Maine Home Prices Increased Over 9 Percent In November

“Winter is a great time for sellers to list their property,” says Carmen McPhail, 2023 President of the Maine Association of REALTORS® and Associate Broker at family-owned United Country Lifestyle Properties of Maine with offices in Lincoln, Bangor and Lubec. “Life circumstances often prompt the need to buy or sell homes, regardless of the season.

“Typically, fewer homes come on the market during the holidays, which impacts the already tight for-sale inventory” added McPhail. “Qualified buyers remain active, and sellers of well-maintained, properly priced homes can expect multiple offers in many markets.”

On a national scale, home sales in November 2023 decreased by 7.3 percent compared to November 2022. According to the National Association of Realtors, the national MSP for existing single-family homes increased by 3.5 percent to reach $392,100 in the last month. In the Northeast region, sales declined by 13 percent, while the MSP increased by 4.8 percent, reaching $428,600 when comparing November 2023 to the previous year.

“We know that Maine’s real estate market continues to be challenging,” says McPhail. Working with a Realtor will allow you to be the best-prepared buyer or seller in your market. Realtors are able to evaluate offers for sellers and quickly act for their buyers when the opportunity arises.”

For a comprehensive view of the real estate market in Maine and its 16 counties, please refer to the two charts below. The first chart presents statistics for November 2022 and 2023 statewide. The second chart compares the number of existing single-family homes sold (units) and the volume (MSP) over the rolling three-month period of September, October, and November for both 2022 and 2023.