Single Family Homes in Cumberland County:
The housing market remains strong and competitive. The median sale price is $559,000, reflecting a 2.8% increase compared to last January. Homes are staying on the market a bit longer, with a median of 17 days, marking a 6.3% rise from last year and a 13.3% increase from the previous month. Sellers still have significant leverage, securing 99% of their asking price. New listings have seen a notable increase, up 22.6% from last month and 25% from January of last year, with 190 new properties coming onto the market. Active inventory has also grown, reaching 328 listings, a 37.8% year-over-year rise. Despite the increased number of listings, the market remains tight with just 2.1 months of supply, indicating that upward price pressure is likely to persist.
Condominiums in Cumberland County:
The Portland condo market is seeing steady growth, with the median sale price now at $528,299. This represents a 5.7% increase over the previous month and an 11.5% rise compared to January of last year, indicating continued demand for condo properties in the city.
While condos are still selling relatively quickly, the median days on market has increased to 39 days, which is 18% higher than last month. Despite the longer time on market, sellers are still receiving nearly full asking price, with the list price received remaining unchanged at 99%, showing that buyers are still paying close to the listed price.
New inventory has surged, with 85 new condo listings entering the market. This marks a 66.7% increase over last month and a 44.1% rise compared to the same time last year, indicating a greater supply of condos available to prospective buyers. However, active inventory remains steady at 164 units, and months of supply has slightly increased to 2.2, up from last month.
While the increase in inventory is a positive sign, the market remains competitive, with a relatively low months of supply, signaling ongoing price pressure and continued demand for Portland condos.
Click the link to see the full report: January 2025 Market Report
Have additional questions about the Cumberland County real estate market? Contact an expert Maine real estate agent at Town and Shore.
