Maine home sales and values up in August

Home sales in Maine remain healthy, though buyers are still faced with fewer properties for sale. According to Maine Listings, Realtors across the state sold 1.66 percent more single-family existing homes in August 2024 compared to August of 2023. The median sales price (MSP) reached $400,000 in August—a rise of 7.53 percent over a year ago. The MSP indicates that half of the homes were sold for more and half sold for less.

“The number of homes for sale in Maine has nearly doubled since February 2024,” says Paul McKee, President of the Maine Association of REALTORS® and Broker affiliated with Keller Williams Realty in Portland. “Despite the increase of inventory, the supply-and-demand imbalance remains challenging, and supply is still below the levels needed.

“With 4,964 homes for sale last month and sales of 1,535 units, Maine’s for-sale inventory remains at a 3.2-month supply level, well below the six-month supply level that is indicative of a more balanced market for both buyers and sellers,” adds McKee.

The National Association of Realtors has reported a decline of 3.3 percent in single-family existing home sales nationwide comparing August 2024 to August 2023. The national MSP reached $422,100 in August, a rise of 2.9 percent from August of 2023. Regionally, August 2024 sales in the Northeast remained even compared to a year ago, and prices increased 7.7 percent to $503,200.

“We’re starting to see more optimistic signs for buyers with additional homes coming on the market, while mortgage interest rates are inching downward. Strong demand remains for the inventory we have,” says McKee. “As always, engage with your Realtor early during the process, whether selling or buying, to navigate this continuing competitive market while achieving your home ownership or investment goals.”