The housing market in southern Maine continues to evolve, reflecting robust activity in October 2024 across both Cumberland and York Counties. Here's a breakdown of the latest trends:
Cumberland County saw 373 new listings, a notable increase of 23.5% year-over-year, offering buyers more options. Despite this, the market remains competitive, with a median home price up 4.4% from last year. Homes in the area are selling quickly, spending an average of 10 days on the market, though this is 3 days longer than the same period last year, perhaps signaling slightly less urgency among buyers. With 336 homes sold, an increase of 9.1%, Cumberland County’s market remains strong.
York County reported 334 new listings, a significant 28% increase year-over-year, indicating growing inventory. However, with a median home price increase of 11.7%, affordability may be challenging for some buyers. Homes here are staying on the market longer, averaging 14 days, which is 5 days longer than last year. Despite these shifts, the area saw 237 sold listings, reflecting an 11.3% rise in completed transactions. This shows there is continued demand even with the higher price points.
While both counties experienced a surge in new listings and price growth, the pace of the market is slightly slower in York County, evidenced by the extended time on the market. Cumberland County’s pricing remains higher but shows more modest year-over-year growth, potentially offering slightly more value to buyers.
Southern Maine: A Livable and Desirable Region
Greater Portland’s popularity isn’t surprising, given its reputation for livability. In fact, Portland-South Portland, Maine, was recently highlighted in RentCafe's list of the most livable metro areas. The ranking emphasizes high levels of safety, excellent schools, and abundant natural beauty. This aligns with the ongoing demand for housing in Cumberland and York Counties, both of which offer residents proximity to Maine’s coastline, outdoor activities, and a welcoming sense of community.
The housing market in Cumberland and York Counties remains a dynamic space. Whether you’re looking to buy, sell, or invest, understanding these local trends is key to making informed decisions. Reach out today for help navigating this competitive market.
