Maine homes are 7.53 percent more expensive than they were in August of 2023 — now reaching a median sale price of $400,000 — according to data from the Maine Association of Realtors.

The number of homes sold has increased slightly since last year, rising 1.66 percent from 1,510 to 1,535. Although the available housing stock has “nearly doubled” since February, the “supply-and-demand imbalance remains challenging.”

“With 4,964 homes for sale last month and sales of 1,535 units, Maine’s for-sale inventory remains at a 3.2 month supply level, well below the six-month supply level that is indicative of a more balanced market for both buyers and sellers,” explained Paul McKee, President of the Maine Association of Realtors, in a September press release.

The “months supply” refers to the number of months it would take for the current inventory to sell given the current pace of sales. According to the National Association of Realtors, a six-month supply is associated with “moderate price appreciation,” while anything lower “tends to push prices up more rapidly.”

County-level data reveals that Lincoln County saw the greatest decrease in the number of houses sold since last year, dropping by 18.06 percent, while the greatest increase occurred in Franklin County, where sales rose by 14.42 percent.

Home prices increased by 31.19 percent since August of last year in Piscataquis County, followed by 24.84 percent in Franklin County.

The most substantial price decrease occurred in Oxford County, were the median home sale price has dropped 3.08 percent since last year to $315,000. The only other counties to see a median price decrease were Hancock County at 2.41 percent and Knox County at 1.89 percent.

Cumberland County had the greatest home sale volume in recent months, with 924 sales combined between June 1 and August 31. Despite this, the highest median home sale price was also registered in Cumberland County, coming in at $592,000.

There did not appear to be any clear correlation between the percent change in the median home price and the percentage change in sale volume when examining county-level data.

Click Here to Read the Maine Association of Realtors Press Release

Nationally, home sales decreased by 3.3 percent between August 2023 and August 2024, while prices rose by 2.9 percent to a median of $422,100.

New England’s regional trends are more reflective of those in Maine, with home sale volume remaining even since this time last year and prices rising 7.7 percent to a median of $503,200.