Portland has more restaurants per capita than any other city in the United Sates. With a growing craft beer scene, very well defined neighborhoods, close proximity to the waterfront and a very pedestrian friendly city Portland is becoming an interesting place for real estate investing.
Portland is the largest city in Maine. In 2010, the city had a population of 66,318, growing 3 percent since the census of 2000, while the urban area had a population of 203,914. The Greater Portland metropolitan area is home to over half a million people, more than one-third of Maines total population.
Four million people visit Portland, Maine each year. The center of both commerce and culture in Maine, Portland is a thriving small cosmopolitan city.
Through the first six months of 2015, single family home sales and median prices are up 3.5% respectively over a similar period in 2014. The median home value is $237,500. The issue in and around Portland has been a lack of homes available for sale. Investors are holding onto many homes for use as rentals, and there is very little development of new single-family homes underway.
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