Maine Home Prices Increased 25% In April While the Number of Homes Sold Fell 21%

PORTLAND, ME (May 19, 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 the price for a single-family existing home in Maine increased 25.36 percent in April 2022 compared to April a year ago. The Maine Association of Realtors today announced that 1,143 homes changed hands in April 2022, a decrease of 20.90 percent over April of last year. The statewide median sales price (MSP) for homes sold reached $346,000. The MSP indicates that half of the homes were sold for more and half sold for less.

“Despite the constrained for-sale inventory, Maine’s real estate markets continue to be strong due to sustained demand,” says Madeleine Hill, 2022 President of the Maine Association of REALTORS® and Designated Broker at Roxanne York Real Estate in Harpswell. “The number of homes sold from January through April of 2022 is 4.5 percent higher than January through April 2019 which, prior to the pandemic, was Maine’s top year for real estate sales.

“Maine’s quality of life and the emergence of tele-working has resulted in unprecedented demand for Maine real estate for the past two years,” adds Hill. “However, this is our tenth consecutive month of year-over-year sales declines, and seven of those months also showed a declining for-sale inventory. The supply and demand for single-family housing is out of balance.”

According to the National Association of Realtors, sales across the country eased by 4.8 percent in April 2022 compared to April 2021, and the national MSP rose 14.8 percent to $397,600. Regionally, comparing April 2022 to April 2021, sales in the Northeast dipped 10.7 percent while the regional MSP increased 8.1 percent to $412,100.

“During March and April of 2022, we experienced a slight uptick in for-sale listings. An increasing supply will continue to address the pent-up demand and may relieve some of the upward pricing pressures,” says Hill.

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of April 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 February, March and April (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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