By Ruth Summers, Scarborough resident and Associate Broker, Keller Williams Realty

The real estate market in Scarborough was active this spring, and inventory is on the rise as we enter the busy summer season.

In April 2024, eighteen single-family homes, condos, and townhomes sold in Scarborough, and twenty-one new homes went up for sale. The median price was $630,000, down 11% from April 2023. This created opportunities for some buyers. Sellers also benefited, receiving 5% over list price, on average.

Homes are still moving quickly, with most staying on the market for about five days (up from three days one year ago). In all, the current inventory of homes available for sale in Scarborough would last about one month. This rate has been fairly steady for the past year.

Dear Neighbor,

The question on many minds lately seems to be: “What’s happening with the real estate market?” The simple response? “Why do you ask?” Is it a prime time to sell? Absolutely! Is it a golden opportunity to buy? You bet!

The Scarborough real estate scene is always in flux, with sellers contemplating downsizing, families eyeing expansions, or individuals considering shifts within or beyond Maine’s borders.

Amidst the media buzz, it’s crucial to engage with a seasoned professional who comprehends market dynamics and can tailor solutions to your specific needs. That’s where I come in! These real estate stats merely scratch the surface of today’s market. A deeper understanding of your aspirations and circumstances can only be achieved through a one-on-one conversation. So, let’s connect! I’m always up for a great cup of coffee at one of our local gems. My treat!

Thank you,

Ruth Summers