South Portland, ME Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

South Portland, ME Housing Market Trends

With 25,532 people, 10,856 houses or apartments, and a median cost of homes of $277,336, South Portland real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in South Portland, accounting for 57.13% of the city's housing units. Other types of housing that are prevalent in South Portland include duplexes, homes converted to apartments or other small apartment buildings ( 20.25%), large apartment complexes or high rise apartments ( 17.23%), and a few row houses and other attached homes ( 5.22%).

People in South Portland primarily live in small (one, two or no bedroom) single-family detached homes. South Portland has a mixture of owner-occupied and renter-occupied housing.

The housing in South Portland was primarily built before 1939 ( 31.66%), making the housing stock in South Portland some of the oldest overall in America, although there is a range of ages of homes in South Portland. The next most important housing age is between 1940-1969 ( 29.38%), followed by between 1970-1999 ( 27.57%). There's also some housing in South Portland built between 2000 and later ( 11.40%).

South Portland Home Appreciation Rates

Appreciation rates for homes in South Portland have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 51.93%, which ranks in the top 30% nationwide. This equates to an annual average South Portland house appreciation rate of 4.27%.

Appreciation rates are so strong in South Portland that despite a nationwide downturn in the housing market, South Portland real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, South Portland appreciation rates continue to be some of the highest in America, at 6.52%, which is higher than appreciation rates in 75.52% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in South Portland. South Portland appreciation rates in the latest quarter were at 2.14%, which equates to an annual appreciation rate of 8.84%.

Relative to Maine, our data show that South Portland's latest annual appreciation rate is lower than 90% of the other cities and towns in Maine.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within South Portland differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in South Portland - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best South Portland real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$277,336

South Portland, ME HOME PRICES

> $1,210,000
1.0%
1.0%
$907,001 - $1,210,000
0.8%
0.8%
$605,001 - $907,000
3.1%
3.1%
$484,001 - $605,000
11.1%
11.1%
$363,001 - $484,000
18.8%
18.8%
$242,001 - $363,000
40.2%
40.2%
$121,001 - $242,000
23.1%
23.1%
$61,001 - $121,000
0.3%
0.3%
$0 - $61,000
1.5%
1.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

High for ME

Value Relative To Nation

Number Of Homes And Apartments:
10,856

South Portland Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
ME*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
126.36% 3.97%
10
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,989 / per month

Homeownership Rate

Owners
61.8%
61.8%
Renters
38.2%
38.2%
Vacant
7.3%
7.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
11.4%
11.4%
1970 - 1999
27.6%
27.6%
1940 - 1969
29.4%
29.4%
1939 or Older
31.7%
31.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
57.1%
57.1%
Townhomes
5.2%
5.2%
Small Apt. Buildings
20.3%
20.3%
Apt. Complexes
17.2%
17.2%
Mobile Homes
0.1%
0.1%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.2%
1.2%
1 Bedroom
12.2%
12.2%
2 Bedrooms
36.7%
36.7%
3 Bedrooms
35.7%
35.7%
4 Bedrooms
11.1%
11.1%
5 or more bedrooms
3.1%
3.1%
0.0% 100.0%
% OF HOMES