Market Update

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Real estate sales in Maine continue on a healthy, highly-positive direction. According to Maine Listings, the value of single-family existing homes jumped 17.39% comparing August 2020 to August 2019, reaching a median sales price of $270,000. The MSP indicates that half of the homes were sold for more and half sold for less. Home sales increased 1.31% from last August.

Maine is experiencing an historically low supply of homes for sale, 40% below a year ago. Demand is being fueled by all-time low mortgage interest rates, Maine households moving within the state, and an increase in out-of-state buyers seeking Maine’s quality of life and safety.  In August of 2020, Maine had 707 single family homes purchased by out-of-state buyers. In August 2019, that number was 482.

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