Your Maine Real Estate Market Report | December 2024 Stats & Yearly Wrap Up

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Maine's Real Estate Market Wraps Up 2024 with Strong Sales and Rising Prices

The Maine real estate market finished 2024 on a high note, with December seeing a significant increase in both sales volume and median sale prices compared to the previous year. Let's dive into the latest data:

Key Takeaways:

Sales Surge: 1,178 single-family homes were sold in December 2024, a 15.04% increase compared to December 2023.

Prices Climb: The median sales price (MSP) reached $400,000 in December, a 14.12% jump from the same time last year.

More Inventory, More Sales: Increased inventory throughout 2024 contributed to the rise in sales, with 14,287 homes sold overall, a nearly 5% increase over 2023.

National Trends: Maine's market mirrored national trends, with the National Association of Realtors reporting a 10.1% jump in home sales and a 6.1% rise in prices.

What's Driving the Market?

According to Jeff Harris, 2025 President of the Maine Association of REALTORS®, the increase in available homes played a key role in boosting sales. "In each month of 2024, we saw higher numbers of homes on the market compared to the prior year. More homes for sale results in more homes sold."

Looking Ahead to 2025:

The strong finish to 2024 suggests continued momentum for Maine's real estate market in 2025. With buyer demand remaining solid and inventory levels increasing, it's shaping up to be an interesting year for both buyers and sellers.

What Does This Mean for You?

Understanding the market dynamics is crucial whether you're considering buying or selling a home in 2025. Our team of experienced agents is here to help you navigate the market and achieve your real estate goals.

Ready to make your move in 2025? Contact the Scott & Sunny Townsend Team today for a personalized consultation! We'll provide expert guidance and support every step of the way. scottandsunny@kw.com

Are you interested in learning more about your home's value in today's fast-paced real estate market? Try our free & instant Home Valuation Tool and receive a free report in your inbox instantly!

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