Portland Home prices up over February 2021, but sales and listings dropped
Bidding wars return as Portland inventory declines
Portland, ME – After tapering off in the later part of 2021, Portland’s residential real estate prices crept up in the early part of 2022. “It doesn’t feel like buyer demand has materially changed, but inventory is scare,” said Benchmark Real Estate owner, Tom Landry. Analyzing data from Maine Listings, he said the number of properties for sale was down 33% over February 2021. So too were sales, down 47% versus the same month last year.
While a winter slowdown is typical in Maine’s real estate market, Landry added, “these past few years have been anything but typical.” Home prices nearly doubled in one year as buyers from major metro areas across the country fled the cities in the first year of the pandemic. Additionally, this year, the fear of higher interest rates coupled with an early start to spring has sustained a higher level of buyer demand.
“The full impact of a post-Covid return to the cities is yet to be seen. And with rates going up and the current geopolitical climate, we could see a softening of the market,” said Landry. But he pointed out that without the typical spring increase in inventory, prices would likely remain high. For now, he said, it’s still a seller’s market.
The statistics below were prepared by Benchmark Real Estate using data from Maine Listings.
Highest & Lowest Sales of February 2022
