Photo / Courtesy, Benchmark Real Estate
Tom Landry
July 17, 2024
Commentary: Portland residential market was 'resilient' in first half of year
By Tom Landry, Benchmark Real Estate
Throughout the year, Benchmark Real Estate monitors and reports on residential real estate stats and trends and interprets what it all means for Maine’s largest city.
As Portland goes, so goes the state.
What did the first half of the year tell us about residential real estate?
In a word, "resilient" may be the best word to describe the local market.
Across the board, these graphs show a stable and strong residential real estate market.
Benchmark Real Estate
Single-family home sales for Portland in the first half of 2024, versus the same period in 2023.
Some of the numbers are downright impressive, like the median sale price of a single-family home jumping 11.37% and condos an eye-popping 33.2%.
Another surprise is the number of sales increasing by 18.66% for single families, 20.83% for condos, and 20.69% for two- to four-unit buildings.
Benchmark Real Estate
Multifamily home sales in Portland for the first half of 2024, versus 2023.
Plateau
We also see a plateau in the median days on market overall. The exceptions were condos, which increased from seven to 16 median days on market, and two- to four-unit multifamily properties, which increased from eight to 12 median days on market in the first six months of 2024 versus the same period last year.
Nationally, the median days on market in June, for example, was a whopping 45 days on market.
So, if you own property in Portland, you can be rest assured that the corrections many other parts of the country are seeing have not arrived — yet.
For more detailed analysis and insights, see the full report.
Benchmark Real Estate
Condominium sales in Portland for the first half of 2024, versus 2023.
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