Facts are stubborn, but statistics are more pliable – Mark Twain
Home buyers across the state of Maine are actively pursuing the purchase of single-family existing homes, yet they still face a lack of available inventory. Statewide median sales price (MSP) of $395,000 in October 2024 represented an increase of 5.5 percent over October of last year. Sales rose 3.2 percent over October 2023, and 1,481 total homes were sold. The MSP indicates that half of the homes were sold for more and half sold for less.
Year-to-date sold statistics from January through October 2024 are 3.8 percent ahead of this same time period from 2023. It would appear that home sales are positioned to end the year favorably. However, there is continued regional variations across the state. Some markets are experiencing multiple offers and pricing pressure, and other markets have for-sale inventory trending upward, resulting in pricing stabilization.
According to the National Association of Realtors, sales of single-family existing homes across the country in October rose 4.1 percent above October 2023. The national MSP reached $412,200 in October 2024, an increase of 4.1 percent from a year ago. Regionally, sales in the Northeast remained unchanged, while prices increased 7.6 percent to $472,900, comparing October 2024 to October 2023.
This is just the tip of the iceberg in terms of information we have on the market. To learn more, especially if your 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!
As the marketplace shifts, whether you’re selling or buying, communicate with an agent at Maine Home Connection early for the best strategy to navigate the complexities of your transaction. 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.
Until next time … Imagine More!
