State of the State in Real Estate In Maine

The State of the State of the real estate market in Maine.

I’m bringing you the most up to date info on the Maine real estate market.

According to the National Association of Realtors,  The Maine real estate market continues to be healthy. Home prices still rose by 7.7% in October 2022 in Maine, compared to only 6.2% nationally, over October 2021.   This is the first time in a couple years where home prices have increased by only single digit percentages.

Months ago, homes were selling for large amounts above list price, but as of October 2022, about half the homes were sold under list price and half still sold above list price.

As we know, the interest rate increases have affected the purchasing power of some buyers.   Home sales in Maine- October 2022 compared to October 2021 have decreased by 23%.  But compared to a national decrease of 28%, Maine is still in high demand.   Sales volume continues to be greater than the number of houses on the market.

York County continues to outpace the other counties in Maine in number of houses sold and price increases this quarter of 2022 compared to the same quarter of 2021.

The market may slow a bit, but prices are stabilizing.  Typically, there is a slight slow down that happens during the holidays.  If you want to know what I think about selling your home during the holidays, click HERE.  A more focused group of buyers and sellers benefits everyone in the market.

If you are considering jumping into the current real estate market, give me a call, let’s chat.

Source: https://www.mainerealtors.com/wp-content/uploads/2022/11/MaineHousingReport-October22.pdf