By Ruth Summers, Scarborough resident and Associate Broker, Keller Williams Realty
As we reflect on Maine’s 2024 home sales and look ahead to 2025, understanding the market’s shifting dynamics is essential for both buyers and sellers.
Throughout 2024, inventory levels increased each month compared to the previous year. In Cumberland County, home sales rose by 6.26%, with the median sales price climbing to $570,000 – a 7.4% increase year over year, according to the Maine Real Estate Information System.
At first glance, this may seem like great news for sellers, but a growing number of price reductions suggests a market in transition. With more homes available, buyers are taking their time, submitting offers strategically, and negotiating contingencies to their advantage.
So, what does this mean for you? You have three options:
1. Stay on the sidelines and wait.
2. Monitor the market and reassess in the coming months.
3. Move forward now, navigating the market as it stands rather than the uncertainty of what’s ahead.
You may be wondering: Where will I move? What about interest rates? The best way to find out is to ask your realtor. The answers might surprise you!
“Marry the House, Date the Rate”
This real estate adage is more relevant than ever. It encourages buyers to focus on finding a home they truly love, while being flexible with interest rates that can change. At the end of the day, it’s the monthly payment that truly matters. If you need to move, the time to buy is now! The market is shifting towards a balanced state where buyers and sellers are on more equal footing. Interested in learning more? Let’s grab a coffee and chat about your options!
Ruth
[Top photo by Andrus Lukas]
