Home sales in Maine remained robust in August 2024, despite ongoing challenges from a limited supply of available properties. According to Maine Listings, realtors across the state sold 1.66% more single-family existing homes in August 2024 compared to the same month in 2023. The median sales price (MSP) reached $400,000, marking a 7.53% increase year over year. The MSP reflects that half of the homes sold for more and half sold for less, further indicating steady growth in the market.
Paul McKee, President of the Maine Association of REALTORS® and broker with Keller Williams Realty in Portland, noted that while the number of homes for sale has nearly doubled since February 2024, the market remains highly competitive. "Despite the increase in inventory, the supply-and-demand imbalance remains challenging, and supply is still below the levels needed," said McKee.
In August, Maine had 4,964 homes for sale, with 1,535 units sold, leaving the state's inventory at a 3.2-month supply. This figure remains well below the six-month supply benchmark that signals a balanced market for both buyers and sellers.
On a national scale, the housing market experienced a 3.3% decline in single-family existing home sales from August 2023 to August 2024, according to the National Association of Realtors. The national MSP climbed to $422,100, up 2.9% from the previous year. In the Northeast region, sales remained stable compared to August 2023, with prices increasing by 7.7%, bringing the regional MSP to $503,200.
"We're starting to see more optimistic signs for buyers, with additional homes entering the market while mortgage interest rates inch downward. Strong demand remains for the inventory we have," McKee added. He also emphasized the importance of working closely with a Realtor early in the process to navigate the competitive market and achieve homeownership or investment goals.
As the market continues to shift, both buyers and sellers are encouraged to stay informed and engaged with real estate professionals to maximize their opportunities in Maine’s evolving housing landscape.