Home sales across the West Coast are experiencing a significant rebound, with Portland, Oregon leading the way. According to a recent report by Redfin, home sales in Portland rose 27.6% year-over-year in November—the largest increase among the 50 most populous U.S. metros. Other high-performing markets include San Jose, California (26.2%); Seattle (19.5%); and San Francisco (17.7%). In comparison, nationwide, home sales climbed a modest 4.8% during the same period.
West Coast Markets Outpace National Trends
Each of the top-performing markets boasts median sale prices above the national median of $430,107. Analysts suggest that limited inventory is driving competition in these areas, keeping buyer activity robust despite high costs. Portland’s new listings fell by 20.3% year-over-year in November, marking the second-largest decline among major metros after Austin, Texas. New listings in other West Coast cities like Oakland, San Jose, and Sacramento also dropped significantly.
“There’s low inventory, so if a house checks all the boxes, it’s selling very quickly with multiple offers,” said Josh Felder, a Redfin Premier Agent in the Bay Area. “Even homes in the $1 million to $3 million range are getting five to seven offers if they are move-in ready and in the right neighborhood with the right schools.”
Bay Area Leads in Homes Selling Above Asking Price
San Jose and San Francisco, two of the nation’s most expensive housing markets, continue to see fierce competition. In November, 58.6% of homes sold in San Jose went for above their list price—the highest share among U.S. metros, apart from Newark, New Jersey (64.8%). San Francisco followed closely, with 52.9% of homes selling above asking. These metrics mark the highest levels for November in both cities since 2021.
Nationwide, 26.6% of homes sold above asking price during November, underscoring the strength of the Bay Area markets.
“You’d think there would be a finite supply of people who have $3.5-$5 million for a home, but apparently not. They just keep coming,” Felder noted.
The Big Picture
With West Coast home sales surging and over half of homes in the Bay Area exceeding their list price, the region highlights the growing disparity in housing demand across the U.S. Limited inventory continues to sustain competition, even as affordability challenges persist. These trends reflect the resilience of high-value markets in the face of broader economic uncertainties.
Click here for more on Redfin’s latest analysis of the nation’s top housing markets.
