Economic News,  Maine Real Estate,  Press Releases,  Real Estate News

Maine Home Prices Rise 24.5% in June

PORTLAND, ME (July 22, 2021) Legacy Properties Sotheby’s International Realty, Maine’s leading luxury property company, with offices in Portland, Kennebunk, Brunswick, Damariscotta, Camden, and Northeast Harbor, announces that demand continues to drive up the values of Maine’s singlefamily existing homes. Maine Listings reported a statewide median sales price (MSP) of $310,000 in June—a 24.5 percent increase over June 2020. The MSP indicates that half of the homes were sold for more and half sold for less. Sales have also increased 14.71 percent in June compared to June a year ago.

“June’s high sales volume indicates that pent up buyer demand is strong in Maine, whether that demand is fueled by choice or by circumstance,” said Aaron Bolster, Broker/Owner of Allied Realty in Skowhegan and 2021 President of the Maine Association of REALTORS®.

“REALTORS® from across Maine report that homes continue to go under contract rapidly after receiving multiple offers. Statewide, the Days on Market for June 2021 was six days, compared to 14 days a year ago, and 13 days in 2019, pre-COVID,” he added.

According to the National Association of Realtors, sales across the country rose 19.3 percent and prices increased 24.4 percent to reach a national MSP of $370,600 in June 2021 compared to June 2020.

Regionally, June 2021 sales in the Northeast jumped 45.1 percent and the regional MSP hit $412,800—up 23.6 percent compared to June 2020. Positive signs do exist for buyers. “Statewide, beginning in June of 2020, single-family for-sale inventory declined monthly for nine consecutive months through March of 2021, where it reached its low point. For the third straight month, we’ve seen improving for-sale supply metrics. Active single-family listings were up 18.5 percent during June 2021 compared to May 2021, and up 55 percent from the March 2021 low,” said Bolster. “An increase in for-sale inventory should bring a better balance to Maine’s real estate market over time.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of June 2020 and 2021 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling three months of April, May and June (2020/2021).

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, Camden and Northeast Harbor, is Maine’s leading luxury and lifestyle property company with more than 80 agents and six offices serving Maine coastal communities from York County to Hancock County as well as Seacoast New Hampshire.

Offices Located at: