Maine home sales eased in October; values increased over 13 percent
Home values continue to rise in Maine, though a lack of inventory has contributed to lower-than-normal sales activity. According to Maine Listings, 1,435 single-family existing homes changed hands in October 2023 – a dip of 10.14 percent compared to October 2022. Prices, however, rose 13.25 percent to a median sales price (MSP) of $376,000. The MSP indicates that half of the homes were sold for more and half sold for less.
“It continues to be a great time to list and sell real estate in Maine,” says Carmen McPhail, 2023 president of the Maine Association of REALTORS® and associate broker at family-owned United Country Lifestyle Properties of Maine with offices in Lincoln, Bangor and Lubec. “The amount of for-sale inventory remains low, while values are holding strong.
“The market is adjusting to the mortgage interest rate environment and qualified buyers are motivated to purchase,” added McPhail. “Every business day during October, 68 families purchased a home in Maine. That’s up nearly two percent over the prior month.”
The National Association of Realtors announced a 14.6 percent national decline in single-family existing home sales in October 2023 compared to October 2022. Prices across the country increased three percent to a national MSP of $396,100. Regionally, sales in the Northeast declined 15.8 percent and the regional MSP rose 7.5 percent to $439,200 over that same time period.
“Whether selling or buying, guidance from a REALTOR® is essential to navigate the complexities of each real estate transaction, especially in this tight market.”
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of October 2022 and 2023 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling three months of August, September and October of 2022 and 2023.
OCTOBER ONLY CHART
October 1-31, 2022— October 1-31, 2023
Number of Units Sold | Median Sales Price |
2022 | 2023 | %Change | 2022 | 2023 | %Change |
Statewide | 1597 | 1435 | -10.14% | $ 332,000 | $ 376,000 | 13.25% |
ROLLING QUARTER CHART
August 1, 2022—October 31, 2022 and
August 1, 2023—October 31, 2023
Number of Units Sold | Median Sales Price |
County | 2022 | 2023 | %Change | 2022 | 2023 | %Change |
Statewide | 5346 | 4355 | -18.54% | $ 335,000 | $ 375,000 | 11.94% |
Androscoggin | 341 | 287 | -15.84% | $ 275,000 | $ 320,000 | 16.36% |
Aroostook | 274 | 223 | -18.61% | $ 145,000 | $ 164,600 | 13.52% |
Cumberland | 1032 | 888 | -13.95% | $ 499,000 | $ 549,950 | 10.21% |
Franklin | 167 | 122 | -26.95% | $ 249,000 | $ 272,500 | 9.44% |
Hancock | 245 | 213 | -13.06% | $ 362,500 | $ 435,000 | 20.00% |
Kennebec | 513 | 396 | -22.81% | $ 275,000 | $ 315,000 | 14.55% |
Knox | 161 | 152 | -5.59% | $ 393,700 | $ 482,500 | 22.56% |
Lincoln | 166 | 145 | -12.65% | $ 405,250 | $ 450,000 | 11.04% |
Oxford | 281 | 222 | -21.00% | $ 280,000 | $ 319,250 | 14.02% |
Penobscot | 566 | 453 | -19.96% | $ 239,450 | $ 250,000 | 4.41% |
Piscataquis | 116 | 95 | -18.10% | $ 198,000 | $ 229,000 | 15.66% |
Sagadahoc | 135 | 126 | -6.67% | $ 385,000 | $ 400,835 | 4.11% |
Somerset | 215 | 154 | -28.37% | $ 200,000 | $ 210,000 | 5.00% |
Waldo | 166 | 126 | -24.10% | $ 291,000 | $ 332,500 | 14.26% |
Washington | 158 | 124 | -21.52% | $ 198,400 | $ 229,500 | 15.68% |
York | 810 | 629 | -22.35% | $ 469,450 | $ 489,900 | 4.36% |
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Source: Maine Real Estate Information System, Inc. (d/b/a Maine Listings). Note: Maine Listings, a subsidiary of the Maine Association of REALTORS®, is a statewide Multiple Listing Service with over 6,200 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the system within the time periods indicated. Contacts: Maine Association of REALTORS® President Carmen McPhail (United Country Lifestyle Properties of Maine , Lincoln) – 207-290-0371 carmen@lifestylepropertiesme.com or Maine Association of REALTORS® President Elect Paul McKee (Keller Williams Realty, Portland) – 207-831-3929 pmckee@kw.com For additional contacts: suzanne@mainerealtors.com
