Maine's median home price tops US level for first time

PHOTO / Laurie Schreiber After a flat month in August, Maine home sales were once again on an upward trajectory in September.

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By Laurie Schreiber

After a flat month in August, Maine home sales were once again on an upward trajectory in September.

Meanwhile, a higher inventory of single-family homes for sale in the state has started to bring about a more balanced market, according to a news release.

In September, 5.39% more homes were sold than in September 2023, Maine Listings said on Wednesday.

The median sales price for the 1,486 homes sold reached $409,450, an 8.68% increase over September of last year — and exceeding an all-time high of $406,000 in June.

Last month was also the first time Maine's median sales price surpassed the U.S. level, which was $409,000.

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

The inventory of homes for sale in Maine is still tight, though the pressure has eased somewhat.

“The 4,971 available homes for sale in September reached the highest inventory number since October 2020 — 47 months. However, it is still below the level needed to fully balance the market,” said Paul McKee, president of the Maine Association of Realtors and a broker affiliated with Keller Williams Realty in Portland.

“The statewide sold statistics from January through September 2024 are 3.9% ahead of this same time period from 2023, which was Maine’s lowest point since 2013,” he added.

Nationally, sales eased 2.3% in September compared to September 2023. The National Association of Realtors said the national median sale price increased 2.9% to $409,000 last month.

Regionally, sales in the Northeast decreased 6.1% compared to September 2023, while the median sale price hit $467,100 — an increase of 6% from last year.

“We expect a steady finish for 2024,” said McKee. “For-sale inventory levels have improved, overall pricing appreciation has slowed, and buyers remain active in the marketplace.

“Consumers are beginning to understand that what we experienced regarding interest rates from 2008 until the present were not historically normal. Most times, people moving forward in life are not simply able to wait for the historic low interest rates of the past.”