After several years of record-setting activity, Portland’s housing market is transitioning into rising inventory, longer days on the market and softening prices, said a local broker.
Softening inventory reflects a return to a traditionally seasonal market cycle — unlike the pandemic years, when the market was busy year-round, said one broker.
For older sellers, faster sales might be more important than getting top dollar, as they look to simplify, control the process and move forward on their own terms.
The inventory of homes for sale in Maine is tight, and prospective buyers in much of the state would be hard-pressed to find a house for sale at the median price of $400,000.
At $2.95 million, it was the highest-priced and highest price per unit for any two- to four-family home ever sold in Portland, said the listing broker.
Portland’s residential real estate market continues to show signs of cooling, with notable shifts across single-family homes, condos and multi-families.
Three downtown housing projects were approved and developers were poised to move forward earlier this year, but all three developers now say their projects are on hold.