Home values up 14.75 percent in Maine
Home values remain high, while for-sale inventory is still a limiting factor for those seeking to purchase single-family existing homes in Maine. According to Maine Listings, the median sales price (MSP) statewide reached $350,000 in May 2022—an increase of 14.75 over May of 2021. The MSP indicates that half of the homes were sold for more and half sold for less. Sales eased 11.97 percent statewide, comparing May 2022 to May 2021.
“While still historically low, during March, April, and May of 2022 we have experienced small gains in the number of homes for sale across Maine,” says Madeleine Hill, 2022 President of the Maine Association of REALTORS® and Designated Broker at Roxanne York Real Estate in Harpswell.
“Some of that gain is our typical spring home selling seasonal increase, but we’re also seeing home buying demand impacted by rising mortgage interest rates and home price appreciation.”
The National Association of Realtors today reported a national sales decline of 7.7 percent in May 2022 compared to May 2021, while prices rose 14.6 percent to a national MSP of $414,200. Regionally, May 2022 sales in the Northeast eased 9.3 percent and the regional MSP of $409,700 represented a 6.7 percent rise in prices compared to May 2021.
“As sellers and buyers adjust, time will tell if we are transitioning to a more balanced market with slower price growth and less buyer competition for for-sale inventory,” says Hill.
“REALTORS® have experience, industry relationships, and expert market insights to help navigate these changing real estate market conditions.”
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of May 2021 and 2022 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling three months of March, April and May (2021/2022).
MAY ONLY CHART
May 1-31, 2021—May 1-31, 2022
Number of Units Sold | Median Sales Price |
2021 | 2022 | %Change | 2021 | 2022 | %Change |
Statewide | 1613 | 1420 | -11.97% | $ 305,000 | $ 350,000 | 14.75% |
ROLLING QUARTER CHART
March 1, 2021—May 31, 2021 and
March 1, 2022—May 31, 2022
Number of Units Sold | Median Sales Price |
County | 2021 | 2022 | %Change | 2021 | 2022 | %Change |
Statewide | 4371 | 3594 | -17.78% | $ 285,000 | $ 340,000 | 19.30% |
Androscoggin | 255 | 234 | -8.24% | $ 235,000 | $ 283,665 | 20.71% |
Aroostook | 230 | 192 | -16.52% | $ 108,000 | $ 155,000 | 43.52% |
Cumberland | 828 | 762 | -7.97% | $ 433,750 | $ 510,000 | 17.58% |
Franklin | 142 | 87 | -38.73% | $ 194,250 | $ 237,500 | 22.27% |
Hancock | 242 | 139 | -42.56% | $ 300,000 | $ 350,000 | 16.67% |
Kennebec | 360 | 337 | -6.39% | $ 250,000 | $ 275,000 | 10.00% |
Knox | 150 | 119 | -20.67% | $ 317,000 | $ 385,000 | 21.45% |
Lincoln | 132 | 108 | -18.18% | $ 328,000 | $ 387,000 | 17.99% |
Oxford | 203 | 171 | -15.76% | $ 230,000 | $ 280,000 | 21.74% |
Penobscot | 473 | 357 | -24.52% | $ 198,000 | $ 225,000 | 13.64% |
Piscataquis | 99 | 72 | -27.27% | $ 147,500 | $ 167,000 | 13.22% |
Sagadahoc | 99 | 83 | -16.16% | $ 360,000 | $ 400,000 | 11.11% |
Somerset | 164 | 120 | -26.83% | $ 166,000 | $ 187,250 | 12.80% |
Waldo | 158 | 110 | -30.38% | $ 262,500 | $ 275,267 | 4.86% |
Washington | 155 | 121 | -21.94% | $ 160,000 | $ 197,000 | 23.13% |
York | 681 | 582 | -14.54% | $ 375,000 | $ 445,000 | 18.67% |
Source: Maine Real Estate Information System, Inc. (d/b/a Maine Listings). Note: Maine Listings, a subsidiary of the Maine Association of REALTORS, is a statewide Multiple Listing Service with over 6,200 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the system within the time periods indicated. Contacts: Maine Association of EALTORS® President Madeleine Hill (Roxanne York Real Estate, Bailey Island) – 207-807-6578 mhill.realestate@gmail.com Maine Association of REALTORS® President Elect Carmen McPhail (United Country Lifestyle Properties of Maine , Lincoln) – 207-290-0371 carmen@lifestylepropertiesme.com For additional contacts: suzanne@mainerealtors.com
