Facts are stubborn, but statistics are more pliable – Mark Twain
In May the median price of a single-family home in Maine reached an all-time high of $399,000 and now stands at $375,000 YTD, representing an 8.7% increase versus prior year. Prices have increased each month of 2024 compared to declines during the fourth quarter of 2023.
Unit sales vary considerably by community. Use the interactive chart below to get real time updates for every community in Maine. While inventory continues to increase, sales are being constrained by interest rates that still hover right around 7%.
Like the rest of Maine, prices in Cumberland County are at a historic level, with May at $580,000, up 6.4% from prior year. Inventory is up 70% from prior year while properties under contact are down nearly 10%. In many ways, some of the results are in conflict.

If you are thinking of making a real estate move this year, let’s find time to sit down and review the numbers in greater detail.
Knowledge is Power!
Inventory
Qualified buyers are actively searching and are ready to purchase when homes are listed for sale; as this has been true for a while. As we head into Maine’s busiest months for real estate activity, if we experience a spring surge of sellers listing their homes, the statistics will likely show an increase of sales over the coming months. With 3,502 active listings at the end of May, there is about a 3.0 month supply – an improvement over last year’s 1.5 month supply. You can set set a personalized monthly report to meet your specific interests.
Nationally home sales dip of 2.1% in May 2024 compared to May 2023. Home prices across the country rose 5.7% to a national MSP of $424,500. Regionally, sales in the Northeast were down 4.0% while the regional MSP increased 9.2% to $479,200 comparing May 2024 to May 2023.
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.