Benchmark Real Estate
The highest-priced condo was 387 Commercial St., No. 612, which sold for $3,325,000.
January 13, 2025
Despite tight market, the number of homes sold in Portland in 2024 rose by 16%
Benchmark Real Estate
A house at 98 Carroll St. was Portland's highest-selling single-family home last year, selling for$3,325,000.
Higher interest rates and a tight housing market didn't slow down Portland's housing market in 2024..
Benchmark Real Estate, in its year-in-review report, says the number of homes sold rose by 15.9% last year year.
The median sales price in Portland was $585,000, up 6.3% from $550,000 in 2023.
The only decline was in the number of days on the market: Houses spent an average of seven days on the market, compared to six in 2023.
"Values have risen across the board for 2024, a positive indicator for sellers that reflects steady demand and a stable market. Additionally, buyers will find encouraging news with an increase in sales and longer timeframes for listings," said Benchmark broker-owner Tom Landry, who nonetheless sounded a cautious note about the coming year: "As we conclude the year, early signs of a shift are evident,"
Benchmark based its report on data from the Maine Real Estate Information System Inc., or Maine Listings.
A separate report RE/MAX Shoreline, offered context by pointing out that Portland's median sales price for a single-family home was $329,000 in 2019, before a surge of out-of-state buyers during COVID.
Condo market
In the condo market in Portland, the median sales price was $629,000, up 19.8% from $525,000 a year earlier.
The number of condos sold was 381, up 31.8% from 289 in 2023.
The number of days on the market was 14, double that of 2023, when it was seven.
The highest-priced condo was 387 Commercial St., No. 612, which sold for $3,325,000.
Benchmark Real Estate
The highest-priced multifamily of 2-4 units was 106-108 Cumberland Ave., which sold for $2.15 million.
Multifamily market
In the multifamily housing market, the median sales price was $822,500, a 2.2% increase from $805,000 in 2023.
The number of multifamily buildings sold was 92, up 10.8% from 83 in 2023.
Multifamily homes were slightly quicker to move last year, selling in 13 days, compared to 14 in 2023.
The highest-priced multifamily of 2-4 units was 106-108 Cumberland Ave., which sold for $2.15 million.
December report
The Benchmark report was more sobering when discussing the December numbers.
Median sales prices were down in all three categories last month, even though the number of homes sold increased in the single-family, condo and multifamily markets.
"For the second consecutive month, prices have declined across all categories. It will be important to monitor these trends in the coming months to determine if this reflects a market correction or a seasonal slowdown," Landry said.
In the RE/MAX Shoreline report, broker-owner Derrick Buckspan said: "As we wrap up 2024, it's clear that Portland's real estate market has recalibrated from the frenzy of the COVID years while maintaining robust price growth."
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