Facts are stubborn, but statistics are more pliable – Mark Twain
Sales of single-family homes increased across Maine 3.5 percent during March 2024 compared to March 2023, with 888 single-family homes sold. The median sales price for homes sold reached $380,000 in March 2024, an increase of 12.59 percent over March of last year. The MSP indicates that half of the homes were sold for more and half sold for less. It would appear that the seasonal spring market arrived a little early with more homes coming onto the market and continued strong buyer demand in March,
After 31-months of year-over-year sales declines, volume has increased for two consecutive months – more listings, more sales. There continues to be pent-up demand across the state, and in some instances multiple offers have been reported for properly priced and presentable properties.
Nationally & Regionally
According to the NAR, single-family home sales nationwide decreased 2.8 percent in March 2024 compared to March 2023, while the national MSP reached $397,200—up 4.7 percent. Regionally, sales in the Northeast in March dipped 3.8 percent and the regional MSP rose 9.9 percent to $434,600 compared to March 2023.
Local Markets
Across Maine realtors are working with state and local governments advocating for increased housing supply through new development and adaptive reuse to bring a better balance to our housing markets. Currently supply was recorded at 3.1 months, which represents a strong sellers’ market; a balanced supply would be six months. In Cumberland County, inventory supply ended the month at 1.8, up from 1.3 in February and 1.1 prior year. Additional statistics can be filtered by using the interactive chart below, set up a personalized monthly report to meet your specific interests.
With high interest rates and record level home prices, Maine’s real estate market continues to be challenging. If you are looking to buy or sell in the near future, it is a good idea to consult with one of our professional MHC agents.