January 2024 Market Update

January 2024 Market Update

  • Derek Goff
  • 01/14/24
After four consecutive months of increases in new listings, December brought a decline of around 14% in both Cumberland and York Counties when compared to the previous year.

Sold listings also dipped in both counties. While we often point to a seasonal decline in housing inventory, these stats are compared to the same month a year ago. This doesn't bode well for buyers, as the continued shortage of inventory continues to plague the Maine housing market and contribute to rising prices.

Prices continue to rise, with increases of 10% in Cumberland County and 5.6% in York County.

One interesting piece of news that hit recently is Bowdoin College's attempt at helping its employees navigate this difficult market for buyers. The college announced a new first-time homebuyer program, where faculty and staff can receive a loan, with 10% (capped at $50,000) of the purchase price forgivable as long as the home is purchased within 40 miles of campus. While larger employers across the nation have offered similar incentives to employees, Maine Housing believes this is the first of its kind in Maine.

As we move through winter, we are anticipating inventory improving, as it has historically. With interest rates continuing to decline, we anticipate more buyers coming off the sidelines as well. We will keep you updated as we progress through 2024.

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