The median selling price in Cumberland County reached a historic high in June at $565,000, up 4.1% from prior month and up 9.6% for the same period in 2022. As the graph below indicates, prices YTD are up in virtually every town we track.
Interest rates have improved ever so slightly recently, dipping below 7%. That is more than double from a year ago!
According to the National Association of Realtors (NAR), in June 2023 the national MSP declined 1.2% to $416,000 and sales decreased 18.8% compared to June 2022. The regional Northeast experienced a 21.5% decrease in sales volume and a 4.9% increase in the regional MSP to $475,300.
Given the competitive and challenging market conditions, at Maine Home Connection we find it is important for both sellers and buyers to establish early relationships with an experienced agent (meaning us). Our knowledgeable realtors can provide you with industry expertise and valuable local insights, resulting in making informed decisions that are in your best interest.
Until next time; Imagine More!