Portland broker report: Condo prices sink while single-family market continues surge
Photo / Courtesy RE/MAX Shoreline
Unit 30 at 30 Glenridge Drive in Portland listed for $289,000 and sold for $260,000 after 18 days on the market, in a transaction facilitated by the Buckspan and Deering team at RE/MAX Shoreline.
The residential real estate market in Portland is steady but showing signs of shifts in the single-family, condo and multifamily sectors, according to a Q2 2025 market report from RE/MAX Shoreline, based on information from the Maine Real Estate Information System Inc.
The numbers below compare Q2 2025 with Q2 2024.
Single-family sales
The single-family home market is seeing slow but steady growth.
- Median sale price: $625,000, up from $620,000
- Median days on market: 7, up slightly from 5 days
- Number of new listings: 188, up from 167
- Number of sales: 133, up from 120
- Single-family homes sold for an average of 3.1% over listing price, on par with last year's 3.5% premium.
“Single-family homes in Portland remain one of the most resilient sectors,” said Derrick Buckspan, RE/MAX Shoreline’s designated broker and owner. “The small uptick in days on market tells us buyers are becoming a bit more methodical, but strong sales growth and increasing inventory point to healthy activity overall.”
Condo sales
The condo sector is seeing a market correction in progress, according to the report.
- Median sale price: $499,000, down from $672,500
- Median days on market: 17, up from 9
- Number of new listings: 129, up from 128
- Number of sales: 77, down from 101
- Condos sold at a slight discount off asking price, less than 1%, compared to 1.9% over ask last year.
“The Portland condo market is seeing the sharpest adjustment,” said Buckspan. “Price declines and longer time on the market reflect changing buyer priorities — likely influenced by interest rates and a shift toward properties with more space or income potential.”
Multifamily
Multifamily properties are seeing a rebound in investor interest, the report says.
- Median sale price: $857,500, up from $805,000
- Median days on market: 11, up from 8
- Number of new listings: 49, down from 52
- Number of sales: 32, up from 21
- Multifamily homes sold for 1.6% under asking price, compared to 0.1% over last year.
“Multifamily properties are back on investor radar,” said Buckspan. “Even with fewer listings, we’re seeing a big jump in sales volume. Cash buyers and out-of-state investors are still looking for reliable returns, and Portland’s rental market continues to deliver.”
Statewide
Statewide, inventory is on the rise, according to the report.
- Median sale price: $420,000, up from $397,500
- Median days on market: 10, up slightly from 9
- Number of new listings: 7,190, up from 5,948
- Number of sales: 3,626, up from 3,441
- The sale price is still within 1% of the asking price.
“The surge in new listings across the state shows us that sellers are re-entering the market,” Buckspan said.
Buckspan said he anticipates continued inventory growth and increased competition between sellers as autumn approaches.
“We’re in a transitional phase, but not a downtown,” he said.
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