Source: Mainebiz —
The Portland residential real estate market broke records for price increases in 2021, driven by suburban single family homes located off the peninsula, new luxury units, urban condos and smaller apartment buildings. And there is no sign of a bubble bursting any time soon.
“Every adjective you could throw at it isn’t enough. Even industry veterans who have been doing this for 40 years have never seen anything like this,” Tom Landry, owner of Benchmark Real Estate, told Mainebiz in an interview.
“We saw people paying well in excess of asking price. No inspections. Rent back for free. Buyers on their ninth, 10th, 11th try.”
While Portland has been highlighted on national lists of the “best” places to retire or raise a family for years, that created a relative trickle of buyers coming into Maine. The pandemic, however, accelerated and amplified that trend and brought 20 years of growth in a year-and-a-half, Landry said.