The availability of single-family existing homes for sale across Maine remains tighter than normal, however there are positive signs on the horizon. Home values rose 6.5% in June 2023 compared to June 2022, and year to-date prices are up 4.5% across the state.
Sales were down 19.3% compared to June 2022, mostly due to a lack of inventory, and are now down 23.1% YTD statewide. While the number of homes available for sale has increased the last two months, the absolute inventory level is down 7% from prior year – and down an astounding 78% from its all-time high in July 2016.
The median selling price in Cumberland County reached a historic high in June at $565,000, and prices YTD are up in virtually every town we track.
Interest rates have improved ever so slightly, dipping below 7%. That is more than double from a year ago!
Given the competitive and challenging market conditions, it is important for both sellers and buyers to establish early relationships with an experienced agent. A knowledgeable realtor can provide you with industry expertise and valuable local insights, resulting in making informed decisions that are in your best interest.
If you are considering buying, selling or investing in a home, I hope you’ll consider hiring me as your broker.