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March 23, 2023

Even as housing market slows statewide, Cumberland County prices stay high

Peter Van Allen With houses in short supply, a multifamily home on Munjoy Hill features water views and historic charm, and a $2.5 million asking price for a 3-bedroom unit.

Even as home sales across most counties in Maine declined in February, southern Maine has shown its resilience. 

The number of homes sold in Maine decreased by more than 10% in February, Maine Listings reported. Yet the median sales price continues to hold its own, with scarce inventory and continued demand for homes that are in move-in condition. 

As Laurie Schreiber reported this week, lack of for-sale inventory continues to be an issue for buyers of single-family homes across Maine, the Maine Association of Realtors said.

“The shortage of move-in ready homes for sale continues to be the challenge for buyers in today’s market,” said Carmen McPhail, 2023 president of the association and associate broker at United Country Lifestyle Properties of Maine. “Homeowners who purchased in recent years with record-low mortgage interest rates are staying put and, like the rest of the country, new home construction in Maine has not kept pace with demand.” 

Maine's median sales price in February was $329,250. Prices peaked in June 2022 at $360,825, but will likely never get back to pre-pandemic levels. Remember, just five years ago, Maine's median home price was $200,000.

Cumberland County

Cumberland County, including greater Portland, continues to be Maine's highest-priced market. February's median sales price was $459,000, up 6.76% from $429,950 a year ago.

At the same time, the number of units sold went down by 24.4%, from 626 in February 2022 to 473 in February 2023. 

Maine Listings
Cumberland County continues to have Maine's highest median home price.


The demand is still there. Move-in ready homes continue to sell well — in some cases, attracting the bidding wars that characterized homebuying during the pandemic feeding frenzy. 

Even this week, Trulia lists 64 homes with asking prices of $1 million or more. They range from Portland condos to lake houses in Raymond to single-family homes on Cumberland Foreside. 

Maine Listings
Even with a decline in units sold, Cumberland County had the highest number of sales in February.

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