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Home sales in Maine are on pace to set a record

More and more homes are selling in Maine and prices are rising.
A home for sale with a sold sign graphic out front.
A home for sale with a sold sign graphic out front.(WLUC/Canva)
Published: Dec. 23, 2020 at 10:36 AM EST
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PORTLAND, Maine (WMTW) - The housing market continues to boom in Maine, with sales on pace to set a new record.

Maine listings says 1,965 existing single-family homes were sold in November, up 31% from November 2019. The median price for those homes was $270,000, up 20% from a year ago.

For the year, sales in Maine are up 7.9% compared to the same time period in 2019. Last year was the best year for home sales in Maine history. A third of sales in November involved buyers from other states, compared to a quarter of sales in November 2019.

The sales surge is especially strong in rural parts of Maine. Sales in Washington County were up 80% in November compared to a year ago. Hancock County saw a 68% increase and Aroostook, Knox, and Piscataquis counties all saw increases of at least 50%. Sales volume increased in every county.

“Residential real estate activity in Maine is vigorous,” said Tom Cole, President of the Maine Association of Realtors. “In most markets across Maine, realtors are reporting multiple offer situations on move-in ready listings. The increased competition for historically low for-sale inventory availability is resulting in price appreciation.”

“Maine’s reputation as a safe place is fueling interest,” added Cole. “With tight market conditions, buyers and sellers should partner with a Realtor for expert counsel around inventory availability, marketing and pricing, and negotiating strategies to successfully achieve their real estate needs and goals.”

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