Deep Freeze, Same Price Squeeze: Portland Home Sales Dip, Median Jumps to $630K

PORTLAND, Maine — Portland’s housing market hit the brakes in January as record cold and heavy snowfall pushed the city into its usual winter slowdown. But the seasonal “hibernation” didn’t bring much relief for buyers: prices stayed high, inventory stayed tight, and demand still showed up for the homes that hit the market.

The median sale price in Portland climbed to $630,000 in January 2026, an 8.7% increase compared to January 2025, even as total transactions slipped. The city recorded 43 closed sales, down slightly from 44 a year earlier.

Despite the lower volume, homes that did sell moved faster than last winter. The median time on the market fell to 50 days, down from 65 days in January 2025, a sign that competition hasn’t evaporated, even in the depths of winter.

The biggest constraint remains supply. Portland’s inventory sat at 1.1 months of supply, a 42.7% decline year over year, keeping the market tilted toward sellers and leaving buyers fighting over limited options.

Cumberland County’s broader numbers suggested a slightly softer market outside the city limits. The county’s median sale price came in at $546,250, a 2.4% decrease from the prior year. Countywide sales also fell, with 150 sold listings, down 6.3% compared to January 2025.

Even in a slow month, high-end deals continued to land. Portland’s top single-family closing in January was 33 Turner St., which sold for $1.59 million.

Local experts with the Maine Association of Realtors pointed to the punishing winter weather and lingering effects of a late-2025 federal government shutdown as key factors behind the slower pace of sales, while noting that demand in Portland remains strong, with many homes still selling near or above asking price.

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