February 2024 Market Report

February 2024 Market Report

  • Derek Goff
  • 02/16/24
New listings saw a huge 21.2% jump in York County compared to January 2023, while Cumberland County saw a 13.5% drop. While sales and sales prices lag behind new listings by 30 to 60 days, you can see an increase in January sales for York County and a slight decrease in Cumberland County coincided with differences in percentage increases in median sales price. York County saw a 3.1% increase in median sales price, while Cumberland County saw a whopping 21.5% increase compared to a year ago!

Interest rates dropped below 7% for a bit but have since climbed above 7%. This doesn't seem to be slowing buyers down. Our team is still seeing multiple offers on most everything as our buyers compete for limited inventory.

One piece of recent news we came across is a study from Atlas Van Lines which named Maine the top state for inbound migration in 2023. As referenced in the article, Realtor.com named the Portland-South Portland metropolitan area as number 3 on their list of hottest markets in the US as well. The market in Maine continues to be hot as we progress through 2024, and it's largely driven by limited inventory (the reasons for limited inventory/surplus of buyers are many, but it most simply breaks down to these factors). We do anticipate inventory improving as we move through to spring and summer, as it has historically. We will keep you updated as we progress through 2024.

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