Real Estate Insider: Home prices keep climbing, but you'll have to be patient to find a place
Maine Listings/ Mainebiz graphic
Maine's median sales price for a home hit a new high of $385,000 in June. Here are the five counties with the highest median sales price.
The housing market continues to offer challenges for homebuyers, including first-time buyers.
The most recent numbers from Maine Real Estate Information System, better known as Maine Listings, show the number of homes sold in June was down 19.24% from June 2022. Last month saw 3,364 units sold, versus 4,340 in June 2022.
At the same time, Maine's median sales price continues to hit new levels. June marked a high, with a median sales price of $385,000 statewide, an increase of 6.45% from $361,682 in June 2022. The number has shown a steady climb this year, with May's MSP at $373,000.
As recently as 2017, Maine's median sales price was $200,000, so we're pushing into new territory.
The hot markets
For June, here are the top 5 median sales prices in Maine, ranked by county (with comparable number for June 2022 in parenthesis):
- Cumberland: $550,500 ($525,000)
- York: $490,500 ($460,000)
- Knox: $471,500 ($425,000)
- Sagadahoc: $417,500 ($420,000)
- Lincoln: $413,500 ($390,000)
A check this week of Maine listings compiled by Trulia showed 496 homes with an asking price of $1 million or above. On the other end of the spectrum, there were 997 homes listed at $350,000 or less — and many more if you include condos, townhomes, multifamily and mobile or manufactured homes.
Markets that have cooled off
Four Maine counties reported declines in the median sales price in June — including the aforementioned Sagadahoc, which includes Bath.
It's unlikely these will be numbers that bring out the bargain hunters, so I'll refrain from ranking the counties that saw declines.
- Aroostook: $155,000 ($155.900 in June 2022)
- Piscataquis: $170,000 ($172,500)
- Sagadahoc: $417,500 ($420,000)
- Waldo: $306,250 ($315,000)
Hancock County's MSP was flat, at $380,000.
How Maine compares to other areas
When compared to the Northeast overall, sales volume was down by a similar percentage, 21.5%, while the median sales price rose 4.9% to $475,300.
The increase in median sales price sets Maine and the Northeast apart from the national trend. Nationally, the median sales price in June was $418,000, which was down 1.2% from June 2022.
What's ahead
Carmen McPhail, president of the Maine Association of Realtors and an associate broker at United Country Lifestyle Properties, said the Maine market is characterized by strong demand and continued low inventory.
She points to an increase in inventory from May. And more homes were sold in June than May.
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