Maine Home Prices Increase Nearly 17% in September

PORTLAND, ME (October 21, 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 for single-family existing homes across Maine continues to be steady, exceeding pre-COVID numbers. According to Maine Listings, while sales statistics decreased 9.74 percent in September, prices increased 16.92 percent. The median sales price (MSP) for the 2,067 homes sold last month reached $320,000. The MSP indicates that half of the homes were sold for more and half sold for less.

“There continues to be strong demand for Maine real estate,” says Aaron Bolster, Broker/Owner of Allied Realty in Skowhegan and 2021 President of the Maine Association of REALTORS. “Buyers are rapidly purchasing for-sale inventory as it comes on the market, and we’re experiencing a 2.1-month supply of for-sale single family properties—much lower than a six-month supply, which is considered a balanced market.

“Sales volume for September 2021 is 9.7 percent below September 2020 but is 10.7 percent above the pre-COVID September 2019, which is a better comparison since the third quarter of 2020 began the steep recovery from the COVID shutdowns. Overall, 2021 is strong for single family home sales. For January—September 2021, sales are 8.37 percent higher than January—September 2020, and sales are 11.19 percent higher than January—September 2019.”

Nationally, single-family existing home sales across the country dipped 3.1 percent over the past year. The National Association of Realtors today reported a national MSP of $359,700—a jump of 13.8 percent. Sales across the regional Northeast eased 8.3 percent and the regional MSP of $387,200 reflects a 9.2 percent increase.

“The dynamics of the tight market are challenging for buyers and for sellers,” says Bolster. “Begin working with a REALTOR® early in the process for seasoned knowledge of local market conditions to help guide success with your real estate transaction.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of September 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 July, August and September (2020/2021).