Is South Portland, OR a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, South Portland was a Seller's Market.
Key Takeaway
South Portland is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in South Portland, OR
How much do homes in South Portland, OR cost?
Median Sold Price
$489,750
$352/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in South Portland have sold for 8.5% less than they did a year ago.
Summary: The median home sold price in South Portland was $489,750 in April 2024, down 8.5% from last year, and the median price per square foot was $352.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $330K | $315K | -4.5% |
| 2 Bedrooms | $520K | $475K | -8.7% |
| 3 Bedrooms | $677.5K | $589K | -13.1% |
| 4 Bedrooms | $646.5K | $732.5K | +13.3% |
| 5+ Bedrooms | $1.1M | $850K | -22.7% |
Summary: South Portland housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.5%, 2 bedroom homes decreased by 8.7%, 3 bedroom homes decreased by 13.1%, 4 bedroom homes increased by 13.3%, and 5+ bedroom homes decreased by 22.7%.
Housing Supply in South Portland, OR
How many homes are available in South Portland, OR?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 71 | 86 | +21.1% |
Summary: The South Portland real estate market had 86 homes for sale in April 2024, a 21.1% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 19 | 18 | -5.3% |
| 2 Bedrooms | 27 | 34 | +25.9% |
| 3 Bedrooms | 17 | 23 | +35.3% |
| 4 Bedrooms | 5 | 8 | +60.0% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The South Portland housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 5.3%, 2 bedroom homes increased by 25.9%, 3 bedroom homes increased by 35.3%, 4 bedroom homes increased by 60%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 14 | 13 | -7.1% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in South Portland, you may be able to get a good deal. 92.3% of homes here sold below asking price last month.
Summary: A total of 13 homes were sold or pending in South Portland in April 2024, down by 7.1% month-over-month. Of the 13 sold homes, 92% were sold under asking, 0% were sold at asking, and 8% were sold over asking.
Days on Market for South Portland, OR
How long does it take to sell a home in South Portland, OR?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 55 Days | 56 Days | +1.0% |
Summary: Homes in South Portland had an average of 56 days on market in Apr 2024, up by 1% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in South Portland has remained consistent over time.
Summary: During April 2024, 13 homes were sold in South Portland; 38% of homes were sold within 30 days, 46% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.
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