Eye-popping numbers of out-of-state eyes scour Portland home sales market
It’s true: More and more people "from away" are eyeing the greater Portland real estate market.
Out-of-staters recently accounted for 63.4% of all prospective home buyers looking at properties in Portland and South Portland on Realtor.com, the website said.
Among the top 100 U.S. markets, only Honolulu had more out-of-state interest during the year's first quarter, representing 67% of all searches there.
"After two years of pandemic remote work, offices have started to reopen, but instead of seeing a slowdown in the number of people interested in homes out of state, we're seeing an acceleration," said Realtor.com’s chief economist, Danielle Hale.
"Affordability remains a key focus for buyers, with demand for less expensive areas surging in recent months as climbing inflation and mortgage rates compound cost pressures faced by buyers."
The greater Portland market fetched $296 per square foot in the first quarter. That’s far below the $834 per square foot cost in the San Jose-Santa Clara, Calif., market, but far above the $86 per square foot price on the Ohio-Pennsylvania border, Realtor.com found.
Overall, 40.5% of prospective buyers on Realtor.com viewed home listings outside their current state, up from 36.4% in 2021 and 33.4% in 2020.
The top 10 search locations were: El Paso, Texas; Albuquerque, N.M.; Washington, D.C., Birmingham, Ala., Hartford, Conn.; Omaha, Neb.; McAllen, Texas; New York City; Augusta, Ga.; and Greensboro, N.C.
The influx of out-of-state buyers has added pressure to the Maine real estate market.
In March, home prices surged, driven by continued strong demand and limited inventory. The median sales price jumped 21% to $325,000 compared to the price a year ago. The month was the first in Maine where the median sales price topped more than $300,000, according to data from Maine Listings.
Most Recent
Most Recent
0 Comments