Median sale prices for properties sold in July 2022 increased 12.38% to $354,000 as compared to July 2021 while the number of homes sold dropped by 15.28%
In Cumberland County
Median sales prices for properties sold during the past rolling quarter increased by 12.44% to $506,000 as compared to the same time period in 2021 and the number of homes sold dropped 9.96%
In South Portland
Median sales price for single family homes sold in July 2022 increased 18.8% to $505,000 as compared to July 2021 and the number of homes sold dropped by 13.1%.
The median number of days for a home to be on the market before going under contract in South Portland was 6 days and those homes received 110.4% of the asking price, reflecting the lingering low inventory, high demand and continued multiple offers.
The air is changing though!
Interest rates have risen and we are starting to see some properties sit on the market a bit longer with a handful of price drops showing up—something we have not seen in a long time!
Contact us today to learn how the local market has effected the value of your home.
Statistical information is from Maine Real Estate Information Systems