New data from the Maine Association of Realtors shows the median price of a home in the state is $395,000, an increase of just over 5 percent from a year ago. The figures represent sales prices in the month of October in 2024 vs. 2023.

The highest priced homes continue to be in the southern Maine more populated and urban counties of Cumberland and York. Cumberland County, which includes the city of Portland, has the highest median price, $ 570,000, an increase of 3.65% from 2023 when the price was $ 549,950.

York County, along with Lincoln County – which has the third highest median price – both surpassed the $500,000 threshold in 2024. The median price of a home in York County in October was $ 533,200, up 8.84% from $ 489,900 in the same month in 2023. Over the same time frame, the median price in Lincoln County rose from $ 450,000 to $ 520,000, a jump of 15.56%. Lincoln County saw the third highest median price increase in the last year, following Sagadahoc (17.38%) and Somerset (16.67%) counties.

But Sagadahoc County also saw the biggest drop on the number of homes sold (-14.29%) from October 2023 to 2024.

Overall, the report from the Maine Association of Realtors shows an increase in the number of homes sold (3.21%) and the median price of a home (5.05%) from October 2023 to October 2024. The report says there continues to be a lack of available homes in the state as Maine continues to experience a housing shortage.

Still, Maine Association of Realtors President Paul McKee is somewhat upbeat over the data.

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

“Realtors continue to see regional variations across the state. Some markets
are experiencing multiple offers and pricing pressure, and other markets have
for-sale inventory trending upward, resulting in pricing stabilization.”