Your Maine Real Estate Market Report | October 2024 Stats

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

Home buyers across the state of Maine are actively pursuing the purchase of single-family existing homes, yet they still face a lack of available inventory. Maine Listings today reported a statewide median sales price (MSP) of $395,000 in October 2024—an increase of 5.05 percent over October of last year. Sales rose 3.21 percent over October 2023, and 1,481 homes changed hands.

The MSP indicates that half of the homes were sold for more and half sold for less. “The statewide sold statistics from January through October 2024 are 3.8 percent ahead of this same time period from 2023,” says Paul McKee, President of the Maine Association of REALTORS®. “We are on track to finish the year favorably.”

“REALTORS® continue to see regional variations across the state. Some markets are experiencing multiple offers and pricing pressure, and other markets have for-sale inventory trending upward, resulting in pricing stabilization,” adds McKee.

According to the National Association of Realtors, sales of single-family existing homes across the country in October rose 4.1 percent above October 2023. The national MSP reached $412,200 in October 2024, an increase of 4.1 percent from a year ago. Regionally, sales in the Northeast remained unchanged, while prices increased 7.6 percent to $472,900, comparing October 2024 to October 2023.  “Maine needs additional housing supply. As markets gradually move toward a better balance with increasing supply, aspiring buyers have more choice and a better negotiating position for affordability,” states McKee. 

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.