PORTLAND, ME (January 22, 2024) – 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 Maine’s real estate market continues to demonstrate strength, despite challenges such as limited inventory and prevailing interest rates that are affecting the balance in the single-family home sector. According to Maine Listings, December 2023 saw a 6.21 percent increase in the median sales price (MSP) to $350,500, compared to the same month in 2022. The MSP is the midpoint at which half the homes sold for more and half for less. However, there was a 6.14 percent decrease in sales in December 2023 compared to December 2022. “The 2023 sales year ended with 13,622 residential transactions and a median sales price of $360,000—up 7.46-percent from a year ago,” says Paul McKee, 2024 President of the Maine Association of REALTORS and Broker affiliated with Keller Williams Realty in Portland. “Throughout Maine, real estate markets continued to be impacted by increased interest rates and sellers’ ongoing reluctance to list due to the supply/demand issues the industry is experiencing; this, in turn, prolongs the shortage of homes available for sale. “We’re beginning to see more homes on the market than a year ago, yet at a 2.7- months’ supply of available for-sale inventory, we will need more than twice the current inventory to reach a more balanced market—which is indicated by a six month supply. The key to solving some of the issues regarding supply and demand is development of affordable and accessible homes throughout our state,” says McKee. Nationally, December saw a 6.1 percent decrease in sales of single-family homes, with a national MSP of $387,000, up by 4.0 percent from last December. In the Northeast, sales dropped by 9.6 percent, and the MSP increased by 9.4 percent to $428,100 when comparing December 2023 to December 2022. “Looking forward to the new year, we expect buyer demand to remain strong,” adds McKee, “Move-in ready, properly priced properties continue to receive multiple offers in most areas of Maine. The release also includes two charts with statistics for Maine and its 16 counties. The first chart presents data for December statewide, while the second chart compares the number of single-family homes sold and their volume (MSP) for the entire calendar years 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)