Maine home values continued to rise in the first month of the year compared to a year ago whilst unit sales were down, but only slightly over January of 2023.
The median home price (MSP) statewide increased to $353,000 – that’s up 8.62% on 12 months ago. The MSP indicates that half of home sold for more and half for less.
The number of existing family homes sold last month dipped by 1.98% compared to January 2023.
Industry watchers point to an upward trend in available inventory, a fall back in rising interest rates and slowing price appreciation as all positives for the local real estate market in general.
The National Association of Realtors (NAR) reported sales nationwide were down year-on-year by 1.4% in January. The national MSP hit $383,500 – up 5% from last year.
Regionally, the MSP in the Northeast rose 10.1% to stand at $434,300 whilst sales eased in January by 5.9% compared to January 2023.
