Maine saw a nearly 5% bump in the number of homes sold in 2024, compared to the prior year.
Prices have also gone up over the last year, according to new data from the Maine Association of Realtors. The median sales price in Maine in 2024 was $390,200, an 8% increase over 2023.
Judy Oberg, a Bridgton realtor and the president-elect of the Maine Association of Realtors, said sellers are still fielding multiple offers, and housing inventory is still relatively low.
"We're still having a very strong market, it's just a little bit less of a panic, maybe," she said.
Jeff Harris, a realtor in Farmington and the association's current president, said he doesn't expect the market to change too much in 2025, so long as potential sellers are reluctant to take on more expensive mortgages and housing inventory remains relatively low.
"We have reluctant sellers. Sellers are staying put, because of the current low mortgage in their interest rate," he said. "[And we have] prolonged under-building of units, and that goes back to 2008 when there was a crash in the housing market."
Maine has a supply of 2.7 months of available for-sale inventory, but Oberg said a healthy market has a six-month supply.
Franklin County saw the biggest jump in home prices of any other county in Maine, with median costs rising 20% year over year. Prices are highest in Cumberland County, where the median price rose to $570,000 in 2024, a 7% increase over the previous year.
