How’s Maine’s Real Estate Market? Not as Bad as You Might Think

So, How Is the Real Estate Market in Maine?

Turns out, it’s not nearly as bad as you might think. In fact, the Maine real estate market is seeing some pretty decent action in terms of inventory—a refreshing change from the slower pace of recent years. According to Houzeo, the number of homes for sale in Maine shot up by a whopping 40.2% in July 2024 compared to last year. That’s nine straight months of growth. Let’s break it down:

Median Days on Market

According to Redfin, homes in Maine are hanging out on the market for about 44 days now, which is 10 days longer than last year. This slight slowdown isn’t such a bad thing though; it’s a sign that buyers actually have time to think before jumping into a bidding war—a welcome shift after years of frantic buying.

Housing Inventory and Supply

There are more options out there than ever, well…in the last several years anyway. Houzeo said in November that there were 6,953 homes currently for sale and an average supply of three months, the days of slim pickings might finally be over but if you follow real estate, you also know that anything can happen at anytime. 

Home Prices

According to Zillow, the average home price sits at $395,520. While that’s still pretty steep, many experts are predicting prices to ease up later this year as inventory is also expected to continue to climb. 

Home Sales and Rent Prices

Houzeo also stated that home sales are up 9.3% year-over-year, showing strong buyer interest. Meanwhile, they stated that rental prices have ticked up slightly, with the median rent at $2,100, up $50 from the previous month.

All in all, Maine’s real estate market is showing healthy growth and a more balanced dynamic for buyers and sellers alike. Finally, some good news for Mainers that have been desperately trying to get into a home over the last few years. Now, if we can just get those interest rates down to the 5% vicinity, we’ll be in great shape.