Maine home prices grew 5% in July, while the number of sales grew even more

FILE PHOTO / Laurie Schreiber The median price in Maine home sales dropped a bit from last month’s all-time high.

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Sales of single-family homes in Maine were again brisk last month, although the number on the market remained low.

A total of 1,482 homes changed hands during the month of July, 10.93% more than the number in July 2023, according to Maine Listings.

The median statewide sales price increased 5.07% over the past 12 months to $399,250, though the figure reflected a decline from June, when the median price was an all-time high of $406,000.

“During 2024, Maine’s statewide real estate market continues to see inventory grow gradually,” said Paul McKee, president of the Maine Association of Realtors and a broker with Keller Williams Realty in Portland.

The 4,705 homes for sale in July was the highest number in the 45 months since October of 2020, he said.

“However, unit sales continue to gain as well, keeping Maine’s for-sale inventory at a 3.2-month supply level,” McKee continued.

A balanced market for both buyers and sellers is a six-month supply level, he said.

Regional, national

Sales in the Northeast increased 2.1% from July 2023 to July 2024, and the regional median sale price increased 8.3% to $505,100.

The National Association of Realtors reported a dip in sales of 1.4% across the U.S. during the time period, while the nationwide median price rose 4.2% to $428,500.