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Maine Home Prices Increased 14.75 Percent In May

PORTLAND, ME (June 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 Maine home values remain high, while for-sale inventory is still a limiting factor for those seeking to purchase single-family existing homes in Maine. According to Maine Listings, the median sales price (MSP) statewide reached $350,000 in May 2022—an increase of 14.75 over May of 2021. The MSP indicates that half of the homes were sold for more and half sold for less. Sales eased 11.97 percent statewide, comparing May 2022 to May 2021.

“While still historically low, during March, April, and May of 2022 we have experienced small gains in the number of homes for sale across Maine,” says Madeleine Hill, 2022 President of the Maine Association of REALTORS® and Designated Broker at Roxanne York Real Estate in Harpswell.

“Some of that gain is our typical spring home selling seasonal increase, but we’re also seeing home buying demand impacted by rising mortgage interest rates and home price appreciation.”

The National Association of Realtors today reported a national sales decline of 7.7 percent in May 2022 compared to May 2021, while prices rose 14.6 percent to a national MSP of $414,200. Regionally, May 2022 sales in the Northeast eased 9.3 percent and the regional MSP of $409,700 represented a 6.7 percent rise in prices compared to May 2021.

“As sellers and buyers adjust, time will tell if we are transitioning to a more balanced market with slower price growth and less buyer competition for inventory,” says Hill.

“REALTORS® have experience, industry relationships, and expert market insights to help navigate these changing real estate market conditions.”

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