Maine home sales and prices increase in April

Wed, 05/22/2024 - 3:00pm

Sales of single-family existing homes in Maine are on a healthy rise. Maine Listings reported May 22 a 17.51 percent jump in sales of single-family existing homes across the state. In April 2024, the 933 homes sold reached a median sales price of $382,000—an increase of 3.95 percent compared to April 2023. The MSP indicates that half of the homes were sold for more and half sold for less.

“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. For-sale inventory was up 36 percent in April 2024 compared to a year ago and up 17 percent compared to a month ago.”

According to the National Association of Realtors, sales of single-family existing homes across the country in April 2024 decreased 1.3 percent from April 2023. The national MSP of $412,100 represents a 5.6 percent increase. Regionally, sales in the Northeast eased 4.0 percent, while the regional MSP increased 8.5 percent 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,” says 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. “

“Whether selling or buying, contact a local Realtor who will counsel you on the dynamics of the real estate market where you want to live,” says McKee.

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of April, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of February, March and April (2023/2024). 

APRIL ONLY CHART

April 1-30, 2023— April 1-30, 2024

 

                               Number of Units Sold

Median Sales Price

 

 

2023

2024

%Change

2023

2024

%Change

 

Statewide

794

933

17.51%

$ 367,500

$ 382,000

3.95%

 

ROLLING QUARTER

February 1, 2023—April 30, 2023 and

February 1, 2024—April 30, 2024

 

                               Number of Units Sold

Median Sales Price

 

County

2023

2024

%Change

2023

2024

%Change

 

Statewide

2360

2610

10.59%

$ 343,000

$ 372,992

8.74%

             
             
             

Androscoggin

155

217

40.00%

$ 303,500

$ 315,000

3.79%

Aroostook

116

119

2.59%

$ 140,000

$ 161,000

15.00%

Cumberland

484

485

0.21%

$ 520,000

$ 540,000

3.85%

Franklin

63

67

6.35%

$ 265,000

$ 285,000

7.55%

Hancock

102

135

32.35%

$ 332,250

$ 360,000

8.35%

Kennebec

227

225

-0.88%

$ 285,000

$ 300,000

5.26%

Knox

79

102

29.11%

$ 395,000

$ 441,000

11.65%

Lincoln

56

66

17.86%

$ 359,500

$ 395,000

9.87%

Oxford

133

142

6.77%

$ 328,000

$ 317,000

-3.35%

Penobscot

256

266

3.91%

$ 239,000

$ 260,000

8.79%

Piscataquis

53

61

15.09%

$ 159,900

$ 234,000

46.34%

Sagadahoc

64

71

10.94%

$ 366,000

$ 430,000

17.49%

Somerset

85

87

2.35%

$ 187,900

$ 235,000

25.07%

Waldo

69

57

-17.39%

$ 315,000

$ 320,000

1.59%

Washington

70

74

5.71%

$ 207,500

$ 228,749

10.24%

York

348

436

25.29%

$ 440,000

$ 500,000

13.64%

Source: Maine Real Estate Information System, Inc. (d/b/a Maine Listings).  Note: Maine Listings, a subsidiary of the Maine Association of REALTORS®, is a statewide Multiple Listing Service with over 6,200 licensees inputting active and sold property listing data.  Statistics reflect properties reported as sold in the system within the time periods indicated. Contacts: Maine Association of REALTORS® President Paul McKee (Keller Williams Realty , Portland) – 207-831-3929  pmckee@kw.com  or Maine Association of REALTORS® President Elect Jeff Harris (Harris Real Estate, Farmington) – 207-491-6001  jeffharris@harrisrealestate.net  For additional contacts:  suzanne@mainerealtors.com