Most counties in Maine are seeing continued interest from qualified buyers of available single-family existing homes. According to recent sales results,1,218 homes were purchased in November 2023, a decrease of 5.5% from November 2022. The median sales price for homes sold in November reached $355,000—an increase of 9.2% percent compared to November 2022. The MSP indicates that half of the homes were sold for more and half sold for less. Year-to-date, home sales are down 19.7%, while home prices are up 7.5%. In nearly every community we track, YTD home sales are down vs 2022, as the chart below reflects.
To view an interactive sale report, click: Sales Statistics.
At one time the winter months were not a popular time to sell a home in Maine – but that has changed dramatically over the last several years. More people are moving to the state and life circumstances often prompt the need to buy or sell homes, regardless of the season. Even though fewer homes come on the market during the holiday season, qualified buyers remain active, and sellers of well-maintained, properly priced homes can expect multiple offers in many markets.
Nationally, November 2023 sales eased 7.3% from November 2022. According to the National Association of Realtors, the national MSP for existing single-family homes increased 3.5 percent to $392,100 last month. Sales in the regional Northeast declined 13% and the regional MSP rose 4.8% to $428,600 comparing November 2023 to a year ago.
With high interest rates and record level home prices, Maine’s real estate market continues to be challenging. If you are looking to buy or sell in the near future, it is a good idea to consult with one of our professional MHC agents.
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About the Author: Michael
