Portland–South Portland – A report from Realtor.com lists Portland-South Portland, Maine among 12 “emerging” luxury real estate markets—fueling a new wave of million-dollar listings as buyers priced out of Greater Boston seek acreage, privacy, and amenities.
For years, Greater Boston has dominated the luxury conversation in New England. Now the shift feels closer to home: in Portland, the most expensive single-family listing is a $2.95 million penthouse—part of a fast-growing luxury market that Realtor.com is calling “emerging.”
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. The metro came in at No. 12 on the list, and it was the only New England market included. The other 11 areas named were Durham–Chapel Hill, North Carolina; Kiryas Joel–Poughkeepsie–Newburgh, New York; and Savannah, Georgia.
Anthony Smith. a senior economist at Realtor.com. said in a written statement. “We are seeing a fundamental shift where luxury is moving.” He added that whether the movement is driven by corporate relocation in the Southeast or by “the desire for acreage and privacy in the Hudson Valley. ” the markets offer a “new value proposition” for high-end buyers—one that balances lifestyle with “a slightly more accessible entry point than the national luxury floor.”.
Realtor.com’s criteria for “emerging” markets focused on the plumbing of supply and pricing. It 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.
In Portland, the luxury market—defined as the 10 percent most-expensive listings—starts at $1,649,950, with 21.4 percent of listings priced at $1 million or more. Realtor.com’s analysis put the starting point for luxury listings nationally at $1,274,423.
That widening gap is the story many buyers feel when they look north from Massachusetts. Greater Boston’s median price for a single-family home just exceeded $1 million. but Elsewhere in New England. the luxury ceiling appears to be rising in different places. Smith said 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.
COVID played a role in who could move—and where they wanted to land. The report ties the change to remote work. saying many employees left big cities such as Boston behind after the pandemic. Then comes the pressure of price itself. The analysis points to 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. In Cumberland County, Maine, where Portland is located, the median was $590,000.
A separate analysis by Redfin found that the top destination for homebuyers leaving Greater Boston is Portland.
Even the visible numbers tell a sharper story. In Portland, the most expensive public listing for a single-family home is the $2.95m penthouse at 547 Congress St. In Boston, the price point is dramatically higher: a $44.5m penthouse in the Seaport, followed by a $38m Back Bay townhouse.
For Ed Gardner, broker/owner of Gardner Real Estate Group in Portland, the draw isn’t just math. He said luxury buyers are drawn to Portland’s quality of life. describing how “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.” “That has propelled our market. ” Gardner said.
He also pointed to what developers are doing in response. Gardner said condominium developers are now building high-end projects in the area to meet the demand for luxury housing. adding. “People from New York. Boston. D.C. and the west coast of the country who have discovered Portland are demanding luxury units.”.
Portland’s broader appeal has been noticed beyond real estate pages. The report says Portland was recently recognized by Food & Wine magazine as the top small U.S. city for food and drink.
Still, demand doesn’t mean everything moves equally fast. Gardner said the city’s proximity to Boston—close enough that workers can still get to a business meeting or a Red Sox game—keeps Portland within reach even for people who need to stay connected to the larger metro. He also described how the market is behaving differently across price tiers: “Lower-priced homes in Greater Portland are moving very quickly. with multiple offers. ” he said. while “homes over $1 million are sitting longer on the market.”.
That delay, he argued, is what creates openings for buyers.
“The luxury market in Portland is still a deal compared to Boston,” Gardner said. He added, “In some cases, you may pay half the price for more space and amenities. Plus, you’ll have a better lifestyle.”
Portland Maine luxury real estate Realtor.com emerging luxury markets Greater Boston housing prices million-dollar listings Anthony Smith Ed Gardner 547 Congress St penthouse Cumberland County real estate