Portland, Maine, Named Top Luxury Real Estate Market for 2023
If you haven't visited Portland, Maine, recently, chances are you've missed a lot. There has been construction project after construction project throughout the city, many of them high-end in nature.
Portland is about to have a new tallest building to shape out its skyline. Other major condo developments have recently opened or are close to completion. For a city that currently has a population of less than 75,000 residents, the amount of high-end offerings seems almost out of place.
But it shouldn't. According to Mansion Global, Portland has been named the top luxury real estate market in America for the third quarter of 2023, beating out multiple cities in California.
What that means is that the luxury housing market in Portland remains as strong as it has ever been. Luxury house hunters are generally looking for vacation homes or investment properties. Portland is currently viewed as the best of both worlds.
Maine saw a swelling of property values in 2020 after the global pandemic gave deep-pocketed buyers a chance to escape to a state with a small population and a slower brand of life.
For many communities in Maine, those property values have plateaued. Real estate continues to be in high demand throughout much of the state, but the wild bidding wars have cooled in most areas. Except when it comes to the high-end market in Portland.
Portland has seen major demand from luxury buyers for most of 2023. It remains to be seen if the developments completed will satisfy that demand. The city continues to struggle with both affordable housing as well as the unhoused population.
The way of life continues to be the top reason people are pursuing property in Portland. The city isn't inundated with traffic. There's a large variety of restaurant and retail options. Additional recreation like lakes, beaches, and ski mountains are only a short distance away. And for now, the city still remains affordable compared to many other larger cities.
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