$375,000
0.14 Acres
Land
Theresa Wood, Sebastian Sanchez, Listing Office: Lark and Fir Realty LLC
Is South Portland, OR a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, South Portland was a Seller's Market.
Key Takeaway
South Portland is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in South Portland, OR
How much do homes in South Portland, OR cost?
Median Sold Price
$510,000
$362/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$20,000(+4.1%)
Key Takeaway
Homes in South Portland have sold for 4.1% more than they did a year ago.
Summary: The median home sold price in South Portland was $510,000 in October 2024, up 4.1% from last year, and the median price per square foot was $362.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $335K | $315K | -6.0% |
| 2 Bedrooms | $482.3K | $472.5K | -2.0% |
| 3 Bedrooms | $622.5K | $594.9K | -4.4% |
| 4 Bedrooms | $693.7K | $853K | +23.0% |
| 5+ Bedrooms | $961.5K | $810K | -15.8% |
Summary: South Portland housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6%, 2 bedroom homes decreased by 2%, 3 bedroom homes decreased by 4.4%, 4 bedroom homes increased by 23%, and 5+ bedroom homes decreased by 15.8%.
Housing Supply in South Portland, OR
How many homes are available in South Portland, OR?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 78 | 95 | +21.8% |
Summary: The South Portland real estate market had 95 homes for sale in October 2024, a 21.8% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 11 | 14 | +27.3% |
| 2 Bedrooms | 37 | 48 | +29.7% |
| 3 Bedrooms | 21 | 23 | +9.5% |
| 4 Bedrooms | 9 | 10 | +11.1% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The South Portland housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 27.3%, 2 bedroom homes increased by 29.7%, 3 bedroom homes increased by 9.5%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 3 | 10 | +233.3% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Portland, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in South Portland in October 2024, up by 233.3% month-over-month. Of the 10 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 41 Days | 89 Days | +117.3% |
Summary: Homes in South Portland had an average of 89 days on market in Oct 2024, up by 117.3% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in South Portland are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During October 2024, 10 homes were sold in South Portland; 30% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 40% of homes were sold over 90 days.
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