Luxury Homes
“We are seeing a fundamental shift where luxury is moving.”
The penthouse at 547 Congress St. in Portland is on the market for $2.95m. PETER MORNEAU OF MORNEAU STUDIOS
Luxury housing is nothing new in Greater Boston where the median price of a single-family home just exceeded $1 million. Elsewhere in New England, a new city is joining the list of luxury locales.
Realtor.com recently identified the Portland-South Portland, Maine, metropolitan area as one of 12 emerging luxury markets where homes over seven figures are expanding rapidly. Coming in at No. 12, it’s the only New England metro on the list; others include Durham-Chapel Hill, NC, Kiryas Joel-Poughkeepsie-Newburgh, NY, and Savannah, Ga.
“We are seeing a fundamental shift where luxury is moving,” said Anthony Smith, a senior economist at Realtor.com, in a written statement. “Whether it’s driven by corporate relocation in the Southeast or the desire for acreage and privacy in the Hudson Valley, these 12 markets are offering a new value proposition for the high-end buyer that balances lifestyle with a slightly more accessible entry point than the national luxury floor.”
To determine which markets to consider “emerging,” Realtor.com analyzed metropolitan areas where the average monthly count of million-dollar-plus listings over the past 12 months was between 200 and 500, the median listing price remained below $1 million, and at least 10 percent of all active listings were priced at $1 million or above.
The luxury market (defined as the 10 percent most-expensive listings) in Portland starts at $1,649,950, with 21.4 percent of listings priced at $1 million or more. That’s compared to $1,274,423 as the starting point for luxury listings nationally, the analysis found.
There are multiple factors driving the luxury market in Greater Portland. COVID allowed more employees to work remotely, so many left big cities such as Boston behind. Combine that with the high cost of housing in Greater Boston (the median sales price of an existing single-family home in Greater Boston was $1,032,500 in April 2026, according to the Massachusetts Association of Realtors, compared to a median of $590,000 in Cumberland County, Maine, where Portland is located) and you’ll understand why an analysis by Redfin found that the top destination for homebuyers leaving Greater Boston is Portland.
Currently, the most expensive public listing for a single-family home in the city of Portland is for a $2.95m penthouse. In Boston, it’s a $44.5m penthouse in the Seaport, followed by a $38m Back Bay townhouse.
The penthouse at 547 Congress St. in Portland. – PETER MORNEAU OF MORNEAU STUDIOS The rooftop terrace at 547 Congress St. in Portland has real irrigated grass mowed once a week. – PETER MORNEAU OF MORNEAU STUDIOS
Indeed, Smith noted that housing prices in Cumberland County have been influenced by demand from buyers outside Maine, with New York County (Manhattan) and Suffolk County (Boston) ranking as the two top sources.
Ed Gardner, broker/owner of Gardner Real Estate Group in Portland, said that luxury buyers are also drawn to Portland’s quality of life.
“A lot of retirees, and younger people too, who want to get out of the city but want amenities such as the arts and restaurants, have discovered Greater Portland,” he said. “That has propelled our market.”
Gardner said that condominium developers are now building high-end projects in the area to meet the demand for luxury housing. “People from New York, Boston, D.C., and the west coast of the country who have discovered Portland are demanding luxury units,” he said.
Portland was also recently recognized by Food & Wine magazine as the top small U.S. city for food and drink.
Despite the increase in demand, Portland — which is close enough to Boston that workers can still get to a business meeting or Red Sox game — is still attractive to luxury home buyers, said Gardner. “Lower-priced homes in Greater Portland are moving very quickly, with multiple offers,” he said. “But homes over $1 million are sitting longer on the market.” That creates an opportunity for buyers.
“The luxury market in Portland is still a deal compared to Boston,” he added. “In some cases, you may pay half the price for more space and amenities. Plus, you’ll have a better lifestyle.”
Robyn A. Friedman is an award-winning freelance writer who has covered real estate and personal finance for over two decades. Follow her @robynafriedman.
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