Market Update

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Sales of single-family existing homes increased 22.78% in September 2020 compared to September 2019. According to Maine Listings, the median sales price for homes sold in September 2020 rose 19.56% to $273,500, compared to September 2019. 

January through September 2020 sales increased 2.6% compared to January through September 2019 — Maine’s best year ever!  

Demand is strongly affected by historically-low mortgage interest rates combined with the allure of Maine’s quality of life and response to COVID-19, resulting in historically lows in the supply of for-sale properties. With more buyers than sellers, most markets are experiencing strong competition, faster sales, and increased pricing.  Typically, about 25% of home purchases in Maine are made by out-of-state buyers, and that percentage has increased to around 33%.  In September of 2020, 735 single family homes were purchased by out-of-state buyers, compared to 445 in September 2019.

Buyers are anxiously ready and waiting for homes to come on the market!  It is a great time to sell!

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