Maine’s median home sale price fell for the third month in a row in September, according to new data from the Maine Association of Realtors. That month also marked the second year-over-year decline in prices since March 2019.

Experts say that could spell a more buyer-friendly market.

Across the state, the number of homes for sale and their time on the market are increasing, alleviating some of the competition buyers have contended with for years and moving the market “beyond the pandemic frenzy,” Jeff Harris, president of the Maine Association of Realtors, said in a written statement Thursday afternoon.

Realtors in Greater Portland echoed that sentiment, though they cautioned that it’s too early to say whether the changes are a blip or signal a longer-term shift.

Tom Landry, a real estate agent with Benchmark Real Estate, said latest numbers indicate the COVID-19-era “sugar high” is done.

“We’re having adult conversations with sellers again,” Landry said on a Thursday phone call. “I think it’s going to be a wonderful opportunity, and probably the first time in five years where buyers really have the upper hand.”

Here are four key takeaways from the September housing report:

1. Median sale price is down, even as national prices climb

The statewide median sale price fell to $402,500 last month, meaning half of homes sold for more and half sold for less. That’s about 1.4% lower than the median sale price last September.

Taking a shorter-term view, that’s down about 1.7% from $409,450 in August and about 5.3% lower than the state’s record of $425,000, which was set in May and kept up through June.

Nationally, the median sale price was up about 2.1% from last year, reaching $415,200. Year-over-year prices have increased for 27 months straight, according to the national association.

In the Northeast, that figure was $500,300 — up 4.7% from the prior year, according to the national association.

Paul McKee, an agent with Keller Williams and former president of the state association, argued that a median sale price above $400,000 is “probably too high” for Maine, though he could not say what a more appropriate median price should be.

“We can’t say we’re not going to have future highs,” he said. “But let’s face it: it’s been great for sellers for about five years.”

2. Number of homes sold is up, outpacing national trend

Maine saw about a 5.1% increase in the number of units sold last month: 1,582 sales compared to 1,505 in September 2024, according to the state association.

National growth was slightly lower, with about 4.1% more homes sold last month than in September of last year.

Lawrence Yun, chief economist at the National Association of Realtors, attributed the national rise to a recent drop in mortgage rates and “improving housing affordability,” in a written statement Thursday.

The average rate for a 30-year mortgage is currently about 6.19% — the lowest in about a year — according to mortgage buyer Freddie Mac.

Paul Shea, an economist at Bates College, also pointed to falling interest rates as a key driver of demand.

“When you’re financing a home on a 30-year mortgage, the bulk of what you’re going to be paying is going to be the interest,” Shea said. “The same-priced house now is quite a bit less than it was in the beginning of the year. That’s improving the data a little bit.”

3. Cumberland, York counties still costliest

Cumberland County is, yet again, home to the priciest residences in the state, though the three-month median sale price fell, according to the September report.

The median sale price for existing, single-family homes was $605,000 between July 1 and Sept. 30.

That’s roughly 4.5% higher than during the same period last year. Still, it’s less than the median price from May to August of this year, which was $616,000.

In York County, the median sale price was up 4.3% to $550,000, the second-highest in Maine. No other counties saw median sale prices above $500,000.

4. Sale prices dropped in 6 counties

Median sale prices fell in Aroostook, Franklin, Lincoln, Sagadahoc, Somerset and Waldo counties from July to September of this year compared to the same three-month period in 2024.

Sagadahoc saw the most significant drop: about 4.2% year-over-year, from $474,800 to $455,000.

Aroostook County remained home to the state’s lowest median sale price, $170,000 from July to September — about a 2.9% decrease since last year.

“Several counties are up and several are down, so it’s not like (the same change is) happening everywhere,” said McKee, the former association president.

He added that, in counties with smaller housing markets, one big sale can have an outsized impact on the median price. He also cautioned that “one month doesn’t tell a story” and suggested that additional, longer-term data would be necessary before declaring any trend.

Even if lower than last year, prices are still generally higher than they were before the pandemic, Landry said. McKee put it bluntly.

“No county in Maine is affordable at this point,” he said.