In 2023, the housing market faced unprecedented challenges, characterized by historically low affordability levels for homebuyers. Record mortgage rates, high inflation, and elevated housing and rental prices were key contributing factors, with the shift in dynamics occurring as mortgage interest rates spiked from historic lows, reducing buyer purchasing power and leading to a substantial decline in home sales.
In Maine, the number of homes sold dropped dramatically for the second consecutive year, with a 18.8% decline from 2022, while median selling prices reached a record high of $360,000, reflecting a 7.5% increase over the previous year.
Take a look through the report below to see a broader picture of the ups and downs of 2023, and please feel free to reach out if you have questions or need clarification on any facts or figures contained within this report. As always, I hope you’ll consider hiring me as your broker if you are interested in buying, selling, or investing in a home.