AUGUSTA (March 18, 2022)—Buyer demand for Maine real estate continues to fuel a
competitive market, and a lower-than-normal supply of single-family existing homes for
sale has driven sales prices higher. According to Maine Listings, February 2022 sales
declined 17.33 percent compared to February 2021, while the median sales price (MSP)
increased 21.48 percent to $297,500. The MSP indicates that half of the homes were
sold for more and half sold for less.
“The demand for Maine homes sales remains strong and home sales totals are being
held back by the low supply of for-sale inventory,” says Madeleine Hill, 2022 President
of the Maine Association of REALTORS® and Designated Broker at Roxanne York Real
Estate on Bailey Island. “Even after two years of the pandemic, most homes for sale in
Maine are receiving multiple purchase offers and are under contract within days.”
The National Association of Realtors reported a 2.2 percent dip in nationwide sales
during the month of February 2022, compared to February 2021. The national MSP rose
15.5 percent to $363,800. Regionally, sales of single-family existing homes in the
Northeast declined 12.7 percent while the regional MSP increased 7.1 percent to
$383,700 comparing February 2022 to February 2021.
“While it’s a competitive market for buyers, record numbers are becoming Maine
homeowners,” says Hill. “The number of single-family homes sold in February 2022 is
the second-best February in the past five years, and third best since we began keeping
records 24 years ago. Know your ‘must have’s’ for homeownership and work with your
REALTOR® and mortgage lender to be prepared to act quickly and negotiate
effectively.”