September 2024 Maine Housing Report

What’s Happening in the Market?

• Despite the national housing market trends having a slight decline in home sales, Maine still saw an increase when compared to September last year.
• With the current trend of increased sales, it’s clear that there is still high demand from buyers. Despite more homes being listed, prices continue to climb, indicating that it remains a seller’s market. As winter approaches, we expect buyer competition may start to slow down, leading to a rise in seller competition, which could potentially cause some price adjustments.
• According to Mortgage News Daily, mortgage rates dropped to 6.1% in September and remained within the 6.1% to 6.3% range. However, as October began, rates started to climb again, reaching a peak of 6.9%. While this marks a recent increase, it’s still an improvement from the same period last year, when rates stood at 7.9%.
• Sellers, It is important to remember that homes do sell during the holidays, often to highly motivated buyers. Listing your home now can provide a competitive edge with less inventory and greater visibility for your property.
• Buyers, we’re in the fall market, and competition among buyers is expected to decrease, making now an excellent time to purchase a home. Watch Anthony’s video here for more insights!