Industry leaders suggest Maine’s real estate maybe moving towards a more balance situation despite a continued increase in home sales prices.
Maine Listings latest monthly home sales report for November revealed an 8.45% rise in sold prices when compared to the same time last year. The median sales price (MSP) statewide now stands at $385,000.
The MSP indicates half of home sold for more and half for less.
The number of units sold last month was also up year-on-year by 6.81%.
Insiders point to increasing numbers of properties for sale, a slowing in the spiralling of prices and a general positive economic outlook as factors likely tipping the market back towards those looking to purchase to some degree.
According to the National Association of Realtors, (NAR) sales of existing single-family homes increased 7.4% nationally in November compared to November of 2023. The national MSP reached $410,900 last month, a rise of 4.8%.
Regionally, sales in the Northeast jumped 6.3% while the regional MSP increased 9.9% to $475,500 in November 2024 compared to 12 months ago.
