If you've been aggressively trying to find a home to buy in Maine or even just window shopping, you've likely noticed that there isn't a ton to choose from. Recent mortgage rates have slowly started to dip, and with the hope and expectation that the trend will continue as inflation continues to soften, homebuyers should expect to see the housing market begin to recover.

This doesn't mean that we will be back to normal in 2024; it just means that we will likely see an increase in inventory. According to the National Association of Realtors (NAR), they are predicting a 13.5% increase in home sales this year.

That's potential good news for those of you who may be looking in the area of Maine's biggest city. The NAR also states that the market of Portland and South Portland are #9 on a national list of markets with the most "pent-up housing demand". What does that mean? Good question. It just simply means that these two cities are among the top in the country that will recover faster due to falling interest rates and increased income.

The NAR also stated that some of these markets in their top 10 list could see inventory rising around 30%, which is pretty astronomical if you think about it. They stated that more potential sellers, faster income growth, and more renters being able to afford to buy a home are all factors making Portland and South Portland an easier place to purchase a home. Whether this will also come into play with other Maine markets is unknown.

It's always important to remember that these are just predictions, and they don't always turn out to be the case. But if the NAR turns out to be on track, this is great news for homebuyers looking in the area.

25 Greater Portland, Maine, Restaurants That Have Been Featured on National Television Shows

Here's a list of 20 prominent Greater Portland, Maine restaurants that have been featured on national television shows. This is a great representation of the region's incredible food scene.

Data was researched from tvfoodmaps.com

Gallery Credit: Chris Sedenka

Here's Where Maine Home-Buyers Came from During the Pandemic

Here is a list of Maine's single-family home buyers from the pandemic. It's a closer look at what state they came from.

This does not include sales from Maine buyers or those from Puerto Rico, military bases, and other territories.

A big hat tip to Mainebiz and Maine Real Estate Systems, Inc. for the info.

Gallery Credit: Chris Sedenka

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