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Homebuyers in Maine paid a median of $419,950 in July. (Shawn Patrick Ouellette/Staff Photographer)

After plateauing at a record high in May and June, the median price of a home in Maine fell moderately in July, according to data released Thursday by the Maine Association of Realtors.

Maine’s median home price hit a peak of $425,000 in May and remained at that apex through June. But prices cooled slightly last month as the number of available homes and the total number of homes changing hands both increased year-over-year, the association said in its report.

For years, Maine’s home prices have been squeezed by increased demand and limited availability, both of which have pushed costs to new heights.

And while July’s median sales price was a few thousand dollars lower than the month prior, it was still tens of thousands more than the median home sale price in 2024: $390,200 — a record at the time.

Here are five key takeaways from the July housing report:

1. Median sale price down slightly last month

The statewide median sale price for July was $419,950, meaning half of homes sold for more and half sold for less, according to the report.

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While that’s about a $5,000 — or roughly 1% — decrease from May and June’s record high of $425,000, it still represents a more than 5.2% increase since July 2024, when the state saw a median price of $399,000, according to the report.

2. Prices outpacing national, regional rates

At a roughly 5% increase over last year, Maine’s median sales price grew far faster than the national average, though prices were still relatively low in Maine compared to the rest of the country, according to the August report.

Nationally, the median sales price for a single-family home was $428,500 in July — a 0.3% year-over-year increase.

“Near-zero growth in home prices suggests that roughly half the country is experiencing price reductions,” said Lawrence Yun, the chief economist for the National Association of Realtors. “Current inventory is at its highest since May 2020, during the COVID lockdown.”

The median price was even higher in the national group’s Northeast region, which includes all of New England, plus New York, New Jersey and Pennsylvania.

Regionally, the median sale price was $509,300 — a nearly 1% increase since July 2024.

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In neighboring New Hampshire, the median sale price for a single family home was $545,000 in July, according to the New Hampshire Association of Realtors. While that’s thousands less than last month’s median, it’s nearly 3% higher than July 2024.

3. Home sales still outpacing trends

Maine had 5,346 homes for sale in July, the highest number since October 2020, during the height of the COVID-19 pandemic. That figure has increased for five months in a row, said Jeff Harris, president of the Maine Association of Realtors.

“With more homes for sale, buyers can be more discerning,” Harris said in a written statement. “We’re seeing that some sellers are adjusting their original pricing downward to entice buyer interest.”

At the same time, the number of homes sold statewide increased about 5% year-over-year, with 1,570 closings reported in July — 75 more than in July 2024. That’s a roughly 9% increase since June.

Year-over-year, that increase in Maine home sales far outpaces national and regional trends.

Nationally, sales volume was up 1.1% for existing single-family homes; in the Northeast region, that growth was about 2%.

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4. Double-digit increases in Aroostook, Lincoln counties

Comparing data from May to July 2024 against the same period this year, median home prices are up about 6.2% statewide, but that growth varies widely from county to county.

Lincoln and Aroostook counties each saw prices rise more than 12% from July 2024 to last month — the highest proportional increases in Maine.

Aroostook’s median sales price shot from about $155,000 between May and July 2024 to $175,000 during those same months this year. While Aroostook’s median sale price is the lowest of all 16 counties, it boasts the largest year-over-year increase of nearly 13%.

Lincoln saw the second-largest growth during that period: Prices went from $450,000 to $505,000, a 12.2% change.

Still, Cumberland County held onto its status as the state’s priciest county, charting a median sale price of $605,000 during the three-month period ending in July. That figure hit $600,000 for the first time in the three-month period ending in June.

5. Prices fall in Franklin, Knox counties

When looking at the three-month period between May and July, only two counties saw median sale prices drop from 2024 and 2025.

Knox County saw the most significant decrease in the state, with median sale prices down 6.7%, falling from $485,000 to $452,500. That’s still higher than the statewide average, which was about $425,000 during that same period.

Franklin County saw a dip of about 4.6%, bringing median prices down from $325,000 to $310,000.

Daniel Kool is the Portland Press Herald's utilities reporter, covering electricity, gas, broadband - anything you get a bill for. He also covers the impact of tariffs on Maine and picks up the odd business...

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