST SEAT TLE

BURIEN/ NORMANDY PARK

$1,074,219

$590,722

SNOHOMISH COUNT Y THURSTON COUNT Y

25

$1,096,969

32

$681,492

36

$727,957

42

$605,907

38

$645,758

43 $1,705,149

BELLEVUE FEDERAL WAY/ DASH POINT

PUYALLUP

$588,594

35 51

$860,605

61

$992,785

47

$534,942

39

$553,815

45

$587,746

40

$559,282

58 $856,985

23

$885,868

34

$622,708

26

$661,678

35 $2,360,701

MERCER ISL AND

22

$1,314,517

22

$1,545,566

25

$1,618,074

30

$1,366,361

JUANITA/ WOODINVILLE

$0K

37

$1,372,128

KIRKL AND/ BRIDLE TRAILS

L ACEY/ DUPONT

25 $2,849,169

REDMOND/ CARNATION

OLYMPIA

22

$572,775

LYNNWOOD/ EDMONDS EVERET T

27

$1,793,053

GIG HARBOR/KEY PENINSUL A TACOMA/ UNIVERSIT Y PL ACE

AVERAGE DAYS ON MARKET

2025

29

$1,481,241

33

$595,286

50

$569,200

47

$516,297

36

$522,847

39

$375K

GR E ATER SE AT TLE ME TRO AR E A

$750K

$1.1M

$1.5M

$1.8M

$2.2M

$2.6M

$3M

$3.3M

B ER K SHIR E HATHAWAY HOMESERVICES

Q1

PA C I F I C N W

MARKET REPORT

2025

GREATER SEATTLE METRO AREA 2024

2025

NUMBER OF CLOSED UNITS

11,000 10,000

900

9,000

800

8,000

700

7,000

600

6,000

500

5,000

5,153

5,470

400 371

300

4,000

295

294

200

3,000 2,182 2,373

2,000

287

344

305 286

266

230

222

303

265 198

100

2,022 2,135

152

147

186

GIG HARBOR/ KEY PENINSUL A

FEDERAL WAY/ DASH POINT

BELLEVUE

KENT

BURIEN/ NORMANDY PARK

NORTH SEAT TLE

WEST SEAT TLE

711

THURSTON COUNT Y

SNOHOMISH COUNT Y

PIERCE COUNT Y

KING COUNT Y

691

CENTRAL SEAT TLE

1,000

1,750

700

1,500

600

1,250

500

1,000

400 320

750

G R E AT E R S E AT T L E M E T R O A R E A

389

353

423

415 306

242

345 222

177

L ACEY/ DUPONT

331

OLYMPIA

250

EVERET T

JUANITA/ WOODINVILLE

KIRKL AND/ BRIDLE TRAILS

REDMOND/ CARNATION

90

115

LYNNWOOD/ EDMONDS

35

MERCER ISL AND

44

800

500

233 184

100

772

PUYALLUP

200

363

TACOMA/ UNIVERSIT Y PL ACE

300

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S

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