5 trends that defined Maine's real estate industry in 2024

Northeastern University / CambridgeSeven Associates View of the future Roux Institute campus from a nearby pier.

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New construction continued at a healthy pace in 2024, despite higher interest rates and volatile construction costs.

Affordable housing, combined with the higher cost of housing, continued to be a major issue in Maine.

Investment in universities and medical centers continued unabated, while a shakeout in the restaurant industry raised concerns, especially in the Portland market.

There were some ups and downs, but here is a handful of trends that defined real estate in Maine in 2024. In no particular order:

Investment in higher ed

Maine's colleges and universities have been drivers of real estate development. The year saw the groundbreaking for the Portland campus of Northeastern University's Roux Institute.

The Roux Institute breaks ground on its new, permanent home in Portland

UMaine breaks ground on $82M ‘factory of the future’

USM, Consigli top off Crewe Center for the Arts

Demand for improved medical facilities

Investment in medical facilities took on a new look in 2024. The University of New England is close to opening its new medical campus in Portland, and took a variety of steps this year to get ready.

Capping six-year expansion, Maine Med’s $378M tower is almost ready for patients

UNE launches clinical anatomy degree program to train more medical educators, researchers

Dempsey Center will join 'integrated medical community' at Rock Row in Westbrook

Rock Row developer buys Westbrook office building to complement pending medical campus

Housing was a hot topic

On the residential side, Maine's continued shortage of housing saw two defining trends: a new high in the median home price and a surge in affordable housing development.

Maine's median home price tops US level for first time

UNE signs full building lease for Westbrook apartment building

More affordable housing developments than ever are underway. More are needed

MEREDA spring conference: YIMBY advocate pleads for more affordable housing

Affordable condo development coming to Sanford, with a modular approach from Madison

Conversions continued to change buildings

Around Maine, buildings found new uses. Case in point, developers Jonathan and Catherine Culley, who earlier this year opened Maine's tallest building, a residential tower in Portland, were also redeveloping a former hospital site as a mixed-use development.

A tax incentive will help foster affordable housing conversion in downtown Rockland

Business Leaders: Jonathan and Catherine Culley haven’t shied from developing housing in Portland

Developer pauses storm-damaged Spinning Mill project in Skowhegan