Maine’s housing market appears to be shifting more in buyers’ favor as the number of homes being listed for sale has been on the rise for several months.
The number of homes on the market in Maine has increased for the fifth month in a row, selling for a median price of $419,950.
Although this is roughly $5,000 less last month’s median sale price, it still represents a 5.25 percent increase over July of 2024. 1,470 homes were sold in July, 5.04 percent more than the year prior.
May and June saw an historically high median sale price of $425,000.
[RELATED: Maine Home Sales Up More Than 10% Since June of Last Year, Besting National Average]
According to the Maine Association of Realtors, this creates an environment in which buyers are able to be more selective, and sellers are often reducing prices to “entice buyer interest.”
Nationally, home sales increased by just 1.1 percent since last year and were shown to have a median sale price of $428,500. This represents a .3 percent rise over the same period.
Compared to New England as a whole, homes in Maine were markedly less expensive. Last month, the median sale price of homes in New England came in at $509,300.
Based on county-level data, Lincoln and Sagadahoc Counties saw the greatest increase in home sales compared to this same time last year, while Knox and Waldo Counties both saw notable decreases.
Two counties — Aroostook and Lincoln — saw double-digit increases in the median sale price of homes, while Franklin and Knox both saw prices drop.
