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Maine Home Prices Rise 12 Percent In July

PORTLAND, ME (August 18, 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 home buyer interest across Maine continued at a healthy pace in July. Lower than normal for-sale inventory, however, is affecting the market. According to Maine Listings, Realtors sold 1,691 homes statewide in July, a decrease of 15.28 percent from July 2021. The median sales (MSP) price reached $354,000 in July 2022, an increase of 12.38 percent over July 2021. The MSP indicates that half of the homes were sold for more and half sold for less.

“Nearly 1,700 households bought homes in Maine during July,” says Madeleine Hill, 2022 President of the Maine Association of REALTORS® and Designated Broker at Roxanne York Real Estate in Harpswell. “Activity over the summer remains steady but impacted by low for-sale inventory; 30 percent fewer single family homes are for sale than in July 2021 and 66 percent fewer than pre-pandemic July 2019.

“Sellers and buyers are also adjusting to higher mortgage interest rates. Rate sensitive buyers are more discerning, and we are beginning to see seller respond,” added Hill. “Overall, in Maine, it’s still a seller’s market though we’re beginning to see a leveling in some areas as evidenced by higher days on market and downward pricing adjustments.”

The National Association of Realtors reported a 19.0 percent drop in sales nationwide comparing July 2022 to July 2021. A national MSP of $410,600 represents a 10.6 percent rise in home values. Regionally, during July 2022 sales in the Northeast eased 16.2 percent, and the regional MSP increased 8.1 percent to $444,000 compared to July a year ago.

“There are opportunities for sellers and for buyers in all markets. Your REALTOR® has the most knowledge about your local market,” advised Hill.

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of July 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 May, June and July (2021/2022).

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and 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 90 agents and six offices serving Maine coastal communities from York County to Hancock County as well as Seacoast New Hampshire.

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