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 as the first chart below highlights. While inventory continues to increase, sales are being constrained by interest rates that still hover right around 7%.
The second chart (Infographic) provides an overview of Cumberland County only. Like the rest of Maine prices 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!
Moving to Maine?
About the Author: Michael
