Shifting trends and high notes in Portland real estate market: RE/MAX Shoreline report
Photo / Courtesy Broad Cove Collective
The top sale in Portland’ multi-family market for 2024 was 106 and 108 Cumberland Ave. at $2.15 million, according to RE/MAX Shoreline.
Portland’s real estate market ended 2024 on a high note despite shifting trends, according to RE/MAX Shoreline year-end report.
Comparing 2024 to 2023 and 2019, the market reflected steady demand across property types.
The report is based on data from the Maine Real Estate Information System Inc., or Maine Listings, for the period Jan. 1, 2019 through Dec. 31, 2024.
Single-family
The median sales price for single-family homes rose to $585,000 in 2024, a 6.36% increase from 2023 ($550,000) and a 77.8% jump from 2019 ($329,000).
Portland homes spent an average of seven days on the market in 2024, up slightly from six days in 2023.
The number of price drops rose 125.3% year-over-year to 214 in 2024, but the figure was below 2019 levels (330 price drops).
Sales activity was robust, with 423 homes sold in 2024, up from 365 in 2023 but trailing the 595 sales recorded in 2019.
The year’s highest single-family home sale in Portland was at 98 Carroll St., closing at $3.325 million.
Condos
Portland’s condo market grew in 2024. The median sales price reached $629,000, an increase of 19.8% from $525,000 in 2023 and up 96.6% from $320,000 in 2019.
Condos spent an average of 15 days on the market, more than doubling the seven days in 2023 but lower than 22 days in 2019.
The number of price drops rose 54.5% year-over-year to 173 in 2024, but below the 236 in 2019.
Sales volume surged to 371 units in 2024, up from 289 in 2023 but below 2019’s total of 389. Portland’s highest condo sale in 2024 was a luxury unit at 387 Commercial St., Unit 612, which sold for $2.995 million.
Multi-family
The multi-family market (2-4 units) had a median sales price of $785,000, up 4.7% from $750,000 in 2023 and up 59.2% in 2019 at $493,000. Properties spent an average of 14 days on the market, slightly longer than 10.5 days in 2023.
Price drops were rare, with 45 total recorded in 2024, up from 40 in 2023 but below the 73 price drops in 2019. A total of 81 multi-family units sold in 2024, compared to 70 in 2023 and 116 in 2019.
The top sale in the category was 106 and 108 Cumberland Ave. at $2.15 million.
“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,” said Derrick Buckspan, RE/MAX Shoreline’s owner and broker. “Price drops may feel more common now, but they’re far less frequent than in 2019.”
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