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Portland’s residential real estate market is sending mixed signals to buyers and sellers, according to Benchmark Real Estate’s analysis of the market for February.
The median sales price for single-family homes declined for the second consecutive month, wrote Tom Landry, Benchmark’s owner.
But when compared to February 2024, values were up 33.7%.
Median days on the market increased 50% in February and 91% compared to February 2024.
“This indicates that sellers may be overpricing their homes, resulting in longer listing times before securing offers,” Landry wrote.
The report introduced an “active inventory” metric.
Data were derived from Maine Listings for the period Jan.1, 2024, through March 6.
“If we see a substantial increase in new listings (as is typical from April through June), homes may linger longer, and prices could stabilize or decline,” Landry wrote.
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Learn moreThe Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Work for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Whether you’re a developer, financer, architect, or industry enthusiast, Groundbreaking Maine is crafted to be your go-to source for valuable insights in Maine’s real estate and construction community.
Coming June 2025
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