High buyer demand fueled a strong June for Maine’s homesellers.
Buyers closed deals on 1,441 homes in June, a 10.5 percent jump compared with the 1,304 sold in June 2024, according to the Maine Association of Realtors.
Meanwhile, the median sales price for a Maine home rose about 5 percent to $425,000 compared with $405,000 in June 2024.
Jeff Harris, the president of the Maine Association of Realtors and a broker with Farmington-based Harris Real Estate, said Thursday that there were 5,047 homes on the market last month, the first time since October 2020 when the state had more than 5,000 homes for sale.
That, in part, fueled a 17 percent bump in sales over May.
“High buyer demand and low, but improving, for-sale inventory levels continue to drive Maine’s home sales and pricing,” Harris said. “This dynamic of strong buyer demand and trending increases in the number of homes on the market has resulted in higher sales volume for most counties across Maine.”
Meanwhile, national sales rose a modest 0.6 percent year over year, while the median sales price rose 2 percent to $441,500, according to the National Association of Realtors.
In the Northeast, sales fell 4.2 percent, compared with a year earlier, but the median sales price rose 4.2 percent to $534,300.
On the county level in Maine, the most significant increase in median home prices for the three-month period ending June 30 was in Washington County, where it rose 27.5 percent to $238,500, compared with the same period last year. Lincoln and Aroostook counties also saw notable increases in sale prices, 24 percent and 17.1 percent, respectively. The highest median home price during that period was in Cumberland County, where it reached $600,000.
The median home price fell most sharply in Knox and Waldo counties, where it was down 8.6 percent and 8.5 percent, respectively Aroostook had the lowest median home price overall ($180,000).
On the sales front, Waldo County saw the largest sales bump over the three-month period ending June 30, increasing 30 percent. It was followed by Lincoln (20 percent), Somerset (20 percent) and Cumberland (15 percent) counties. Sales fell most sharply for that period in Androscoggin and Knox counties, where they are down more than 11 percent.