As 2024 wound to a close, it was apparent that year-to-date sales had been much stronger than many people expected, with sales up by 4% statewide and nearly 5% in Cumberland County.
However, pending sales for November were down 18% compared to the same month last year, and median prices have also seen a decline. It’s worth noting that pending sales in November decreased by 42% compared to October, although this trend isn’t reflected in the charts.
Months of inventory for sale have risen to 2.0 months, the highest level we’ve seen in a long time. The last time inventory was this high was in May of 2020, when it reached 2.1 months.
In Portland, the median year-to-date price of a home is approaching $600K. However, November saw a significant drop of 8.6% compared to November 2023. While prices are still ahead of last year overall, the last few months have experienced a decline when compared to the same months in 2023.
If you are considering buying, selling, or investing in a home in the New Year, I hope you’ll consider hiring me as your broker.