PORTLAND, ME (19 December, 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 the Maine real estate market is beginning to see a shift to a more balanced market. Maine Listings today reported a 6.81 percent increase in sales of single-family existing homes during the month of November compared to November 2023. The median sales price (MSP) increased 8.45 percent to $385,000. The MSP indicates that half of the homes were sold for more and half sold for less.
“Winter season is a great time for sellers to list their homes with less competition and for buyers to remain persistent in their quest for home ownership as life changes always happen, regardless of the season,” says Paul McKee, President of the Maine Association of REALTORS® and Broker affiliated with Keller Williams Realty in Portland. “Prospective buyers are in a better situation than they were a year ago across many markets in Maine. The number of homes for sale has increased, price appreciation is slowing, and the economic forecast is good.”
According to the National Association of Realtors, sales of single-family existing homes increased 7.4 percent nationally in November 2024 compared to November 2023. The national MSP reached $410,900 in November, a rise of 4.8 percent. Regionally, sales in the Northeast jumped 6.3 percent while the regional MSP increased 9.9 percent to $475,500 in November 2024 compared to November a year ago.
“We’re seeing promising signs that the real estate market is beginning to show signs of shifting slightly, with supply increasing and slower price appreciation.” adds McKee.
“The statewide sold statistics from January through November 2024 are 4.1 percent ahead of the same time period from a year ago. I’m optimistic that 2024 will end positively and buyer demand will continue to remain strong throughout 2025.”
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of November, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of September, October and November (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)
- 40 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)
