Maine home prices in November settle down after hitting early fall peak
Photo / Laurie Schreiber
The single-family real estate market is beginning to show signs of shifting slightly, with supply increasing and slower price appreciation.
Sales of single-family existing homes increased 6.81% during the month of November compared to November 2023, according to Maine Listings.
The median sales price increased 8.45% to $385,000 — though it has settled down from September, when it peaked at $409,450.
“Prospective buyers are in a better situation than they were a year ago across many markets in Maine,” said Paul McKee, president of the Maine Association of Realtors and a broker with Keller Williams Realty in Portland. “The number of homes for sale has increased, price appreciation is slowing and the economic forecast is good.”
State trends reflect those at the national level, where sales of single-family existing homes increased 7.4% nationally in November 2024 compared to November 2023, according to the National Association of Realtors,.
The national median sale price reached $410,900 in November, a rise of 4.8%. Regionally, sales in the Northeast jumped 6.3% while the regional price increased 9.9% to $475,500.
“We’re seeing promising signs that the real estate market is beginning to show signs of shifting slightly, with supply increasing and slower price appreciation,” said McKee.
The statewide sold statistics from January through November 2024 are 4.1% ahead of the same time period from a year ago.
“I’m optimistic that 2024 will end positively and buyer demand will continue to remain strong throughout 2025,” he added.
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