Compared to June of last year, home sales in Maine have decreased by more than 10 percent, while prices have increased by nearly 5.5 percent.
According to a recent report from the Maine Association of Realtors, the median sale price of a home in the state has increased from $385,000 to $406,000 since June of 2023.
With a total of 1,291 homes sold this June, sales are down by nearly 150 compared to 2023, when 1,435 home sales were completed.
There did not appear to be any clear correlation between the percent change in the median home price and the percentage change in sale volume when examining county-level data.
The report also noted that 4,400 homes were available for sale in Maine this June, the most that have been on the market at a given time in nearly three years.
More granular data revealed that Somerset County saw the largest decrease in home sale volume this past month, dropping 21.48 percent compared to June 2023. Sales in Waldo County rose by 15.12 percent during this same period.
Washington and Piscataquis counties saw the fewest home sales last month coming in at 75 and 77 respectively. Aroostook County had the lowest median home sale price in the state, coming in at $155,000, closely followed by Washington County at $185,000.
Although the greatest number of homes were sold in Cumberland and York counties, these locations also had the most expensive median home sale prices of $580,000 and $523,750 respectively.
Piscataquis County experienced the most dramatic median price increase in the year-over-year comparison, increasing by 41.76 percent from $170,000 to $241,000. This was closely followed by Waldo County, which saw a 30.29 percent increase from $306,250 to $399,000.
A handful of counties saw the median sale price of homes decrease, with the biggest drop being recorded at 16.48 percent in Washington County.
According to the National Association of Realtors, the number of single-family home sales decreased 4.3 percent nationwide in a year-over-year comparison. Simultaneously, sale prices increased 4.1 percent to $432,700.
In the Northeast, the volume of home sales rose by 6 percent, while prices increased by 9.7 percent to $521,500.
<span class="dsq-postid" data-dsqidentifier="29599 https://www.themainewire.com/?p=29599">3 Comments
I can’t figure out where these people are getting the money for these inflated prices. Did they increase mortgages to 50 years? I don’t think so… Is it investment groups buying to turn into rentals for pinhead pengrees new illegals? probably. Can’t afford a house, vote different next time.
All brough to you by our democratic leadership here and in DC
Even with the 18% interest we paid on our first mortgage back in the early 80’s we could afford a nice house on about $32,000/yr. Then again outfits like Blackrock, State Street and others buying homes to rent. By 2030 you will own nothing and lime it. I am way more worried about UN agenda 2030 than some fictional 2025.