Maine Home Prices Increase 21 Percent In February

PORTLAND, ME (March 21, 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 Buyer demand for Maine real estate continues to fuel a competitive market, and a lower-than-normal supply of single-family existing homes for sale has driven sales prices higher. According to Maine Listings, February 2022 sales declined 17.33 percent compared to February 2021, while the median sales price (MSP) increased 21.48 percent to $297,500. The MSP indicates that half of the homes were sold for more and half sold for less.

“The demand for Maine homes sales remains strong and home sales totals are being held back by the low supply of for-sale inventory,” says Madeleine Hill, 2022 President of the Maine Association of REALTORS® and Designated Broker at Roxanne York Real Estate on Bailey Island. “Even after two years of the pandemic, most homes for sale in Maine are receiving multiple purchase offers and are under contract within days.”

The National Association of Realtors reported a 2.2 percent dip in nationwide sales during the month of February 2022, compared to February 2021. The national MSP rose 15.5 percent to $363,800. Regionally, sales of single-family existing homes in the Northeast declined 12.7 percent while the regional MSP increased 7.1 percent to $383,700 comparing February 2022 to February 2021.

“While it’s a competitive market for buyers, record numbers are becoming Maine homeowners,” says Hill. “The number of single-family homes sold in February 2022 is the second-best February in the past five years, and third best since we began keeping records 24 years ago. Know your ‘must have’s’ for homeownership and work with your REALTOR® and mortgage lender to be prepared to act quickly and negotiate effectively.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of February 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 December (2020/2021), January (2021/2022) and February (2021/2022).

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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