After several years of record-setting activity, Portland’s housing market is transitioning into rising inventory, longer days on the market and softening prices, said Tom Landry of Benchmark Real Estate.
Maine Listings data for November show the trend across single-family homes, condominiums and multifamily properties, he said.
“The shift that began this fall is now firmly in motion,” said Landry.
“These are classic late-year cooling signals, but they feel more dramatic because the last few years were nonstop,” he continued. “Now we’re seeing a more traditional, seasonal market return.”
Single-family
“The single-family segment is showing the clearest signs of re-balancing,” said Landry. “Pricing has reset, demand has cooled, and days on market have doubled. But well-prepared, well-priced homes are still selling efficiently.”
- Median sale price: $497,498, down 10.4% from $555,000 in November 2024; down 19.4% from $617,500 in October 2025
- Closed sales: 20, down 39.4% from 33 in November 2024; down 60% from 46 in October 2025
- Median days on market: 17, up from 7 in November 2024; up 54.5% from 11 in October 2025
- Active inventory: 56, down 13.8% from 65 in November 2024; down 13.8% from 65 in October 2025
- Top mainland sale: 40 Pleasant St., 4-bedroom 2.5-bath, 3,553 square feet, $1.685 million
Condominiums
“The condo market is slowing more noticeably than other segments,” Landry said. “Days on market doubling tells the story — urgency has evaporated.”
- Median sale price: $549,000, down 8.5% from $600,000 in November 2024; down 8.3% from $599,500 in October 2025
- Closed sales: 19, up 11.8% from 17 in November 2024; down 52.5% from 40 in October 2025
- Median days on market: 33, up from 19 in November 2024; up 94.1% from 17 in October 2025
- Active inventory: 81, down 4.7% from 85 in November 2024; down 4.7% from 85 in October 2025
- Top sale: 53 Carleton St., 3-bedroom, 2.5-bath, 3,160 square feet, $1,692,769
Multifamily
The multifamily segment shows strong investor demand, and “more inventory and more negotiability are creeping in,” said Landry.
- Median sale price: $832,500, down 16.8% from $1 million in November 2024; down 2.1% from $850,000 in October 2025
- Closed sales: 12, up 140% from 5 in November 2024; down 29.4% from 17 in October 2025
- Median days on market: 11, up from 7 in November 2024; up 10% from 10 in October 2025
- Active inventory: 33, down 13.2% from 38 in November 2024; up | 13.2% from 29 in October 2025
- Top 2-4 unit sale: 148 State St., 2 units, 7-bedroom, 7 baths, 5,964 square feet, $1.587 million
Portland is not in decline — it’s re-calibrating, said Landry.
“The fundamentals remain incredibly strong. What we’re experiencing now is simply a return to seasonal patterns and a more balanced market.”