The Maine housing market recorded a 6.81% year-over-year increase in sales of single-family existing homes, rising 1,301 transactions in November compared to 1,218 one year before.
According to data from the Maine Association of Realtors, the statewide median sales price last month was $385,000, an 8.45% jump from $355,000 in November 2023.
In comparison to Maine, the wider New England housing market recorded a 6.3% year-over-year increase in home sales and a 9.9% year-over-year spike in the median sales price to $475,000.
“Winter season is a great time for sellers to list their homes with less competition and for buyers to remain persistent in their quest for home ownership as life changes always happen, regardless of the season,” says Paul McKee, president of the Maine Association of Realtors and a broker affiliated with Keller Williams Realty in Portland. “Prospective buyers are in a better situation than they were a year ago across many markets in Maine. The number of homes for sale has increased, price appreciation is slowing, and the economic forecast is good.”
“We’re seeing promising signs that the real estate market is beginning to show signs of shifting slightly, with supply increasing and slower price appreciation,” McKee added “The statewide sold statistics from January through November 2024 are 4.1% ahead of the same time period from a year ago. I’m optimistic that 2024 will end positively and buyer demand will continue to remain strong throughout 2025.”
Photo: Jimmy Emerson, DVM / Flickr Creative Commons
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