Maine Home Sale Prices Rise Again After Brief Decline

Strategic Insights -

A surge in home sale prices has reversed a recent decline, with Maine homebuyers paying a median of $400,000 in April, a 4% increase over the same time last year. This marks the fifth time ever that the median price has met or surpassed $400,000 since first crossing that threshold last June. The number of homes sold increased by 11% from the previous month, while the median price decreased by less than 1% compared to April 2024. Nationally, sales dipped just over 1% compared to April 2024, while the median sale price increased just shy of 2% to $418,000.

Key Takeaways:

  • Maine home sale prices rose to a median of $400,000 in April, a 4% increase over the same time last year, according to the Maine Association of Realtors.
  • This marks the fifth time ever that the median price has met or surpassed $400,000 since first crossing that threshold last June.
  • The number of homes sold increased by 11% from the previous month, while the median price decreased by less than 1% compared to April 2024.
  • Nationally, sales dipped just over 1% compared to April 2024, while the median sale price increased just shy of 2% to $418,000.
  • Cumberland County held its spot as Maine's most expensive county with a median sale price of $560,000.
  • York County was the second-most expensive, with a median sale price of $479,000.
  • Five counties recorded a price decrease, with Washington County experiencing the largest drop at around 12%.
  • Hancock County saw the largest price increase of 12%, bringing the area's median sale price to $397,500.

Statistics:

  • Median home sale price: $400,000 (9% increase from April 2023)
  • Median home sale price statewide: $390,000 (5% increase from the same three-month span the year before)
  • Median home sale price in Cumberland County: $560,000 (3% increase from the year before)
  • Median home sale price in York County: $479,000 (4% decrease since 2019)
  • Number of homes sold: 942 (11% increase from the previous month)
  • Number of homes sold statewide: 4205 (4% decrease between February and April)
  • Average 30-year mortgage rate: 6.86% (Thursday)

Sources:

  • Maine Association of Realtors
  • National Association of Realtors
  • Portland Press Herald (Portland, Maine)
  • Tribune Content Agency, LLC