Market Update For October

Market Update For October

  • Derek Goff
  • 10/23/24

 

Both Cumberland and York Counties saw a healthy increase in new listings—up 7.6% in Cumberland County and a more significant 16.7% in York County compared to the same month a year ago. This influx of inventory is a promising sign for buyers, giving them more choices in both counties. However, the price trends tell a different story for each county.

In Cumberland County, the 4.3% decrease in median prices suggests a cooling of the market. This may be due to a combination of more homes becoming available and buyers becoming more cautious amid economic factors like rising interest rates. The increase in sold listings (+3.7%) and slightly longer time on the market indicates that properties are still moving, but with a bit more negotiation and patience required from sellers.On the other hand, York County is still seeing aggressive price growth, with a 16.3% increase in the median price. The county’s high desirability—fueled by its 

coastal towns and lifestyle appeal—has kept demand strong.This is reflected in the 25.1% jump in sold listings, as well as a continued quick turnover of properties (9 days on market).Buyers in York are moving quickly, despite the higher price tags, which may point to more affluent buyers or second-home purchasers who are less sensitive to price fluctuations.

Both Cumberland and York Counties offer great opportunities, but the markets moved in different directions in September. If you're buying in Cumberland County, you might have a bit more leverage with prices softening slightly and more homes available. In York County, the market is still hot, so buyers should be prepared to move quickly and pay more. For sellers, Cumberland may require some flexibility in pricing, but in York, you're in a strong position to take advantage of high demand and rising prices. Ultimately, whether you're buying or selling, there's plenty happening in Maine's real estate market right now! 

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