New listings surged in both Cumberland and York Counties for the month of October. Cumberland County saw an impressive 31.3% increase, while York County followed closely with a 20% rise compared to the previous year. This marks three consecutive months of increases in new listings for Cumberland County and two consecutive months for York County (August saw a very small drop of less than 1% for York County).
This development brings encouraging news for homebuyers who have been plagued with limited inventory, a major driver for price increases, for multiple years now. While we're entering what has historically been a slower selling season, this uptick in new listings remains a favorable sign for prospective buyers.
While this isn't a news outlet I frequently read, this article was recently shared with me,revealing that Portland has ascended to the top of the Northeast's luxury real estate market, and is showing promising signs of continued growth. According to The Wall Street Journal/Realtor.com Emerging Housing Markets Index, Portland's metro area has secured its position as the most sought-after metro area for the third quarter of 2023. The article highlights that "the most sought-after destinations boast a blend of affordability, a more relaxed lifestyle, and access to various amenities such as shops, restaurants, transportation, and outdoor activities—from skiing to coastal getaways," characteristics that capture the essence of Portland's allure.
Stay tuned for next month to see if this trend of rising new listings continues and also if it starts to have any effect on prices.
