New real estate numbers show the median price of a home in Maine last month was nearly 9 percent higher than a year ago, and the highest on record.
Numbers from the Maine Association of Realtors show prices are going up faster in the state than the rest of New England and the U.S. Across New England, home prices rose 6 percent over the same time period, while prices across the U.S. were up 2.9 percent.
Meanwhile, home sales are up over last year in Maine, but homes for sale are also up, and are at their highest level in four years.
The report says there is still a need for more homes on the market as there are more buyers than houses available.
Maine Association of Realtors President Paul McKee says the real estate market is trending in the right direction. “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.”
McKee thinks buyers are adjusting to higher interest rates. “Consumers are beginning to understand that what we experienced regarding interest rates from 2008 until the present were not historically normal,” McKee said. “Most times, people moving forward in life are not simply able to wait for the historic low interest rates of the past.”
The state’s highest home prices are in Cumberland County at $580,000 in September, 5.45 percent higher than a year earlier when the median price was $550,000. Franklin County had the biggest percent increase in median home price – 20.78% – moving from $ 255,000 in September of 2023 to $ 308,000 last month.
