Continuing an ongoing theme, buyer demand for Maine’s real estate is strong and for-sale home inventory is historically low as the median sales price (MSP) for a single-family home in Maine rose 15% to $255,300 and sales volume increased 18% comparing January 2021 to January 2020.
Following up on 2021’s record performance, the inventory of homes for sale in Maine is at a historic low and has been so for almost two years, pushing selling prices to unprecedented levels. Buyers are facing far fewer available home choices and sellers are reluctant to list their properties without their next move-in property in place. Buyer demand is strong and a continuing positive trajectory for 2021 is dependent on homes for sale coming onto the market.
In Cumberland County, however, the inventory shortage is so critical that home sales were actually lower in January 2021 vs 2020.
National and Regional
The National Association of Realtors today reported a 23% rise in sales of single-family existing homes across the country comparing January 2021 to January 2020. Similar to Maine, home prices appreciated 14.8% over the same period, reaching a national of $308,300.
Regionally, sales in the Northeast increased 24% and the regional MSP was up 15% to $361,400 comparing January 2021 to January 2020.