Maine home prices surge past $400K mark for the first time
FILE PHOTO / PETER VAN ALLEN
For the first time, the median sale price for single-family existing homes in Maine has exceeded $400,000.
For the first time, the median sale price for single-family existing homes in Maine has exceeded $400,000.
The month of June also saw a notable increase in for-sale inventory — good news for buyers.
The median price of $406,000 during June was an increase of 5.45% compared to the figure for June 2023, according to Maine Listings. May's median sales price, $398,250, had previously been the highest recorded in Maine.
Across Maine, 1,291 homes sold during June, a decrease of 10.03% compared to June a year ago.
“For the fourth consecutive month, we’re seeing a notable improvement in the number of homes for sale in Maine,” said Paul McKee, president of the Maine Association of Realtors and a broker with Keller Williams Realty in Portland.
It’s been 35 months since the inventory of homes for sale surpassed the current level of 4,400.
“While the number of sales is down in June, for the first six months of 2024 homes sales are up 2.4% compared to January through June 2023,” said McKee. “The improving for-sale inventory level is good news for buyers.”
Nationwide, sales decreased 4.3%, comparing June with a year ago, according to the National Association of Realtors. Prices increased 4.1% to a national median of $432,700.
Regionally, sales in the Northeast eased 6% while the median price rose 9.7% to $521,500.
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