February was one of the best months for Maine home sales in the past 25 years.
Buyers closed deals on 753 homes in February, a 6.5 percent increase compared with the 707 sold in February 2023, according to the Maine Association of Realtors.
Meanwhile, the median sales price for a Maine home rose by 9 percent to $381,500, compared with $350,000 in February 2023.
Jeff Harris, the president of the Maine Association of Realtors and a broker with Farmington-based Harris Real Estate, said Thursday that February was the ninth best month for the real estate market since 2000. He noted that listings increased 14 percent in February.
“We’re seeing an increased number of homes on the market statewide, mortgage rates have ticked downward, and in some markets, price growth has moderated, increasing the purchasing power of buyers,” Harris said.
He added that the “spring market is presenting [an] excellent opportunity.”
The growth in February home sales in the Pine Tree State outpaced the nation, with sales down 0.3 percent year over year, while the median sales price has risen nationally 4.2 percent to $402,500, according to the National Association of Realtors.
In the Northeast, sales rose 4.2 percent, compared with a year earlier, while the median sales price rose 10.4 percent to $464,300.
On the county level in Maine, the most significant increase in median home prices for the three-month period ending Feb. 28 was in Hancock County, where it rose 17.8 percent to $442,000, compared with the same period last year. Penobscot and Franklin counties saw notable increases in sale prices, 15.9 percent and 15.8 percent, respectively The highest median home price last year was in Cumberland County, where it reached $565,000.
Last year, the median home price fell only in Somerset and Piscataquis counties, where it was down 6.9 percent and 0.8 percent, respectively. Aroostook had the lowest median home price overall ($152,000), up 4.8 percent from the same period in 2024.
On the sales front, Waldo County saw the largest sales bump over the three-month period ending Feb. 28, increasing 53.2 percent. It was followed by Knox (37.7 percent), Penobscot (23.2) and Cumberland (19.7 percent) counties. Sales fell most sharply for the year in Somerset County, where they are down 19.3 percent, followed by Androscoggin (11.8 percent) and Washington (9.3 percent) counties.
