This New England metro has an ’emerging’ luxury market

Luxury housing is nothing new Greater Boston where the average price of a single-family home is Just surpassed $1 million. Elsewhere in New England, a new city is joining the list of luxury destinations.

Realtor.com The Portland-South Portland, Maine area was recently designated as one of the metropolitan areas 12 emerging luxury markets Where homes in excess of seven figures are expanding rapidly. Coming in at No. 12, it’s the only New England metro on the list. Other locations include Durham-Chapel Hill, North Carolina, Kiryas Jewel-Poughkeepsie-Newburgh, New York, and Savannah, Georgia.

“We are seeing a fundamental shift where luxury is moving,” he said. Anthony Smitha senior economist at Realtor.com, said in a written statement. “Whether driven by corporate relocation in the Southeast or a desire for space and privacy in the Hudson Valley, these 12 markets offer a new value proposition for the upscale buyer who balances lifestyle with a slightly more accessible entry point off the national luxury floor.”

To determine which markets should be considered “emerging,” Realtor.com analyzed metro areas where the average monthly number of listings over $1 million 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 more.

The luxury market (known as the most expensive 10% of listings) in Portland starts at $1,649,950, with 21.4% of listings priced at $1 million or more. This compares to $1,274,423 as a starting point for luxury listings nationally, the analysis found.

There are multiple factors driving the luxury market in Greater Portland. The coronavirus has allowed more employees to work remotely, so many have left big cities like Boston behind. Combine that with the high cost of housing in Greater Boston (the median selling price for an existing single-family home in Greater Boston was… $1,032,500 in April 2026According to Massachusetts Association of Realtorscompared to Average $590,000 in Cumberland CountyMaine, where Portland is located) and you’ll understand why Analysis by Redfin I found that the top destination for homebuyers leaving the greater Boston area is Portland.

Currently, the most expensive public listing for a single-family home in Portland is for Penthouse: $2.95 million. In Boston, a penthouse in Seaport costs $44.5 million, followed by a townhouse in Back Bay worth $38 million.

In fact, Smith noted that home prices in Cumberland County have been influenced by demand from buyers outside of Maine, with New York County (Manhattan) and Suffolk County (Boston) ranked as the main sources.

Ed GardnerBroker/Owner Gardner Real Estate Group In Portland, he said luxury buyers are also attracted 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 like arts and restaurants, have discovered Greater Portland,” he said. “This has propelled our market.”

Gardner said residential developers are now building upscale 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 are discovering Portland are clamoring for luxury units,” he said.

Portland was too Recently recognized by Food & Wine Magazine as America’s best small town for food and drink.

Despite the increase in demand, Portland — close enough to Boston that workers can still attend a business meeting or a Red Sox game — remains attractive to luxury home buyers, Gardner said. “Low-priced homes in greater Portland are moving very quickly, with multiple offers,” he said. “But homes worth more than $1 million are still on the market longer.” This creates an opportunity for buyers.

“Portland’s luxury market is still a bargain 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.”

Robin A. Friedman is an award-winning freelance writer who has covered real estate and personal finance for more than two decades. Follow her @robynafriedman.