Maine real estate trends: November sales, values up

The Maine real estate market is beginning to see a shift to a more balanced market, according to the Maine Association of Realtors.

Maine Listings reported a 6.81 percent increase in sales of single-family existing homes during the month of November compared to November 2023. The median sales price (MSP) increased 8.45 percent to $385,000. The MSP indicates that half of the homes were sold for more and half sold for less.

“Prospective buyers are in a better situation than they were a year ago across many markets in Maine,” said  Paul McKee, President of the Maine Association of Realtors, in a Dec. 19 news release. “The number of homes for sale has increased, price appreciation is slowing, and the economic forecast is good.”

According to the National Association of Realtors, sales of single-family existing homes increased 7.4 percent nationally in November 2024 compared to November 2023, the release said. The national MSP reached $410,900 in November, a rise of 4.8 percent. Regionally, sales in the Northeast jumped 6.3 percent while the regional MSP increased 9.9 percent to $475,500 in November 2024 compared to November a year ago.

“We’re seeing promising signs that the real estate market is beginning to show signs of shifting slightly, with supply increasing and slower price appreciation.” adds McKee.

“The statewide sold statistics from January through November 2024 are 4.1 percent ahead of the same time period from a year ago. I’m optimistic that 2024 will end positively and buyer demand will continue to remain strong throughout 2025.”