In May, the median price for a single-family home in Maine hit a record high of $399,000. Currently, it sits at $375,000 year-to-date (YTD), marking an 8.7% increase compared to last year. Throughout 2024, prices have risen steadily, contrasting with the declines seen in the fourth quarter of 2023.
Sales volumes vary significantly across different communities throughout Maine. And although inventory levels are on the rise, sales are being hampered by interest rates stubbornly hovering around 7%.
Prices in Cumberland County are also at historic highs, reaching $580,000 in May, a 6.4% increase from the previous year. Inventory has surged by 70% compared to 2023, while properties under contract have dipped by almost 10%. These figures present some conflicting trends, indicating complexity in the market dynamics.
If you are considering buying, selling or investing in a home this summer, I hope you’ll consider hiring me as your broker.