2025 starts with fewer residential sales, higher prices, says broker report

Fewer sales and higher prices marked the start of 2025 in Portland’s residential real estate market, according to a report by Benchmark Real Estate.

Single-family home sale prices surged 27.4% to $682,500 compared to December and nearly 50% compared to January 2024. 

Condos experienced an increase of 8.8% since December and 7.1% from January 2024. 

In the multifamily sector, the number of sales dipped 4.4% since December but the median sale price climbed 9.7% compared to January 2024.

“This data points to a rebound from the decline in sales prices observed in late 2024, underscoring that demand continues to outpace supply,” said Tom Landry, Benchmark’s owner.

For buyers, he said, a potential silver lining is a significant increase in days on market — single-family homes are averaging 66 days before going under contract, increases from both December and January 2024.

“This suggests sellers may be initially overpricing their properties, offering a sliver of opportunity for prospective buyers,” Landry said.

The Benchmark report cited figures from Maine Real Estate Information System Inc. for the period Jan. 1, 2024 through Feb. 1, 2025.

Single-family homes

• Median sale price: $682,500 (up 27.4% from December 2024 and 47% compared to January 2024)
• Number of sales: 14 (down 65% from December 2024 and 39% compared to January 2024)
• Median days on market: 66 
• Highest-priced single-family in January: 366 Spring St., 4 bedrooms, 5 baths, 4,488 square feet, $2.05 million.

Condos 

• Median sale price: $525,000 (up 8.8% from December 2024 and 7.1% compared to January 2024)
• Number of sales: 23 (down 23.3% from December 2024 and up 53.3% compared to January 2024)
  

  

• Median days on market: 30 (down 31.8% since December 2024 and 14.3% compared to January 2024)
• Highest-priced condo sale in January: 113 Newbury St., No. 105, 2 bedrooms, 3 baths, 1,648 square feet, $970,000.

Multi-families

• Median sale price: $850,000 (down 4.4% from December 2024 and up 9.7% compared to January 2024)
• Number of sales: 5 (down 44.4% from December 2024 and 54.5% compared to January 2024)
  

  

• Median days on market: 40 (down 35.5% from December 2024 and up 185.7% compared to January 2024)
• Highest priced 2-4 unit sale in January: 89 Park St., 2 units, 3,080 square feet, $1.25 million.