PORTLAND, ME (November 20, 2023) – Legacy Properties Sotheby’s International Realty, Maine’s leading luxury property company, with offices in Portland, Kennebunk, Brunswick, Damariscotta, Camden, and Northeast Harbor, announces that home values continue to rise in Maine, though a lack of inventory has contributed to lower-than-normal sales activity. According to Maine Listings, 1,435 single-family existing homes changed hands in October 2023—a dip of 10.14 percent compared to October 2022. Prices, however, rose 13.25 percent to a median sales price (MSP) of $376,000. The MSP indicates that half of the homes were sold for more and half sold for less. “It continues to be a great time to list and sell real estate in Maine,” says Carmen McPhail, 2023 President of the Maine Association of REALTORS and Associate Broker at family-owned United Country Lifestyle Properties of Maine with offices in Lincoln, Bangor and Lubec. “The amount of for-sale inventory remains low, while values are holding strong. “The market is adjusting to the mortgage interest rate environment and qualified buyers are motivated to purchase,” added McPhail. “Every business day during October, 68 families purchased a home in Maine. That’s up nearly two percent over the prior month.” The National Association of Realtors today announced a 14.6 percent national decline in single-family existing home sales in October 2023 compared to October 2022. Prices across the country increased 3.o percent to a national MSP of $396,100. Regionally, sales in the Northeast declined 15.8 percent and the regional MSP rose 7.5 percent to $439,200 over that same time period. “Whether selling or buying, guidance from a REALTOR is essential to navigate the complexities of each real estate transaction, especially in this tight market.” Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of October 2022 and 2023 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling three months of August, September and October of 2022 and 2023. Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and [email protected]. Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, Camden, and Northeast Harbor, is Maine’s leading luxury and lifestyle property company with six offices and more than 90 agents serving Maine and New Hampshire’s coastal, lake, and mountain communities. Offices Located at: 2 City Center, Portland, ME 04101 // 207.780.8900 (Greater Portland) 150 Port Road, Kennebunk, ME 04043 // 207.967.0934 (Southern Maine and Seacoast New Hampshire) 141 Maine Street, Brunswick, ME 04011 // 207.729.2820 (Mid Coast Maine) 170 Main Street, Damariscotta 04543 // 207.563.2775 (Boothbay Harbor, Damariscotta and Bristol Regions) 46 Bay View Street, Camden, ME 04843 // 207.230.1003 (Camden, Rockport, and Knox and Waldo County) 6 Neighborhood Road, Northeast Harbor, ME 04662 // 207.780.8900 (Mount Desert Island, Hancock and Washington County)