New data from the Maine Association of Realtors shows a more friendly environment for home buyers.
The median price of a home in Maine is down for the third month in a row, while prices are down from the previous year for only the second time since March of 2019, before the pandemic.
Homes are also on the market for a longer period of time, which is another sign of a more friendly buyers’ market.
“Sellers and buyers are on more equal footing for negotiating their home purchase,” said Maine Association of Realtors President Jeff Harris. “We are seeing an increasing number of homes for sale, increasing time-on-market, and pricing concessions which eases the competition that buyers have been facing for the past five years. We’re moving beyond the pandemic frenzy.”
Harris went on to say “buyers have more negotiating leverage.”
Cumberland and York counties continue to have the most expensive houses, with the median price topping $600,000 in Cumberland County. The numbers show a sharp contrast to Aroostook County in northern Maine, where the median price in $170,000.
(Maine Association of Realtors)
