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February 23, 2024

Maine home sales fall, while prices continue to rise — but perhaps more slowly

Photo / Peter Van Allen A three-bedroom single-family home on Middle Road in Falmouth was listed at $480,000 and is under contract.

Home prices in Maine continue to rise. The median sale price for single-family existing properties last month was $353,000 — an increase of 8.62% since January 2023, when the median price was $325,000, according to Maine Listings.

However, the pace of the increase appears to be waning. Over the past few years, percentage increases for the same time period have been in double digits.

The median sales price is the point at which half of the homes sold for more and half sold for less. 

The number of sales dipped 1.98%, with 743 homes changing hands last month compared to 758 in January 2023.

“As we move into 2024, we’re experiencing some positive news for buyers regarding Maine’s real estate markets,” said Paul McKee, 2024 president of the Maine Association of Realtors and a broker affiliated with Keller Williams Realty in Portland.

“While still historically low, for-sale inventory has been trending upward, mortgage interest rates have softened since their highs late last year, and year-over-year price appreciation has been in the single digits for three straight months.”

The National Association of Realtors reported that sales across the country in January 2024 decreased 1.4% compared to January 2023, while the national median price hit $383,500 — up 5% from a year ago. 

Regionally, the median price for single-family homes sold in the Northeast during January 2024 was $434,300, 10.1% above the price in January of last year. January 2024 sales declined 5.9% in comparison to the number in January 2023.

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