For the third consecutive month, York County has experienced a surge in new listings, boasting an impressive 20%+ increase compared to June 2023. Close behind, Cumberland County reported a 15.4% rise in new listings. While this influx is a step towards balancing the supply and demand scales, the median sales price continues its upward trajectory. York County saw a notable 16.6% increase, and Cumberland County recorded a more modest 4% hike compared to June 2023.
A study released back in October by MaineHousing highlights a significant challenge: Maine needs as many as 84,300 new homes between 2023 and 2030 to meet current and future demand. The study categorizes the state's housing needs into "Central Western," "Coastal," and "Northeastern" regions. Given that Cumberland and York Counties house the majority of Maine's population and employment opportunities, it’s clear that these areas require substantial growth.
An increase in new listings is a step towards easing the imbalance of supply and demand, but a quick deep dive into the types of properties being sold shows that only 22 of the homes sold in Cumberland County in June were new builds and York County only saw 23. Statewide, the number of newly constructed homes sold in June was a mere 80, representing less than 10% of the monthly target set by the MaineHousing report.
Although the increase in listings is beneficial, it’s evident that the supply and demand imbalance is likely to persist in the foreseeable future.
