Hello Greater Portland! Update August 2024

CLICK HERE TO WATCH Hello Greater Portland! Update August 2024

Hello Greater Portland! The summer real estate market is in full swing. Active listings are surging in most towns in the region and prices are spiking in Portland and the neighboring suburbs. I'm Dave with The David Marshall Team of eXp Realty, bringing you the year-to-date market update as of the end of July.

### Active Listings

Active listings have seen significant increases in various towns:

- **Old Orchard Beach**: up 41.5%

- **Westbrook**: up 38.3%

- **Windham, Portland, South Portland**: all near 20% increases

- **Cape Elizabeth, Saco**: also saw double-digit increases

However, not all towns experienced growth:

- **Yarmouth**: down 19.8%

- **Cumberland**: down 34%

### Pending Sales

Pending sales are also showing mixed trends:

- **Westbrook**: surged by 15.7%

- **Windham**: up 9.7%

- **Old Orchard Beach**: up 7.7%

- **Scarborough**: fell nearly 10%

- **Cape Elizabeth**: dropped 12.3%

- **Yarmouth**: down 15%

- **Cumberland**: had the biggest decrease at 20.3%

### Closed Listings

Closed listings have shown notable increases in some areas:

- **Gorham, Portland**: over 20%

- **Yarmouth**: at the top with 26.7%

- **Old Orchard Beach, Westbrook, Saco**: also had double-digit gains

On the downside:

- **Scarborough**: down 9.2%

- **Cumberland**: at the bottom with a 23.9% decrease

### Median Market Time

Median market time is relatively short across the region, with many towns at just around a week:

- **South Portland, Cumberland, Yarmouth, Westbrook, Windham, Scarborough**: only 6 days

- **Old Orchard Beach**: had the longest median market time at 9 days

### Median Sale Price

The largest median sale price increases were seen in:

- **Falmouth**: up 20.3%

- **Cape Elizabeth**: up 17.1%

- **Portland**: up 16.5%

- **South Portland**: up 12.2%

- **Westbrook, Scarborough, Saco**: also saw strong gains

Conversely:

- **Gorham, Yarmouth**: saw price drops

- **Cumberland**: experienced the largest decrease at 15.3%

### Highest Median Sale Price

The highest median sale prices in the region are:

- **Falmouth**: $975,000

- **Cape Elizabeth**: $900,500

- **Yarmouth, Cumberland**: both over $700,000

- **Scarborough, Portland**: over $600,000

- **Westbrook, Windham**: tied at $463,500

- **Old Orchard Beach**: the lowest at $450,000

If you need information about activity in a specific neighborhood to plan your next moves, please contact us for our client-based approach to service excellence.

This is Dave with The David Marshall Team of eXp Realty.