Portland No. 2 on list of top U.S. secondary housing markets
Portland is ranked No. 2 among “under-the-radar secondary markets,” according to a national report from Realtor.com.
Lack of inventory and rising prices are driving buyers further afield to find houses. In Portland’s case, the demand is coming from the Boston market area, according to Realtor.com.
Demand is being driven by relative affordability, inventory and strong job markets, Realtor.com said in its cross-market-demand analysis comparing the 100 largest metropolitan areas in the fourth quarter of 2017 to the fourth quarter of 2016.
“Buyers have traditionally sought refuge in the suburbs during times of high home prices,” Javier Vivas, director of economic research at Realtor.com, said in a news release. “But with today’s record highs even the suburbs have gotten pricey, which has demand flooding outward as options disappear and prices move further out of reach in top job hubs.”
The top 10
The top metropolitan markets with the highest inbound-to-outbound ratios, as ranked by Realtor.com: 1) Spokane, Wash.; 2) Portland, Maine; 3) Knoxville, Tenn.; 4) Deltona, Fla.; 5) Boise, Idaho; 6) Jacksonville, Fla.; 7) Charleston, S.C.; 8) North Port, Fla.; 9) Bakersfield, Calif., and 10) Chattanooga, Tenn.
Areas were ranked based on their ratio of inbound to outbound searches, a comparison of people looking in and out of the metro.
In a summary that any Mainer would recognize was written by someone from "away," here’s what Realtor.com said about Portland: “Portland sits on a peninsula of Casco Bay and is home to areas like Old Port, which is filled with hip bars, boutique shopping and coffee shops galore. The family-friendly inland area, such as the town of West End, features grand Victorian homes and a strong sense of community. Many people move to this area to escape the hustle and bustle of the city and to cut down their commute. In addition to the many boutique bars, restaurants, and stores that Portland has to offer, major employers include: TD Bank North, the Maine Medical Center, and Unum Life Insurance."
Key market statistics: Portland has a median list price of $340,000 with a median income of $68,000. It is expected to have flat job growth this year.
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