Increasing numbers of homes for sale suggests the start of a move towards a more balanced real estate market according to a report from Maine Listings.

The latest market data reveals that 4,971 properties were available for purchase in September, that’s the highest number since October 2020.

A lack of inventory has put the whip handle in the hands of sellers in Maine for aprolonged period of time. But while inventory and sold statistics point to a possible beginning at least of the turning of the tide, industry watchers also underline the current situation is still a good way off what would be considered as a balanced market between sellers and buyers.

One thousand, four hundred and eighty-six single-family homes were sold last month, up 5.39% on the number sold in the same month last year. The median sales price (MSP) paid was $409,450, an increase of 8.68% over September 2023.

The MSP indicates half of properties sold for more and half for less.

Nationally, sales eased by 2.3% year on year. The National Association of Realtors (NAR) announced a national MSP of $409,000, an increase of 2.9% when compared to 12 months before.  Regionally, sales in the Northeast dropped by 6.1% fromSeptember of last year. The MSP for the region stands at $467,000, a hike of 6% in the same period.

Commentators predicted a steady end to 2024 with improved inventory, slowing price appreciation and a marketplace sufficiently supplied with active buyers who have become more realistic about the current mortgage rate scenario.

Full press release and county by county market data

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