PORTLAND, ME (February 26, 2024) – 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 single-family homes in Maine are still highly sought after by a variety of buyers. According to Maine Listings, the median sales price (MSP) in January 2024 reached $353,000—an increase of 8.62 percent from January 2023. The MSP indicates that half of the homes were sold for more and half sold for less. While sales dipped 1.98 percent, 743 homes changed hands last month compared to 758 in January 2023.
“As we move into 2024, we’re experiencing some positive news for buyers regarding Maine’s real estate markets,” says Paul McKee, 2024 President of the Maine Association of REALTORS®. “While still historically low, for-sale inventory has been trending upward, mortgage interest rates have softened since their highs late last year, and year-over-year price appreciation has been in the single digits for three straight months.”
The National Association of Realtors reported that sales across the country in January 2024 decreased 1.4 percent compared to January 2023, while the national MSP hit $383,500—up 5.0 percent from a year ago. Regionally, the MSP for single-family homes sold in the Northeast during January 2024 was $434,300, 10.1 percent above January of last year. January 2024 sales eased 5.9 percent compared to January 2023.
“Maine is a large state, but real estate is local,” adds McKee. “Whether selling or buying, consult a REALTOR® early to learn about local market conditions in terms of for-sale inventory, home values, and negotiating strategies to result in a successful and satisfying home purchase.”
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of January, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of November (2022/2023, December (2022/2023) and January (2023/2024).
Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and [email protected]. 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 six offices and more than 100 agents serving Maine and New Hampshire’s coastal, lake, and mountain communities.
Offices Located at:
- 2 City Center, Portland, ME 04101 // 207.780.8900 (Greater Portland)
- 150 Port Road, Kennebunk, ME 04043 // 207.967.0934 (Southern Maine and Seacoast New Hampshire)
- 141 Maine Street, Brunswick, ME 04011 // 207.729.2820 (Mid Coast Maine)
- 170 Main Street, Damariscotta 04543 // 207.563.2775 (Boothbay Harbor, Damariscotta and Bristol Regions)
- 46 Bay View Street, Camden, ME 04843 // 207.230.1003 (Camden, Rockport, and Knox and Waldo County)
- 6 Neighborhood Road, Northeast Harbor, ME 04662 // 207.780.8900 (Mount Desert Island, Hancock and Washington County)
