M
aine's real estate market is experiencing a welcome boost, with inventory levels rising significantly over the past year. According to Houzeo, home listings increased by 40.2% in July 2024 compared to the previous year, marking nine consecutive months of growth. This uptick in supply has led to a slight slowdown in the median days on market, now averaging 44 days, up from 34 days last year.

    With more options available, buyers have time to think before making an offer, a refreshing change from the frenzied buying environment of recent years. Houzeo reports that there are currently 6,953 homes for sale in Maine, with an average supply of three months. This is a significant improvement over previous years when inventory was scarce.

    Home prices remain high, averaging $395,520 according to Zillow, but experts predict they will ease up later this year as inventory continues to climb. Home sales are also on the rise, up 9.3% year-over-year, indicating strong buyer interest. Rental prices have ticked up slightly, with a median rent of $2,100.

    Overall, Maine's real estate market is showing signs of healthy growth and a more balanced dynamic for buyers and sellers alike. If interest rates can be brought down to around 5%, the market will be in an even stronger position.