Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

April 8, 2025

Broker report: Portland real estate market remains competitive, despite national slowdown

A gray-sided house wtih lawn. Photo / Courtesy RE/MAX Shoreline In Portland, 27 Eastfield Road took 96 days to sell, longer than it might have taken a year ago. But the right presentation and targeted marketing secured a sale above asking price.
By Laurie Schreiber

The Portland real estate market remains competitive in sales volume and prices, bucking a slowdown at the national level, according to a Q1 2025 market report for Portland issued by RE/MAX Shoreline, led by Derrick Buckspan.

National slowdown

Nationally, the real estate market is experiencing a slowdown in sales velocity, the report says.

The median U.S. home sale price in February was $398,400, according to the National Association of Realtors. Homes spent a median of 53 days on the market — the highest for any March since at least 2016 — and 17.5% of listings saw price reductions, according to Realtor.com’s March 2025 Monthly Housing Market Trends Report.

By comparison, Maine's median home price in February was $381,500, according to Maine Listings. 

Portland steady

Cumberland County, anchored by Portland, is Maine's priciest market. 

Portland’s median sales price for single-family homes in Q1 2025 was $566,413, reflecting a 10.3% increase from Q1 2024’s value of $513,417. 

However, homes took significantly longer to sell, with a median of 25 days on the market, compared to six days in the same period a year ago.

Economic uncertainty

Buckspan said one of the biggest factors influencing today’s market is hesitation caused by higher interest rates along with recent tariffs.

A headshot of a person in a blue blazer and white button-down.
Photo / Courtesy RE/MAX Shoreline
Derrick Buckspan

“We’re hearing from buyers  and sellers alike who are pausing, concerned about inflation, recent stock market activity, consumer spending slowdowns and potential cost increases in the construction industry,” Buckspan said. “Maine builders, in particular, are bracing for higher material costs, which could further impact housing affordability.”

He continued, “On the other hand, we’ve also heard from buyers and sellers who recall the economic downturn in 2020, when interest rates dropped to historic lows and sent Maine home prices soaring. Many are looking to make their move now and refinance later if needed, anticipating similar shift and wanting to act before they miss out on another potential opportunity.”

The following data, from Maine Listings, is for Q1 in Portland.

Single-family homes

  • Median sale price: $566,413 (up 10.3% year-over-year) 
  • Number of sales: 56 (compared to 58 in Q1 2024) 
  • Median days on market: 25 (up from six days in Q1 2024) 
  • Percentage of list price received: 100.6% (down from 104.3% in Q1 2024) 
  • Number of price changes: 21 (up from 19 in Q1 2024) 

Condos

  • Median sale price: $497,000 (down 24.7% year-over-year) 
  • Number of sales: 56 (down from 73 in Q1 2024) 
  • Median days on market: 44 (up from 28 in Q1 2024) 
  • Percentage of list price received: 98.2% (down from 101.4% in Q1 2024) 
  • Number of price changes: 26 (up from 16 in Q1 2024) 

Multi-family homes

  • Median sale price: $850,000 (up 18.2% year-over-year) 
  • Number of sales: 15 (down from 19 in Q1 2024) 
  • Median days on market: 32 (up from 22 in Q1 2024) 
  • Percentage of list price received: 99.4% (up from 97.7% in Q1 2024) 
  • Number of price changes: 14 (up from 8 in Q1 2024) 

The increase in price adjustments across all property types reflects a shift toward a more balanced market, said Buckspan.

Buckspan said that the real estate market in New England, and Maine especially, is often  more insulated form national downturns. Homes are still hitting the market and receiving multiple offers well over list price, he said.

“Portland’s real estate market remain strong,” he said.

Sign up for Enews

Mainebiz web partners

Most Recent

Most Recent

Related Content

Thumbnail Where Maine homebuyers came from in 2024

0 Comments

Order a PDF