2024 Southern Maine Multi-Family Market Report by Brit Vitalius Now Available

Brit Vitalius, Owner & Designated Broker of Vitalius Real Estate Group, has released the annual Southern Maine Multi-Family Market Report for 2024. He recently presented the report at the Maine Real Estate & Development Association's (MEREDA's) Annual Forecast Conference as well at a meeting of the Rental Housing Alliance of Southern Maine.

The report, which Brit has produced the for over 17 years, provides an in-depth analysis of the multi-family market in Portland as well as surrounding communities such as Saco/Biddeford and Lewiston/Auburn. Brit commented about this years data results, "The market in 2024 showed mixed signals with high prices in some areas but indications of a slow down. The market faced several challenges, price leveling in some areas and a higher rate of unsold listings."

Key Takeaways from 2024

Slowing price increases
Mixed signals - high prices in some areas but indications of a slow down in others
Increase in unsold listings

All in all, the buyer demand in the Portland multi-family market was hard to predict from one listing to the next. There was a leveling of prices in the 2-4 unit market. The other large markets in Southern Maine showed more strength than Portland. Lewiston/Auburn prices were still up over 10% across the various sectors. Saco & Biddeford increased at a lower rate, about 9% overall, but with a decline in the commercial market.

The dramatic increase in values from 2019 to today is apparent in the median prices in all towns. It does appear that the leveling off has begun, likely due to several factors:

Persistently high interest rates
Slowing rent increases. New rental inventory may be starting to have an effect on rental rates
Affordability. We may be hitting some affordability limits for first time buyers in Portland and now Saco / Biddeford.

View the Multi-Family Report

View the full 2025 Multi-Family Presentation

View the Presentation Slides