Your Maine Real Estate Market Report | July 2024 Stats

The Scott & Sunny Townsend Team with Keller Williams is your premier source for Real Estate Market Information in Maine. 

Sales of single-family home sales in Maine remain healthy and in-demand, though the number of units-for-sale remains low. Maine Listings reported 1,482 homes changed hands during the month of July, up 10.93% compared to July 2023. The median statewide sales price increased 5.07 percent over the past 12 months to $399,250. The MSP indicates that half of the homes were sold for more and half sold for less.

“There has been a lot of attention on the real estate industry nationally, and in Maine,” says President of the Maine Association of REALTORS®, “yet what hasn't changed is that buyers and sellers continue to have choices and a voice in negotiations. The August 17 National Association of Realtors settlement deadline further empowers consumers’ choice through increased transparency regarding service offerings and agent compensation.

“During 2024, Maine’s statewide real estate market continues to see inventory grow gradually. The 4,705 homes for sale in July was the highest number in 45-months, since October of 2020. However, unit sales continue to gain as well, keeping Maine’s for-sale inventory at a 3.2-month supply level. A ‘balanced market’ for both buyers and sellers is a 6-month supply level.”

The National Association of Realtors today reported a national sales dip of 1.4 percent, while the national MSP rose 4.2 percent to $428,500 comparing July 2024 to July 2023. Regionally, sales in the Northeast increased 2.1 percent, and the regional MSP increased 8.3 percent to $505,100 over that same time period. 

“As the marketplace shifts, whether you’re selling or buying, communicate with your Realtor early for the best strategy to navigate the complexities of your transaction. For nearly 100-years, Maine’s Realtors have provided their services as trusted advisers and fiduciaries across our state, and that role remains the same.” 

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!

For a vacation or for a lifetime, the Scott & Sunny Townsend Team is here to welcome you home. We appreciate the opportunity to work with you, your family and friends.