Market Update
The low inventory of homes for sale and the high demand for Maine’s lifestyle continues to drive real estate sales and values into the double digits. According to Maine Listings, 1,965 single-family existing homes were sold in November, which is an increase of 31.17% compared to November 2019. Home values also increased 20% to a median sales price (MSP) of $270,000. Residential real estate activity in Maine is strong. In most markets across Maine, Realtors are reporting multiple offer situations for move-in ready listings. The increased competition for historically low inventory of available homes is resulting in price appreciation. Year-to-date sales are 7.9% ahead of the comparable time period of January through November for 2019— Maine’s best year ever. One-third of November’s sales involved out-of-state buyers, compared to one-fourth during November of 2019.