Portland broker report: Condo prices sink while single-family market continues surge

The residential real estate market in Portland is steady but showing signs of shifts in the single-family, condo and multifamily sectors, according to a Q2 2025 market report from  RE/MAX Shoreline, based on information from the Maine Real Estate Information System Inc.

The numbers below compare Q2 2025 with Q2 2024.

Single-family sales

The single-family home market is seeing slow but steady growth.

• Median sale price: $625,000, up from $620,000 
• Median days on market: 7, up slightly from 5 days 
• Number of new listings: 188, up from 167 
• Number of sales: 133, up from 120 
• Single-family homes sold for an average of 3.1% over listing price, on par with last year’s 3.5% premium.

“Single-family homes in Portland remain one of the most resilient sectors,” said Derrick Buckspan, RE/MAX Shoreline’s designated broker and owner. “The small uptick in days on market tells us buyers are becoming a bit more methodical, but strong sales growth and increasing inventory point to healthy activity overall.”

Condo sales

The condo sector is seeing a market correction in progress, according to the report.

• Median sale price: $499,000, down from $672,500 
• Median days on market: 17, up from 9 
• Number of new listings: 129, up from 128 
• Number of sales: 77, down from 101 
• Condos sold at a slight discount off asking price, less than 1%, compared to 1.9% over ask last year. 

“The Portland condo market is seeing the sharpest adjustment,” said Buckspan. “Price declines and longer time on the market reflect changing buyer priorities — likely influenced by interest rates and a shift toward properties with more space or income potential.”

Multifamily

Multifamily properties are seeing a rebound in investor interest, the report says. 

• Median sale price: $857,500, up from $805,000 
• Median days on market: 11, up from 8 
• Number of new listings: 49, down from 52 
• Number of sales: 32, up from 21 
• Multifamily homes sold for 1.6% under asking price, compared to 0.1% over last year. 

“Multifamily properties are back on investor radar,” said Buckspan. “Even with fewer listings, we’re seeing a big jump in sales volume. Cash buyers and out-of-state investors are still looking for reliable returns, and Portland’s rental market continues to deliver.”

Statewide

Statewide, inventory is on the rise, according to the report.

• Median sale price: $420,000, up from $397,500 
• Median days on market: 10, up slightly from 9 
• Number of new listings: 7,190, up from 5,948 
• Number of sales: 3,626,  up from 3,441 
• The sale price is still within 1% of the asking price.   

“The surge in new listings across the state shows us that sellers are re-entering the market,” Buckspan said. 

Buckspan said he anticipates continued inventory growth and increased competition between sellers as autumn approaches.

“We’re in a transitional phase, but not a downtown,” he said.