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

In February 2024, the Maine real estate market saw significant growth across various metrics for single-family homes. The median sales price surged to $350,500, marking a robust 6.7% increase compared to February 2023. Closed sales also experienced a notable uptick, reaching 798 transactions, representing an 11.9% rise from the previous year. However, the median days on the market increased by 18.5% to 32 days, reflecting a slight slowdown in the pace of sales.

Listings received slightly less of their list price in February 2024, receiving a rate of 98%, down marginally from 98.1% in the same period last year. The average price per square foot rose to $215, exhibiting a 5.4% increase year over year. New listings surged significantly by 37.1%, reaching 1043, while active inventory expanded by 22.9% to 2310 listings.

The monthly supply of inventory slightly rose to 2.9 months, indicating a 9.8% increase compared to February 2023. Overall, these figures suggest a dynamic market with strong demand driving both sales and listing activities, while the increase in inventory might offer buyers more options.

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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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.