What 3.5 Months of Inventory Actually Means for Portland Buyers & Sellers Right Now

If you’ve heard that the Portland metro is sitting at about 3.5 months of inventory, you might be wondering… is that a lot? Are we slowing down? Is it a buyer’s market now?

Here’s the short answer: 3.5 months of inventory means we’re in a steady, balanced market, not a distressed one. And because inventory in real estate is about the pace of sales - how long it would take to sell everything on the market if no new homes were listed - it’s actually a good indicator of how thoughtful both buyers and sellers need to be right now.

First, a quick definition

In real estate, inventory = months of supply at the current pace of sales.
So at 3.5 months, if no new homes were listed, it would take about 3.5 months for buyers to purchase everything that’s currently available. It’s a speedometer, not a total-home-count.

What this means for sellers

• Well-priced, well-presented homes still sell. Buyers have a bit more breathing room, so the “just throw it on and see what happens” strategy doesn’t work as well.
  
  

• Condition and pricing matter more. At 3.5 months, buyers can compare you to other listings, so staging, photos, and strategic pricing become your advantage.
  
  

• You may not get 10 offers, but you can get the right one. It’s a market for realistic, well-prepared sellers, not panicked ones.
  
  

What this means for buyers

• You can actually think before you write. This isn’t the hyper-frenzy of 2021. You can review HOA docs, look at reserves, and write cleaner but thoughtful offers.
  
  

• There’s room for creativity. Credits for repairs, rate buydowns, or slight price reductions are more common when we’re not at 1 month of inventory.
  
  

• But good homes still move. 3.5 months isn’t a “sit back for weeks” market. If it’s updated, well-located, and priced right, write the offer.
  
  

Why this isn’t a “crash” number

People sometimes see inventory go up and assume the market is weakening. What’s really happening is that the market is giving both sides a bit of balance. Sellers still have leverage if they do the upfront work. Buyers have a little more power to negotiate and protect their investment. That’s a healthy market.