While home sales were down in January, there is still demand for properties from a variety of buyers. According to statistics from MREIS, the median sales price (MSP) in January 2024 reached $353,000—an increase of 8.6% from January 2023. The MSP indicates that half of the homes were sold for more and half sold for less.

While sales dipped 2.0 percent, 743 homes changed hands last month compared to 758 in January 2023. As we move into 2024, we’re experiencing some positive news for buyers regarding Maine’s real estate markets. While still historically low, for-sale inventory has been trending upward, mortgage interest rates have softened slightly since their highs late last year, and year-over-year price appreciation has been in the single digits for three consecutive months.

Cumberland County

Inventory in Cumberland County, however, remained low, declining from prior period (December) and from January of 2023, as the graph below highlights. The total number of closed sales in January was down 25% from December and reflected no change compared to January of 2023.

Nationally & Regionally

Nationally, sales across the country in January 2024 decreased 1.4% compared to January 2023, while the national MSP hit $383,500 – up 5.0% from a year ago. Regionally, the MSP for single-family homes sold in the Northeast during January 2024 was $434,300, 10.1% above January of last year. January 2024 sales declined 5.9% compared to January 2023.

Local Markets

Maine is a large state, but real estate is local. Whether selling or buying, reach out to Maine Home Connection early to learn about local market conditions in terms of for-sale inventory, home values, and negotiating strategies that will result in a successful and satisfying home purchase. Also, register to get a monthly update of Market Trend Reports in areas that interest you.

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.

By Published On: February 23, 2024Categories: Market TrendsTags:

Moving to Maine?

About the Author: Michael

Michael, along with his wife Laura, is co-owner of Maine Home Connection, an independent real estate company located in Portland. Maine. Together they started the brokerage from scratch with a new vision of what a company could look like if it focused completely on the needs of our clients and our agents.

Understanding the Local Market

Don’t see what you are looking for?

Contact us for a customized report by any market or community parameter. Let our experience be your guide.