Maine home sales in October rise 3.21%, but price is down from September high

File photo / Laurie Schreiber Sold statistics from January through October 2024 are 3.8% ahead of the same time period from 2023.

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By Laurie Schreiber

More homes sold during October in Maine compared to the same month a year ago, but the year-over-year jump wasn't as big as September's.

Year-over-year home sales were up 3.21%, with 1,481 existing single-family homes changing hands in October, Maine Listings said Thursday. Those figures are slightly less than the ones in September, when sales were up 5.4% and 1,486 homes sold.

The statewide median sale price was $395,000 in October, down from the all-time high of $409,450 in September, but an increase of 5.05% over the price during October 2023.

The median sale price is the level at which half the homes sold for a greater amount and half sold for less.

Home buyers across Maine are actively looking for homes, yet continue to face a lack of available inventory, said Paul McKee, president of the Maine Association of Realtors and a broker with Keller Williams Realty in Portland.

“The statewide sold statistics from January through October 2024 are 3.8% ahead of this same time period from 2023,” said McKee. “We are on track to finish the year favorably.”

Realtors are seeing regional variations across the state, he said.

“Some markets are experiencing multiple offers and pricing pressure, and other markets have for-sale inventory trending upward, resulting in pricing stabilization,” McKee said.

Nation, region

Across the nation, sales of single-family existing homes in October rose 4.1% above those in October 2023, according to the National Association of Realtors. The national median sale price reached $412,200 in October 2024, an increase of 4.1% from a year ago.

Regionally, sales in the Northeast remained flat, while prices increased 7.6% year-over-year to reach $472,900 last month.

“Maine needs additional housing supply,” said McKee. “As markets gradually move toward a better balance with increasing supply, aspiring buyers have more choice and a better negotiating position for affordability.”