🔒Cumberland County, Portland home prices up but sales pace slows

February sale prices for homes continued to increase in Cumberland County despite a drop in sales volume compared to a year ago.

According to Maine Listings, the median sales price increased by 4.46% in February, rising from $526,500 to $555,000 versus a year ago. Cumberland County, which includes the Portland area, is consistently Maine's most expensive home market.

At the same time, the median sales price rose, the number of units sold decreased by 11.95% in February.

“Although February saw fewer homes sold compared to the same time last year, the continued rise in median sales prices suggests the Cumberland County market is moving toward a more stable and sustainable pace,” said Yvonne Myer, president of the Greater Portland Board of Realtors.

Sales activity was not consistent across Cumberland County: the number of units sold in Portland, Cumberland and Scarborough was down in February, while Casco, Gorham and Westbrook each saw an uptick.

Portland

In Portland, February data showed a subdued market with remarkable jumps in days on market and supply, said Tom Landry of Benchmark Real Estate.

"The interesting part is that this calmer stretch is happening just as rates have come down from their highs, inventory is building and we are heading into the months when buyers traditionally come back in force,” he said.

Single-family

The single-family market delivered striking numbers, said Landry. Compared with February 2025, sales were down 45.8%, prices were essentially flat, new listings were up 11.8% and median days on market more than doubled year-over-year.

• Median sale price: February was $580,000, while January was $535,000 (an increase of 8.4%)
• Closed sales: 13 in February versus 27 in January
• Median days on market: 65 in February versus 24 in January
• Active inventory: 21 homes in February 21 versus 21 in January
• Top mainland sale: 6 Highland St., $1.21 million, 4-bed, 2.5-bath, 3,474 square feet

"Those jumps in days on market and supply are remarkable," Landry said.

Condominiums

The condo market showed another month of softness, he said. Compared with February 2025, sales were down 18.8% and prices fell 28.8%. At the same time, new listings surged 128.6% year-over-year, active inventory rose 42.3%, and February supply climbed 75.1% compared with January.

• Median sale price: $432,501 in February versus $585,000 in January (a decline of 26.1%)
• Closed sales: 13 in February versus 12 in January
• Median days on market: 29 in February versus 36 in January
• Active inventory: 74 homes in February versus 65 in January
• Top sale: 51 Carlton St., Unit B, $2.099 million, 4-bed, 4.5-bath, 3,089 square feet

"There is more competition, more inventory and more downward pressure on pricing than we have seen in a while,” Landry said.

Two- to four-units

Multifamily activity remained limited in February, with just seven sales, five new listings and 23 active listings. With such a small sample size, changes can look dramatic from month to month, Landry noted.

“Even so, the median sale price was up 6.9% year-over-year,” he added.

• Median sale price: $949,000 in February versus $1,142,500 in January
• Closed sales: Seven in February versus four in January 4
• Median days on market: Eight in February versus 42 in January
• Active inventory: 23 homes in February versus 27 in January
• Top sale: 207 State St., $1 million, 3 units, 3,104 square feet

  

Outlook

“The current market may feel calm, but that may not last,” Landry said. “Buyers are settling into rates around 6%, with the understanding that lower rates later could still be captured through a refinance. At the same time, inventory is building just as Portland enters its most active stretch of the year.”