Cumberland County home market sees shifts in January
Photo / Courtesy Structure Media
A home at 1215 New County Road in Portland was listed at $550,000.
Cumberland County's housing market is showing a slight shift, with an increase in inventory compared to January 2024 and dip in median home prices year over year, according to the latest real estate market statistics from the Greater Portland Board of Realtors.
More homeowners are choosing to list their homes rather than wait for further market changes, as both buyers and sellers accept that current market conditions may perpetuate, the board said.
“These numbers suggest that homeowners have adjusted to the current market conditions and are opting to sell rather than waiting for shifts in interest rates or for other economic factors to change,” said Aaron Chadbourne, the board’s president. “This increase in inventory provides buyers with more options while helping to stabilize pricing trends across the region.”
The Greater Portland Board of Realtors didn't provide specific numbers. But numbers for the most recent quarter released by Maine Listings earlier this month indicate the number of units sold has increased by double digits while the median sales price has had a more modest gain.
Cumberland County's median sales price was $555,000 in the three months ended Jan. 31, up 5.71% from the same period a year ago, according to Maine Listings. The number of units sold in that period totaled 659, a gain of 12.46%.
Trends
The higher number of homes on the market contributed to an overall increase in sales while putting slight downward pressure on prices.
But there are variations by community. Many towns saw higher sales activity. But some areas, such as Gorham and Yarmouth, did not experience the same increase.
Likewise, a few communities, including Portland and Scarborough, did not see price decreases, indicating continued high demand in those markets, the Greater Portland Board of Realtors said.
“The variability in the data shows that our different communities are seeing slightly different market dynamics,” said Yvonne Myer, the board’s president-elect. “This is in line with traditional markets we have seen in the past.”
The inventory surge is in keeping with statewide trends, which show that for-sale inventory in January was 16% higher than a year ago.
But Cumberland County’s median price decline contrasts with statewide data, which saw a 9.07% increase.
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