PORTLAND, ME (July 24, 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 Maine home values are up 5.45 percent, and single-family home sales are down 10.03 percent in June. A notable increase in for-sale inventory is a positive for buyers of single-family existing homes in Maine. Today, Maine Listings released sales statistics for the month of June, which showed a median sales price (MSP) of $406,000, an increase of 5.45 percent compared to June 2023. The MSP indicates that half of the homes were sold for more and half sold for less. Across Maine, 1,291 homes sold during June 2024, a decrease of 10.03 percent compared to June a year ago.
“For the fourth consecutive month, we’re seeing a notable improvement in the number of homes for sale in Maine,” says Paul McKee, 2024 President of the Maine Association of REALTORS® and Broker affiliated with Keller Williams Realty in Portland. “It’s been 35 months since the inventory of homes for sale surpassed the current level of 4,400. “While the number of sales is down in June, for the first six months of 2024 homes sales are up 2.4 percent compared to January through June 2023,” adds McKee. “The improving for-sale inventory level is good news for buyers.”
The National Association of Realtors announced a single-family existing homes’ sales decrease of 4.3 percent nationwide comparing June 2024 to June 2023. Sales prices increased 4.1 percent to a national MSP of $432,700. Regionally, sales in the Northeast eased 6.0 percent while the regional MSP rose 9.7 percent to $521,500.
“If you are in the market looking to buy, connect with your REALTOR® early, build your savings and credit strength, and work with a mortgage lender for preapproval to be in the best position to purchase when homes come on the market where you want to live,” says McKee.
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of June, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of April, May and June (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)
