Facts are stubborn, but statistics are more pliable – Mark Twain
The spring market is in full swing here in Cumberland County, bringing a mix of strong buyer demand and welcome increases in inventory. In May, the median price for single-family homes dipped slightly to $570,000—a 1.7% decline from both the previous month and the same time last year. While still historically high, this modest shift may signal more room for negotiation than buyers saw earlier this year.
Closed sales jumped sharply—up over 20% from April and more than 11% compared to last May—reminding us that motivated buyers are still very much in the market. Homes are continuing to move quickly, with a median of just 6 days on market, and sellers are still seeing an average of 102.3% of their asking price.
New listings surged in May, up nearly 38%, and total active inventory grew by almost 55% to 553 available homes. As a result, months of inventory ticked up to 2.0. For buyers, that means more choices and a bit of breathing room. For sellers, it’s a sign that while competition remains, pricing and positioning are more important than ever.
In short, the Cumberland County market is busy, active, and evolving. An interactive sales chart (below) can be configured to your exact interests.
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!
