Your Maine Real Estate Market Report | May 2024 Stats

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

Single-family existing homes across Maine were highly sought-after in May 2024. Realtors report that 1,180 homes changed hands last month, up 3.96%, and according to Maine Listings, the median sales price (MSP) for those sales increased 7.06 percent to $398,250 compared to May 2023. The MSP indicates that half of the homes were sold for more and half sold for less. 

“Sellers have become more active in 2024,” says 2024 President of the Maine Association of REALTORS® “For the fourth consecutive month, year-over-year home sales have increased. “The 3,896 homes for sale in May were the highest number since August 2022— 21 months ago—and the second-highest in 32-months, since September 2021."

“With more homes for sale, more transactions are happening. In limited markets across Maine, buyers may have more options and some flexibility in negotiations.  In other markets, for-sale inventory remains tight, and sellers continue to experience multiple offer situations, continuing the pressure on pricing."

The National Association of Realtors announced a national sales dip of 2.1 percent in May 2024 compared to May 2023. Home prices across the country rose 5.7 percent to a national MSP of $424,500. Regionally, sales in the Northeast were down 4.0 percent while the regional MSP increased 9.2 percent to $479,200 comparing May 2024 to May 2023. 

“Working with a local REALTOR® is important for keeping you well-informed of the available inventory, current market conditions, and navigating you through the entire process for a successful real estate transaction, whether selling or buying.” 

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.

Please call us at 207.553.1387 if you or someone you know is ready to make a move or if you have any questions about the local market.