MAINE
Home Sales Up, Average Price Up
Home sales are up 14.4% year-over-year, with December 2024 at 1,433 compared to 1,230 last December. Sales are up across all categories.
- Single families: 1,032 (2023) | 1,181 (2024)
- Condominiums: 117 (2023) | 169 (2024)
- Multi-families: 81 (2023) | 83 (2024)
Average sale price increased 11.3% year-over-year, now at $501,078 compared to $450,128 in December 2023. Prices increased across all categories.
- Single families: $448,469 (2023) | $494,048 (2024)
- Condominiums: $451,068 (2023) | $536,158 (2024)
- Multi-families: $469,907 (2023) | $529,680 (2024)
Homes Listed For Sale:
The number of homes listed is up by 8.2% when compared to December 2023.
- 2024: 849
- 2023: 785
- 2022: 762
Pending Home Sales:
The number of homes placed under contract is down by 22.6% when compared to December 2023.
- 2024: 690
- 2023: 891
- 2022: 954
Data provided by FlexMLS then compared to the prior year.
What’s Happening in the Market?
- In December 2024, national home sales climbed 9.3% compared to a year ago, marking the biggest year-over-year gain since June 2021. Following this trend, Maine also saw an increase in home sales.
- The Maine housing market showed growth compared to December 2023, with increases in home sales, average sale prices, and listings. Pending sales were down, which could be attributed to the holiday season slowing down buyer activity. For sellers, this winter still presents a strong opportunity. With price growth and fewer pending sales, now could be the perfect time to list your home and potentially earn top dollar, as buyers may act quickly in a competitive market.
- According to Mortgage Daily News, mortgage rates in December started in the high 6s and hit their lowest point of the month at 6.68%. By month’s end, rates were back around 7% and showing signs of further increases heading into January.
- As we enter 2025, the housing market still faces low inventory. After a historically low inventory in 2023 and hesitant sellers in 2024, competition remains tough this year. Buyers need to be prepared to act quickly. Having a trusted REALTOR® by your side can help you stand out in this competitive market.
- We anticipate a transitional period as presidential power shifts, and like most new administrations, the initial months may bring some turbulence. This could create volatility in the stock market, potentially driving interest rates lower.