The Average Maine Home Now Costs Over $400,000 for the First Time

Maine smashes another record for home sales.

Maine has set yet another record, because last month, the average sale price of a home in June of 2024, was $406,000 – the highest ever. That's according to the Press Herald, which gets their data from the Maine Association of Realtors.

The trend for high-priced homes is not easing up. That's the second record month in a row for homes. The higher prices also put the brakes on how many homes were sold. Closings fell 10% compared to June of 2023. The president of the Maine Association of Realtors, Paul McKee, told the Press Herald,

It was only a matter of time before (Maine) crossed the threshold. It’s no surprise at this point but it’s unfortunate as well because it speaks to affordability.

READ MORE: Maine Set a New Record for How Much It Costs to Buy a Home

There are over 4,000 homes on the market right now, and that's a lot of homes; the highest inventory in almost three years. But Maine is a mixed bag for real estate. In Somerset County, closings were down by over 21%. But in Waldo County, they were up by 15%.

Where are the most expensive homes in Maine?

That distinction belongs to Cumberland County, which is by far the most expensive county in Maine. The median sale price is $580,000. That's up 6.5% increase over the same three-month period last year. That beats York County, which came in second highest with a $523,750 median price, and Knox County is just under half a million dollars.

There is good news. The chief economist for the National Association of Realtors says that it looks like a shift is happening from a seller’s to a buyer’s market. He also says that big jumps in prices should stop. So keep the seat belt on a little longer, but soon, you might be able to loosen it.