1 minute read

Portland by the Numbers

U.S. News and World Report ranked Portland as #7 of the 150 Best Places to Live. It was the only place in New England among the top 20, and among its attributes was Portland’s “do it yourself” spirit, “farm-to-table dining,” and artful living. In other reports Portland ranked as the 4th safest place to live in the United States and 24th in fastest-growing places to live. Travel and Leisure Magazine ranked Portland as #1 in the 10 Best Places to Live on the East Coast. No wonder people want to move here.

Portland’s popularity shows up in the real estate numbers as well. And when looked at closely, it represents some of the larger issues facing other cities and towns in Maine. In the first six months of 2023 there were 238 new residential listings in Portland, compared to 448 in 2022 - a 47% drop! That number is a combination of single family homes and condominiums. When those two are looked at separately, the number of single homes listed for sale dropped from 272 in 2022 to 130, a 52% drop, while the number of condos listed declined by 39%.

Simply put, the numbers differ as there are multiple condo projects under construction. And most have units with one or two bedrooms more suitable to those downsizing, seeking second homes, or people without children. Of the 149 single family homes sold in Portland so far in 2023, only 4 were new construction and they sold for a median price of $721,500.

Across all of Cumberland County the median price of a new single family home for sale right now is quite similar at $772,500 and there are only 52 new homes for sale. There is simply no inventory being created close to the median Cumberland County sales price of $475,000.

Contact us for your digital or print copy.

Seller Guide

• Process of Selling and Pricing Strategies

• How Much Does Closing Really Cost

• Marketing Plans in a Digital World

• Highest Return Improvements

• ABODE Exclusives

Buyer Guide

• The Home Buying Process in a Shifting Market

• Coming Soon and Off-Market Properties

• Submitting a Winning Offer

• The 10 Rules of Home Loans

• Home Inspections

Landlord Guide

• How to Invest in Real Estate

• Formulating your “Buy Box”

• Financing Options

• Strategies for Finding Great Tenants

• Property Management or DIY?

So far in 2023...

This article is from: