Why Live in Portland
Portland's historic Old Port district features cobblestone streets lined with local shops and working waterfront views. The Eastern Promenade provides scenic walking paths overlooking Casco Bay and its islands, while the iconic Portland Head Light lighthouse stands guard at nearby Fort Williams Park. Food lovers flock to acclaimed restaurants like Eventide Oyster Company for their brown butter lobster rolls and Fore Street for locally-sourced fine dining featured on Anthony Bourdain's shows. The arts scene thrives with the Portland Museum of Art's modern collections and Victoria Mansion's preserved 19th-century architecture. Outdoor recreation includes kayaking Casco Bay, cycling the Back Cove trail on Baxter Boulevard, and exploring Peaks Island by bike.
The median sale price for homes in Portland is $580,000. Single-family homes in the West End command a median price of $1,550,000, while Back Cove's median is $687,500. Downtown Portland one-bedroom condos have a median price of $542,500, with two-bedrooms at $971,300. The East End sees median condo prices of $498,500 for one-bedrooms and $807,500 for two-bedrooms.
Living costs run 12.6% above the national average. A family with school-age children needs $119,000 annually to live comfortably, including $38,000 for housing and $19,000 for groceries. Cumberland County's property tax rate is 1.11%, while Maine's state income tax is 7.15% on $76,320 earnings. The state sales tax rate is 5.50% with no additional local taxes. Gasoline costs $3.305 per gallon. Private schools like Waynflete School serve multiple neighborhoods with A+ ratings, while Frank H. Harrison Middle School ranks among the top public options. The University of Southern Maine maintains its main campus in Portland.
Home Trends in Portland, ME
On average, homes in Portland, ME sell after 24 days on the market compared to the national average of 70 days. The median sale price for homes in Portland, ME over the last 12 months is $732,500, down 13% from the median home sale price over the previous 12 months.
Median Sale Price
$732,500
Median Single Family Sale Price
$820,000
Median Townhouse Sale Price
$1,085,000
Median 2 Bedroom Sale Price
$750,000
Median 1 Bedroom Sale Price
$599,950
Average Price Per Sq Ft
$565
Number of Homes for Sale
24
Last 12 months Home Sales
188
Median List Price
$750,000
Median Change From 1st List Price
0%
Median Home Sale Price YoY Change
-13%
