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May 23, 2024

Maine home sales jump 17.5% in April, fueled by greater inventory

File photo / Peter Van Allen Maine home sales jumped by 17.5% in April.

Home prices in Maine continue to rise. Maine Listings on Wednesday said sales of single-family existing homes in Maine are on a healthy rise. 

Maine Listings reported a 17.5% jump in sales of single-family existing homes. In April 2024, the 933 homes sold reached a median sales price of $382,000, an increase of 3.95% from a year earlier. 

“For the third consecutive month, the number of sales, year-over-year, has increased,” says Paul McKee, 2024 President of the Maine Association of Realtors and broker affiliated with Keller Williams Realty in Portland.

“This is the first time we’ve seen this since early 2021, and is likely due to availability,” he continued. “For-sale inventory was up 36% in April 2024 compared to a year ago and up 17% compared to a month ago.”

Cumberland County had the highest median sales price in April, at $540,000. Aroostook County has the lowest MSP, at $161,000, according to Maine Listings. 

Nation, region

Prices showed mixed reviews nationally and regionally. 

The National Association of Realtors reported that sales across the country in April 2024 decreased by 1.3% compared to April 2023, while the national median price hit $412,100, a 5.6% increase.

Regionally, sales in the Northeast eased 4%, while the regional median sales price increased 8.5% to $458,500 comparing April 2024 to April 2023.

“Qualified buyers are actively searching and are ready to purchase when homes are listed for sale,” said McKee. “As we head into Maine’s busiest months for real estate activity, if we experience a spring surge of sellers listing their homes, the statistics will likely show an increase of sales over the coming months.

"With 3,114 active listings in April, there is about a 3.3-month supply of for-sale single-family properties — an improvement over last year’s 2.9-month supply. “

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