PORTLAND, ME (September 19, 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 home sales in Maine remain healthy, though buyers are still faced with fewer properties for sale. According to Maine Listings, Realtors across the state sold 1.66 percent more single-family existing homes in August 2024 compared to August of 2023. The median sales price (MSP) reached $400,000 in August—a rise of 7.53 percent over a year ago. The MSP indicates that half of the homes were sold for more and half sold for less.
“The number of homes for sale in Maine has nearly doubled since February 2024,” says Paul McKee, President of the Maine Association of REALTORS® and Broker affiliated with Keller Williams Realty in Portland. “Despite the increase of inventory, the supply-and-demand imbalance remains challenging, and supply is still below the levels needed. “With 4,964 homes for sale last month and sales of 1,535 units, Maine’s for-sale inventory remains at a 3.2-month supply level, well below the six-month supply level that is indicative of a more balanced market for both buyers and sellers,” adds McKee.
The National Association of Realtors today reported a decline of 3.3 percent in single-family existing home sales nationwide comparing August 2024 to August 2023. The national MSP reached $422,100 in August, a rise of 2.9 percent from August of 2023. Regionally, August 2024 sales in the Northeast remained even compared to a year ago, and prices increased 7.7 percent to $503,200.
“We’re starting to see more optimistic signs for buyers with additional homes coming on the market, while mortgage interest rates are inching downward. Strong demand remains for the inventory we have,” says McKee. “As always, engage with your Realtor early during the process, whether selling or buying, to navigate this continuing competitive market while achieving your home ownership or investment goals.”
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of August, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of June, July and August (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)
