Maine Real Estate Prices Rise Nearly 15% in January

PORTLAND, ME (February 22, 2022) – 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 Maine experienced the second-best January sales month on record for single-family existing homes last month. According to Maine Listings, while the statistics technically indicate a decline of 7.2 percent in sales compared to January 2021, overall numbers are still affected by the COVID-19 pandemic years. Madeline Hill, 2022 President of the Maine Association of REALTORS® and Designated Broker at Roxanne York Real Estate on Bailey Island, explains.

“Buyer demand remains strong for residential real estate in Maine. Home sales in January 2022 are above the pre-pandemic January 2020 sales volume by nearly 10% but are 7.2% lower than January a year ago. Markets remain strong statewide but are constrained due to the low availability of for-sale inventory.

“Over the past two years, the pandemic has altered the way that households live and work. Remote employment arrangements and increasing sales prices have expanded home search areas, and we’re seeing Maine’s more rural counties rejuvenated by this demand.”

The Maine median sales price (MSP) for single-family existing homes rose 14.47 percent to $292, 250 comparing January 2022 to January 2021. The MSP indicates that half of the homes were sold for more and half sold for less.

According to the National Association of Realtors, sales of single-family existing homes across the country decreased 2.4 percent in the past year, while the national MSP jumped 15.9 percent to $357,100 comparing January 2022 to January 2021. Regionally, sales in the Northeast eased 8.2 percent, and the regional MSP of $382,800 represents a 6.0 percent rise in prices over that same time period.

Added Hill, “Opportunities are available in the marketplace for buyers, and nearly 1,200 households closed on their homes in January—the second-best January since record-keeping began 24 years ago.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of January 2021 and 2022 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling three months of November (2020/2021), December (2020/2021) and January (2021 and 2022).

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and info@legacysir.com. 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.

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