Between August 2020 and August 2021, home prices across the United States rose to record levels, with the U.S. housing market rising to a record of 19.9%. 

Maine has been experiencing a prolonged shortage of inventory. Portions of this can be attributed to COVID-19; however, limited supply has been an ongoing issue and precedes the limitations on public life caused by COVID-19. The 2020 selling season saw a marked decrease in supply as compared to previous years, which already had a lower supply. This has created rapid increases in sale prices, a large number of homes going under contract for significantly over list price, and a noticeable increase of contracts with clauses that require buyers to pay the difference between appraised value & contract price. The heightened level of demand & contracted supply has continued into 2021 & 2022.

2022 stands to be another strong year for sellers. If you're thinking about selling your home, being aware of the trends in the market will help you understand the strength of the market.

Our monthly market update showcases everything you need to know about local real estate trends over the last month.