Maine home sales nearly flat, while median price rises again to $400K milestone

Photo / Peter Van Allen Listed at $390,000, slightly under the Maine median sales price of $400,000, 1230 Washington Ave. in Portland is a three-bedroom, two-bathroom house of 1,620 square feet.

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By William Hall

With inventory still running low, the number of homes sold in Maine during August barely inched up from the volume a year ago. Meanwhile, prices again surged.

A total of 1,535 single-family existing properties changed hands, just 1.66% more than the 1,510 sold in August 2023, according to data released Thursday by Maine Listings.

Statewide, the median sales price increased 7.53%, reaching $400,000 for only the second time in history. (The median price hit an all-time high of $406,000 in June.)

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

With just 4,964 homes on the market last month, Maine’s for-sale inventory remained at a 3.2-month supply level, well below the six-month supply that is considered a balanced market for sellers and buyers.

The imbalance has persisted despite efforts to increase the state's housing supply.

“The number of homes for sale in Maine has nearly doubled since February 2024,” said Paul McKee, president of the Maine Association of Realtors and a broker affiliated with Keller Williams Realty in Portland.

“Despite the increase of inventory, the supply-and-demand imbalance remains challenging, and supply is still below the levels needed."

Nationwide, sales of single-family existing homes declined 3.3% last month, compared to sales in August 2023, according to the National Association of Realtors. The median sales price across the U.S. reached $422,100 in August, up 2.9% from the level a year earlier.

In the Northeast region, the number of sales last month was basically unchanged from that in August 2023. The median sales price increased 7.7% to $503,200.

McKee sounded an optimistic note.

“We’re starting to see more optimistic signs for buyers with additional homes coming on the market, while mortgage interest rates are inching downward. Strong demand remains for the inventory we have,” he said.