Rankings/Portland-South Portland, ME

Portland-South Portland, ME

NeutralTier 1CBSA 38860Compare

Risk Rank: #55 of 274Month: 2026-05Score change (12m):— -1

58score

Composite risk percentile vs 274 metros (higher = higher risk)

Executive Summary

Portland's housing market shows average risk, ranking 55th of 274 metros. The market recently entered Expansion. Current conditions are balanced with stable liquidity. Broad-based growth with healthy fundamentals.

Portland experienced a market correction from early 2025 through mid-2025. The market has since normalized and entered Expansion.

Inventory is growing at a moderate +5% pace with homes taking -8% longer to sell — within normal ranges.

Rent growth is roughly keeping pace with price appreciation, suggesting valuations are not stretched.

Cycle Phase

RecoveryExpansionHypersupplyRecession

1 month in current phase

Normal growth conditions with balanced fundamentals

Key Dynamics

Risk is primarily driven by affordability and employment, while migration provides the most support.

Top Drivers

Affordabilityp80

Mortgage payment / income

Employmentp70

12-month employment change (risk inverted)

Permits per Capitap68

Permits per 1,000 residents

Market Signals

Inventory is growing at a moderate +5% pace with homes taking -8% longer to sell — within normal ranges.

Liquidity

Stable—

Active Listings YoY

+5.3%p54

Days on Market YoY

-7.7%p33

Months in status1

Data through May 2026

Valuation

Balanced—

Rent vs. Price Growth

-1.1%p46

Months in status1

Data through May 2026Rent growth vs price growth (rent support). Note: Affordability and Valuation measure different structural dimensions and can diverge.

Factor Details

Lower riskHigher risk

Low RiskBelow AvgNeutralElevatedHigh Risk

Price MomentumNeutral

+1.8%p53

12-month HPI change — higher = overheating

Permit GrowthElevated

+4.3%p62

YoY permit change — higher = supply pressure

Permits per CapitaElevated

5.85p68

Permits per 1,000 residents — higher = overbuilding risk

AffordabilityElevated

0.33p80

Mortgage payment / income — higher = more burdened

EmploymentElevated

-0.4%p70

12-month employment change (risk inverted)

MigrationLow Risk

+$230Kp12

Net AGI migration (risk inverted)

National Context

Credit Conditions

Credit Regime

Stable—

Normal expansion. Credit is available, transactions are healthy — no constraints on current growth momentum.

Bank Lending Standards

-3.7Normal

Rate Change (YoY)

-38 bpsNormal

Mortgage Risk Premium

+199 bpsElevated

Stable for 9 quartersData through 2026-Q2

Supply Pipeline

Supply Regime

Accumulating—

Supply pipeline is building up while credit remains available. New units are accumulating in the system — watch for delivery pressure in coming quarters.

Pipeline Ratio

0.90Elevated

Completion-Permit Divergence

-5.9 ppNormal

Accumulating for 5 quartersData through 2026-Q2

Local Signals

Metro Permit Activity

Permit Activity

Normal

YoY Permit Growth

+4.3%Within norm

Raw signal — not the composite percentile

Relative to 2016–2019 norms for this metro

Supply and demand are in equilibrium. No unusual activity on either side of the market.

Employment Concentration

Employment

Concentrated

Largest SectorHealth Care 24.7%

QCEW 2024 annual averages

Internal Structure

Portland's 3 counties show similar risk profiles — the metro-level score is broadly representative.

Low0.0Limited data

3 of 3 counties scored

Portland, ME shows Low internal divergence — county-level differences are minor and the metro composite is broadly representative. Sagadahoc County contributes the most structural risk (Average, driven by permit growth), while Cumberland County anchors the lower end (Average).

Within-metro factor percentiles (0 = lowest risk, 100 = highest risk)

County	Score ▼	Band	Pop %	Price	Permits	Afford
Cumberland CountyStabilizer	50	Average	54.9%	50	50	100
Sagadahoc CountyRisk Driver	50	Average	6.6%	0	100	0
York County	50	Average	38.5%	100	0	50

Score History

Month	Phase	Score	Price	Permits	Afford	Employ	Migr
2025-12	Hyp	66	75	67	82	95	12
2025-11	Rec	60	67	41	82	95	15
2025-09	Rec	62	72	41	82	99	15
2025-08	Hyp	59	74	41	82	82	15
2025-06	Ress	59	69	41	80	87	15
2025-04	Ress	56	67	41	80	73	15
2025-01	Rec	56	78	41	81	59	15
2024-12	Ress	51	68	41	79	43	15
2024-10	Hyp	47	62	41	79	25	15
2024-08	Hyp	50	51	41	78	50	15
2024-07	Ress	47	48	41	78	37	15
2024-05	Ress	51	72	41	77	41	15
2024-03	Hyp	52	76	41	76	43	15
2024-02	Rec	52	75	41	76	44	15
2023-12	Rec	53	83	41	66	50	15
2023-11	Exp	53	86	41	66	49	15
2023-09	Exp	54	97	41	68	38	15
2023-07	Rec	54	94	41	68	46	15
2023-05	Rec	52	76	41	63	52	15
2023-03	Hyp	53	77	41	63	59	15
2023-02	Ress	52	80	41	63	51	15
2022-12	Ress	52	68	41	68	61	15
2022-11	Hyp	53	67	41	68	66	15
2022-10	Exp	55	67	41	68	79	15
2022-08	Exp	56	65	41	68	85	15
2022-05	Exp	58	72	41	67	89	15
2022-02	Exp	54	63	41	64	79	15
2021-12	Rec	52	67	41	62	69	11
2021-10	Rec	50	67	41	62	57	11
2021-09	Exp	50	81	41	64	40	11
2021-07	Exp	44	84	41	64	3	11
2021-04	Exp	46	84	41	63	14	11
2021-03	Rec	52	90	41	61	45	11
2021-01	Rec	53	91	41	61	53	11
2020-12	Exp	55	93	41	65	58	11
2020-10	Exp	55	92	41	65	61	11
2020-09	Rec	53	75	41	63	67	11
2020-07	Rec	58	77	41	63	91	11
2020-04	Exp	53	64	41	62	78	11
2020-02	Exp	46	56	41	62	43	11
2020-01	Rec	45	58	41	62	35	11
2019-11	Rec	47	59	41	62	41	15
2019-08	Rec	45	53	41	62	39	15
2019-05	Rec	49	66	41	62	47	15
2019-03	Exp	47	62	41	62	41	15
2019-01	Exp	47	55	41	62	49	15

Data Vintages

Price (HPI)2026-Q1

Permits2026-05

Income2024

Employment2026-05

Migration2023