Maine home sales and values up in November
The Maine real estate market is beginning to see a shift to a more balanced market. Maine Listings reported Dec. 19 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.
“Winter season is a great time for sellers to list their homes with less competition and for buyers to remain persistent in their quest for home ownership as life changes always happen, regardless of the season,” says Paul McKee, president of the Maine Association of REALTORS® and Broker affiliated with Keller Williams Realty in Portland. “Prospective buyers are in a better situation than they were a year ago across many markets in Maine. 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 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.”
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of November, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of September, October and November (2023/2024).
NOVEMBER ONLY CHART
November 1-30, 2023— November 1-30, 2024
|
Number of Units Sold |
Median Sales Price |
|
2023 |
2024 |
%Change |
2023 |
2024 |
%Change |
|
Statewide |
1218 |
1301 |
6.81% |
$ 355,000 |
$ 385,000 |
8.45% |
ROLLING QUARTER
September 1, 2023—November 30, 2023 and
September 1, 2024—November 30, 2024
|
Number of Units Sold |
Median Sales Price |
|
County |
2023 |
2024 |
%Change |
2023 |
2024 |
%Change |
|
Statewide |
4063 |
4268 |
5.05% |
$ 370,000 |
$ 397,750 |
7.50% |
|
Androscoggin |
282 |
288 |
2.13% |
$ 318,500 |
$ 332,250 |
4.32% |
|
Aroostook |
205 |
199 |
-2.93% |
$ 164,600 |
$ 165,000 |
0.24% |
|
Cumberland |
800 |
876 |
9.50% |
$ 550,000 |
$ 550,000 |
0.00% |
|
Franklin |
113 |
132 |
16.81% |
$ 320,000 |
$ 310,000 |
-3.12% |
|
Hancock |
199 |
224 |
12.56% |
$ 429,000 |
$ 461,750 |
7.63% |
|
Kennebec |
384 |
383 |
-0.26% |
$ 304,500 |
$ 335,000 |
10.02% |
|
Knox |
143 |
163 |
13.99% |
$ 430,000 |
$ 440,000 |
2.33% |
|
Lincoln |
123 |
123 |
0.00% |
$ 500,000 |
$ 510,000 |
2.00% |
|
Oxford |
199 |
190 |
-4.52% |
$ 315,000 |
$ 347,000 |
10.16% |
|
Penobscot |
396 |
407 |
2.78% |
$ 250,000 |
$ 275,000 |
10.00% |
|
Piscataquis |
89 |
82 |
-7.87% |
$ 205,000 |
$ 168,500 |
-17.80% |
|
Sagadahoc |
119 |
97 |
-18.49% |
$ 425,000 |
$ 436,000 |
2.59% |
|
Somerset |
156 |
156 |
0.00% |
$ 233,500 |
$ 237,750 |
1.82% |
|
Waldo |
120 |
131 |
9.17% |
$ 330,000 |
$ 350,000 |
6.06% |
|
Washington |
124 |
98 |
-20.97% |
$ 227,950 |
$ 218,250 |
-4.26% |
|
York |
611 |
719 |
17.68% |
$ 467,500 |
$ 535,000 |
14.44% |
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 REALTORS® President Paul McKee (Keller Williams Realty , Portland) – 207-831-3929 pmckee@kw.com or Maine Association of REALTORS® President Elect Jeff Harris (Harris Real Estate, Farmington) 207-491-6001 jeffharris@harrisrealestate.net For additional contacts: suzanne@mainerealtors.com
