As we move into Fall 2024, we are starting to see some shifts in the marketplace. A quote from Paul McKee, President of the Maine Association of Realtors states ““We’re starting to see more optimistic signs for buyers with additional homes coming on the market, while mortgage interest rates are inching downward. Strong demand remains for the inventory we have.” Reach out to your Realtor to determine the best strategy for your buying and selling needs.
In August 2023, the number of units sold in the state of Maine was 1510 and in August 2024, the number of units sold was 1535, an increase of 1.66%. For prices, the median sales price for the state went from $372,000 to $400,000, an increase of 7.53%.
Looking at the rolling quarter for Cumberland County, the number of units sold increased from the previous rolling quarter from June to August, 881 to 924, a 4.88% increase. The median price for the rolling quarter, June to August 2023 -2024 increased by 7.64% with the median price going from $550,000 in 2023 to $592,000 in 2024.