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Updated: February 12, 2024

Portland’s residential market buoyed by strong demand, in-migration

house with olive green siding and trees out front Courtesy / Benchmark Real Estate Benchmark Real Estate listed a six-unit property at 245 Preble St. in South Portland at $999,000 and sold it for $1.2 million.

Portland’s residential real estate market is showing signs of resilience, buoyed by strong demand and continued in-migration while prices remain at elevated levels, according to a year-end report by Benchmark Real Estate, led by Tom Landry.

Benchmark capped the end of 2023 with two sales above the asking price. A six-unit property at 245 Preble St. in South Portland, listed at $999,000, sold for $1.2 million. A two-family home with modern amenities at 79 Lincoln St. in Portland, listed for $799,000, sold for $820,000. 

Over the last five years, the average single-family home in Portland increased 74% from $316,250 in 2018 to $550,000 in 2023, although prices aren’t increasing as rapidly today as they did in 2020, noted Landry.

“We have not seen the dreaded crash or correction some analysts were predicting,” he added.

person in button-down shirt and blazer
Courtesy / Benchmark Real Estate
Tom Landry

In all, the firm last year brokered 36 transactions totaling $34.2 million in sold volume. 

For the coming spring and summer, Landry predicted lots of inventory on the market, but the return of bidding wars. 

For the coming autumn and beyond, he said he was confident that the market would remain active with slightly elevated median sale prices, with the high-end, luxury market continuing to set records due to in-migration from larger and more affluent metro areas.

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