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September 22, 2023

Maine home sales fall by 19%, even as buyers continue to seek 'move-in ready' places

aerial of structures road land woods COURTESY / LEGACY PROPERTIES SOTHEBY’S INTERNATIONAL REALTY A home in St. George sold for $9.75 million earlier this year, making it one of the priciest residential sales in state history.

An adequate supply of single-family homes for sale continues to be a challenge for buyers of single-family existing homes across Maine. 

Maine Listings reports an increase of 9.41% in home values while sales dipped 18.77% in August 2023 compared to August 2022. 

Realtors reported that 1,510 homes changed hands across Maine’s 16 counties last month. 

The median sales price reached $372,000, an increase of 9.41% from a year earlier. But the median sales price declined for the second straight month after an all-time peak of $385,000 in June and a dip to $380,000 in July.  

The MSP is the price at which half of the homes sold for more and half sold for less.

Lack of for-sale inventory remains a challenge for potential buyers. 

“Active buyers remain in the market, creating competition for move-in ready, attractively priced homes," said Carmen McPhail, 2023 president of the Maine Association of Realtors and associate broker at United Country Lifestyle Properties of Maine.

McPhail added, “As demand continues to outpace supply, the gap between new and outstanding mortgage interest rates is likely to keep the for-sale inventory constrained.”

US numbers

The numbers also reflect national and regional trends.

The National Association of Realtors announced a sales dip of 15.3% nationwide in August compared to the previous year. 

Prices rose 3.7% to a national MSP of $413,500, comparing August 2023 to August 2022. 

Regionally, sales in the Northeast eased 22.6%, while the regional MSP increased 5.8% to $465,700 over that same time period.

“As a prospective seller, now is an opportune time to list your property for sale while demand remains high,” noted McPhail.

Maine highs and lows

Cumberland County remained Maine's most expensive market in August, with a median sales price of $550,000, which was flat compared to July but 9.24% higher than August 2022. 

York County's MSP was $487,500 in August, up nearly 6% from a year ago.

Maine's most affordable county remained Aroostook, with an MSP of $151,000, less than 1% higher than a year ago.

Two counties saw their median sales price decline from a year ago:

  • Washington County, where the MSP was $210,000 in August, an 11.58% decline
  • Piscataquis, where the MSP was $194,000, down 4.64%.

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