The Maine housing market in January 2025 presents a dynamic landscape characterized by rising prices and increased activity. The Median Sales Price for homes in Maine stands at $415,800, reflecting a modest year-over-year increase of 0.9%. Meanwhile, the Median List Price has surged by 8.6% to $425,500, indicating a strong seller's market.

Price Per Square Foot has also seen significant growth. The median Price Per Square Foot is now $254, marking an 11.5% increase from the previous year. Similarly, the Median List Price per square foot has risen by 8.5% to $268. These figures suggest a robust demand for housing, driving up prices across the board.

In terms of sales activity, the number of Homes Sold has increased by 15.3% year-over-year, with 1,033 Homes Sold in January 2025. Pending Sales have also seen a slight uptick of 2.7%, totaling 1,247. New Listings have surged by 20.2%, reaching 1,234, while inventory has expanded significantly by 31.0% to 3,423 homes. This increase in inventory has contributed to a 40.0% rise in the Months of Supply, now at 3.3 months, indicating a shift towards a more balanced market.

The Median Days on Market for homes in Maine is currently 61 days, which is an 11.0% increase from the previous year. This suggests that while homes are still selling, they are taking slightly longer to do so compared to last year. The average sale to list ratio has decreased by 0.6% to 97.3%, and the percentage of Homes Sold above list price has dropped by 5.6% to 21.6%, indicating a slight cooling in competitive bidding.

Price Drops have decreased marginally by 0.4%, with 17.8% of listings experiencing a reduction in price. Additionally, the percentage of homes going off the market within two weeks has seen a slight decline of 0.5%, now at 37.1%. These trends suggest that while the market remains active, buyers are becoming more discerning, and sellers may need to adjust their expectations accordingly.

Overall, the Maine housing market in January 2025 is characterized by rising prices and increased inventory, with a notable increase in sales activity. While the market remains competitive, the extended days on market and slight decrease in sale to list ratios indicate a potential shift towards a more balanced environment. Buyers and sellers alike should remain vigilant and adaptable to the evolving market conditions.