The year 2024 showcased a dynamic and evolving Maine real estate market, defined by rising home prices, resilient demand, and the ongoing challenge of limited inventory. As we enter 2025, this report explores the key trends shaping the market and their impact on both homeowners and buyers. Take a look through the report below to…
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And just like that, 2024 is a wrap. Pending sales were down in December, but total sales for the year were up. Stay tuned in the coming weeks for a look at 2024 as a whole! If you are considering buying, selling, or investing in a home in 2025, I hope you’ll consider hiring me…
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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.…
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With home prices reaching historic highs nationwide, inventory staying low, and recent commission changes from late summer still shaking out, many potential sellers and buyers are feeling unsure about the upcoming winter housing market. In southern Maine, October saw another rise in the median home price, but there was also a modest increase in new…
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August marked the 151st consecutive month of year-over-year home price increases in the U.S. Nevertheless, the rate of growth is beginning to slow, with annual forecasts predicting smaller gains. The market here in Maine continues to follow the national trends, which could mean a slowdown in rising costs for those looking to buy in our…
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As temperatures continue to creep up this summer, so apparently does the inventory in the residential market! Whether you’re looking for a cozy retreat from the heat or a sunny investment opportunity, new listings are helping ensure that there’s something for everyone. But will this increased inventory help cool home prices? If you are considering dipping your toes in the…
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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…
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2024 is off to an interesting start. Median home prices have dipped in some communities, while sought-after areas like Falmouth, Cape Elizabeth and Westbrook have seen significant increases. Inventory state-wide is up ever so slightly, and mortgage rates have dipped a bit – let’s hope these trends continue throughout the year! If you are considering…
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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…
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It’s still a seller’s market in Maine. The median home price in our area was up 7.8% in December over the same time last year, and many homes are still closing above asking. As we head into 2024, mortgage rates are expected to decline, which may shake things up a bit, but will it be…
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