Low housing inventory squeezes Midwest real estate
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Maine's housing market saw record-low inventory in 2023, with high buyer demand and climbing interest rates contributing to the squeeze. The state needs approximately 84,000 more houses in the next seven years to accommodate its existing population and expected newcomers.
Maine's housing market is facing a severe shortage. The annual median home sales price reached $360,000 in 2023, up from $315,000 in 2022. Only 13,600 homes were sold, the fewest since 2013. The state has less than three months of housing supply, with real estate professionals considering a balanced market to have a six-month supply. To address the issue, Maine needs to increase its total number of homes by about 11%. The development of affordable and accessible homes is key to solving the supply and demand problem.
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