Homes in Maine are significantly more expensive than they were a year ago. At the same time, however, more people appear to be buying.
The median sale price of homes in Maine has increased more than twelve percent compared to this time last year. During this same period, however, the state also saw a 3.5 percent increase in home sale volume.
According to a recent report from the Maine Association of Realtors, the median selling price of a home in Maine grew from $337,500 in March of 2023 to $380,000 in March of 2024.
At this point last year, there had been 858 homes sold in the state compared to a total of 888 so far this year.
Based on first quarter data from 2023 and 2024, the counties that have seen the highest year-over-year price hikes are Piscataquis at 43.64 percent, Franklin at 30.89 percent, Somerset at 26.47 percent, and Aroostook at 19.32 percent.
No counties in Maine saw a drop in the median home sale price during this time period.
Androscoggin, Lincoln, and York Counties saw the greatest increase in the volume of home sales over the course of the past year, rising 39.72 percent, 25.45 percent, and 20.72 percent respectively.
Seeing a year-over-year drop in home sales for the first quarter were Waldo County with a 33.78 percent decrease, Piscataquis with a 22.03 percent decrease, Kennebec with an 11.91 percent decrease, Aroostook with a 5.88 percent decrease, and Franklin with a 4.76 percent decrease.
At $533,500, Cumberland County was found to have the most expensive median home sale price so far in 2024, followed by $499,250 in York and $425,000 in Knox.
With a median home sale price of $155,000, housing appears to be least expensive so far this year in Aroostook Country. Also currently on the more affordable end of the spectrum are Somerset County at $215,000 and Washington County at $235,000.
According to Paul McKee — 2024 President of the Maine Association of Realtors — the year-over-year increase in sale volume marks the second consecutive month of such improvements, breaking with the previous 31-month trend of decline.
“Maine Realtors report that the seasonal spring market arrived early with more homes coming onto the market and continued strong buyer demand in March,” McKee said in a statement this week. “After 31-months of year-over-year sales declines, volume has increased for two consecutive months – more listings, more sale.”
“Due to pent-up demand across Maine, markets remain brisk and multiple offers remain a common occurrence for properly-priced and presentable properties,” McKee continued.
Click Here to Read the Maine Association of Realtors’ Full Press Release
A study published by the Maine State Housing Authority in October of 2023 estimated that the state is going to need more than 84,000 additional housing units — including both rentals and properties available for purchase — by 2030.
According to the report, Maine is currently about 38,000 housing units short of what is needed in the state right now, and another 37,900 to 45,800 units will be necessary over the next few years in order to meet the state’s predicted increase in demand.
“A study published by the Maine State Housing Authority in October of 2023 estimated that the state is going to need more than 84,000 additional housing units — including both rentals and properties available for purchase — by 2030.” Could this be because our Governess has stated her intention to bring 75,000 illegal aliens into the State of Maine?
” another 37,900 to 45,800 units will be necessary over the next few years in order to meet the state’s predicted increase in demand.” Perhaps this is “demand” comes from Maine’s Governess’s plan to import another 25,000 illegal aliens.
All the people from away have been coming in since covid and driving up the prices, and bringing their stupid politics with them.