Maine Home Prices Increased Nearly 10 Percent In August

PORTLAND, ME (September 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 Sales of single-family existing homes across Maine in August dipped 9.89 percent compared to August 2021, according to Maine Listings. Values remain high in August, as the median sales price for the 1,859 homes sold reached $340,000, an increase of 9.68 percent over August 2021. The MSP indicates that half of the homes were sold for more and half sold for less.

“Demand for single family homes in Maine remains strong, with more than 1,850 sold during August,” says Madeleine Hill, 2022 President of the Maine Association of REALTORS® and Designated Broker at Roxanne York Real Estate in Harpswell.

“While still historically low, active for-sale listings have been on an upward trajectory for the past six months, up almost 25 percent from July 2022 to August 2022,” added Hill. “With additional for-sale inventory, we’re seeing a leveling in some areas of Maine. Buyers are approaching these market trends in a more strategic fashion, with contract contingencies and seller concessions becoming more common.”

The National Association of Realtors reported that sales of single-family existing homes decreased 19.2 percent nationwide in August. Prices rose 7.6 percent to a national MSP of $396,300. Regionally, sales in the Northeast were down 13.7 percent and the regional MSP increased 1.5 percent to reach $413,200.

“If you’re in a period of transition and need to navigate these changing real estate market dynamics, a local REALTOR® is your go-to source for expert knowledge of market conditions and the homebuying process,” said Hill.

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