We are constantly monitoring the market and really find value when examining trends. We just finished our analysis of third-quarter sales and here are the takeaways and what they mean for buyers and sellers.
Despite higher interest rates for the majority of Q3, the single-family home market in Portland saw the median sales price rise to $612,500 in the third quarter, a significant 9.4% increase compared to $560,000 during the same period in 2023. Homes spent an average of 8 days on the market, up from 6 days last year, reflecting a slight cooling, though still a very active market.
127 Pleasant St. Portland’s highest single-family sale at $1,950,000.
Portland’s condo market experienced a similar upward trend, with the median sales price climbing to $609,000, up from $551,000 in Q3 2023. Condos spent an average of 8.5 days on the market, slightly longer than the 6 days in the previous year. The number of condo sales saw a major boost, increasing to 114 sales from 63 in Q3 2023.
387 Commercial St #612. Portland’s highest condo sale at $2,995,000.
A smaller multi-family market also demonstrated strength, with a median sales price of $785,000, up from $750,000 in the third quarter of 2023. Properties in this category stayed on the market for 11 days, down from 13 days the previous year. A total of 29 multi-family properties were sold this quarter, up from 23 sales last year.
100 Congress St. Portland’s highest 2-4 unit sale at $1,375,000.
Disclaimer: All data is based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 7/1/2023 through 9/30/2024 as of 10/4/2024 © 2024 Maine Listings
