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November 2024 Maine Housing Report

MAINE

Home Sales Up, Average Price Up

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Home sales are up 3.6% year-over-year, with November 2024 at 1,519 compared to 1,466 last November. Sales are up for single-family homes and decreased for condos and multi-family homes.

  • Single families:  1,228 (2023) | 1,307 (2024) 
  • Condominiums: 154 (2023) | 149 (2024) 
  • Multi-families: 84 (2023) | 63 (2024) 

Average sale price increased 1.7% year-over-year, now at $486,898 compared to $478,690 in November 2023. Prices increased across all categories.

  • Single families: $477,564 (2023) | $482,958 (2024) 
  • Condominiums: $490,973 (2023) | $497,329 (2024) 
  • Multi-families: $472,635 (2023) | $543,962 (2024) 

Homes Listed For Sale:

The number of homes listed is down by 7% when compared to November 2023.

  • 2024: 1,335
  • 2023: 1,436
  • 2022: 1,258

Pending Home Sales:

The number of homes placed under contract is down by 14.6% when compared to November 2023.

  • 2024: 952
  • 2023: 1,115
  • 2022: 1,189

Data provided by FlexMLS then compared to the prior year. 

What’s Happening in the Market?

  • In November 2024, national home sales climbed 6.1% 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 market is staying strong this holiday season! With fewer homes being listed —likely due to the busy time of year— buyer demand is still driving home sales up. Although pending sales have slowed, the decrease in inventory means there’s less competition for sellers. Sellers now could be the perfect time to list your home!

  • According to Mortgage Daily News, mortgage rates in November, dropped from about 7% to 6.8% by month’s end. However, rates began climbing again in December, peaking at 7.14% on the 19th.

  • As we approach the new year, many of us are setting goals. Buying a home can feel intimidating, but don’t let it stop you! We’re here to help make this process smooth and stress-free for you! Let’s turn your homeownership dreams into reality in 2025!

  • Great news for homebuyers! In 2025, the FHFA is increasing the conforming loan limit to $806,500—up $40,000 from 2024. Despite market challenges, constrained inventory and high demand continue to drive prices up. This change helps buyers access higher loan amounts to keep pace with rising home values.

As we navigate the adjusting market and the impact it’s having on buying, selling, renting, and homeownership, being informed is one of the first steps in knowing what to do next. Click on the button to visit the ME Real Estate Updates page and never hesitate to contact us with questions.

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