September 21, 2022
Home prices in Maine cooled in August, though they remain at historic levels
Photo / Jim Neuger
The median home price was $340,000 in August, an increase of 9.68% from August 2021, according to the Maine Association of Realtors. The Downs in Scarborough is pictured here.
Sales of single-family existing homes across Maine in August dipped 9.89% compared to August 2021, according to Maine Listings.
Home values remained at historic highs. The median home price was $340,000 in August, an increase of 9.68% from August 2021. But the value dropped from July, when it was $354,000, and the peak in June, when the median home price was $360,825.
In August, 1,859 homes were sold in Maine.
The highest prices in Maine were in Cumberland County, whose median sale price was $503,500 in August, up 11.64%, followed by York County, where the MSP was $460,000, a 15% increase.
Aroostook was the most affordable county, with a median price of $149,700, which was nonetheless an increase of 15.15%.
The MSP indicates that half of the homes were sold for more and half sold for less.
“Demand for single family homes in Maine remains strong, with more than 1,850 sold during August,” says Madeleine Hill, 2022 President of the Maine Association of Realtors and designated broker at Roxanne York Real Estate in Harpswell.
She indicated that there’s more inventory on the market.
“While still historically low, active for-sale listings have been on an upward trajectory for the past six months, up almost 25% from July 2022 to August 2022,” said Hill. “With additional for-sale inventory, we’re seeing a leveling in some areas of Maine. Buyers are approaching these market trends in a more strategic fashion, with contract contingencies and seller concessions becoming more common.”
The National Association of Realtors reported that sales of single-family existing homes decreased 19.2% nationwide in August. Prices rose 7.6% to a national MSP of $396,300. Sales in the Northeast were down 13.7% and the regional MSP increased 1.5% to reach $413,200.
Most Recent
Most Recent
0 Comments