Skip Navigation Links
Southern Maine Market Update
1/20/2025

Southern York County, Maine Real Estate Market Overview: Trends, Insights, and 2025 Predictions for Home Buyers and Sellers

The southern York County real estate market, including the towns York, Kittery, Ogunquit, Wells, Kennebunk, Kennebunkport, Eliot, and South Berwick, experienced dynamic changes from 2023 to 2024. Below, we summarize the key trends and reflect on what these shifts mean for both home buyers and sellers in the area.

York, Maine

  • Median Sales Price: $827,000 (up 13.3% from $730,000 in 2023)
  • Days on Market: 12 days (up 50% from 8 days)
  • Homes Sold: 201 homes (up 29.7% from 155 homes)
  • Available Homes: 180 homes (up 20% from 150 homes)

Kittery, Maine

  • Median Sales Price: $663,500 (up 3.3% from $642,500)
  • Days on Market: 10 days (up 42.9% from 7 days)
  • Homes Sold: 75 homes (up 13.6% from 66 homes)
  • Available Homes: 60 homes (up 25% from 48 homes)

Ogunquit, Maine

  • Median Sales Price: $1,196,500 (up 19.1% from $1,005,000)
  • Days on Market: 24 days (up 100% from 12 days)
  • Homes Sold: 28 homes (no change)
  • Available Homes: 55 homes (up 37.5% from 40 homes)

Wells, Maine

  • Median Sales Price: $627,950 (down 2.8% from $646,000)
  • Days on Market: 16 days (up 19.2% from 13 days)
  • Homes Sold: 176 homes (up 17.3% from 150 homes)
  • Available Homes: 227 homes (up 48.4% from 153 homes)

Eliot, Maine

  • Median Sales Price: $576,100 (down 3.9% from $599,750)
  • Days on Market: 11 days (up 83.3% from 6 days)
  • Homes Sold: 64 homes (up 6.7% from 60 homes)
  • Available Homes: 44 homes (up 12.8% from 39 homes)

South Berwick, Maine

  • Median Sales Price: $490,000 (up 0.3% from $488,750)
  • Days on Market: 5 days (down 16.7% from 6 days)
  • Homes Sold: 73 homes (up 30.4% from 56 homes)
  • Available Homes: 37 homes (up 68.2% from 22 homes)

Kennebunkport, Maine

  • Median Sales Price: $1,397,500 (up 11.7% from $1,251,000)
  • Days on Market: 32 days (up 128.6% from 14 days)
  • Homes Sold: 72 homes (up 20% from 60 homes)
  • Available Homes: 98 homes (up 42% from 69 homes)

Kennebunk, Maine

  • Median Sales Price: $713,123 (up 0.9% from $706,923)
  • Days on Market: 16 days (up 93.8% from 8 days)
  • Homes Sold: 168 homes (up 18.3% from 142 homes)
  • Available Homes: 156 homes (up 83.5% from 85 homes)

Based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/1/2023 through 12/31/2023 & 1/1/2024 through 12/31/2024 of single family homes. This material is based upon information which we consider reliable but because it has been supplied by third parties, we cannot represent that it is accurate or complete and it should not be relied upon as such.

Current Interest Rates and Market Forecast

As of January 20, 2025, average 30-year fixed mortgage rates are around 7.11%, while 15-year fixed mortgage rates are around 6.39%. These rates have been influenced by recent Federal Reserve rate cuts and inflation data (source).

Experts anticipate that mortgage rates may ease down in 2025 if inflation continues to decelerate. However, if inflation remains stubborn or rises, the Federal Reserve may need to raise rates again to control it. The consensus is that rates could drop slightly, but the exact trajectory will depend on economic data and Federal Reserve policies (source).

Housing Demand

Housing demand has been somewhat volatile due to economic uncertainties. While there was an initial expectation for rates to drop as inflation slowed, recent data shows that inflation has been sticky, leading to some uncertainty in the housing market. Demand may increase if mortgage rates drop further, making home buying more attainable (source).

Market Adjustments

The housing market is adjusting to these economic conditions. Banks and credit unions have responded to lower federal funds rates by lowering rates on deposit accounts, including short-term CDs. Additionally, regional banks may adjust CD rates to attract consumers away from Treasuries or money markets (source).

Reflections and Predictions for 2025

The data reflects a competitive real estate market in southern York County, Maine. The median sales prices have shown a general upward trend, with notable increases in towns like York and Ogunquit. However, areas like Wells and Eliot have seen slight decreases, indicating variability within the region.

The increase in the number of homes sold and available homes suggests an upward trend in homeowners deciding to take advantage of the strong real estate market. The significant rise in days on market in several towns points to a more competitive landscape, where buyers are taking a bit more time to make decisions.

Looking ahead to 2025, we can anticipate continued growth in home prices in popular coastal towns like York, Ogunquit, and Kennebunkport. The overall increase in inventory levels may provide more options for buyers, potentially stabilizing prices. However, the market's competitiveness means that sellers need to be strategic in pricing and who they work with to market their homes. Learn why we can be your best asset and partner when selling your home.

For more details and to get personal advisement for your real estate needs, meet our agents and contact us today.

HomepageAnne Erwin Sotheby's International Realty

YORK
31 Long Sands Road
York, Maine 03909
Phone: 207.363.6640

OGUNQUIT
19 Beach Street,
PO BOX 1188
Ogunquit, Maine 03907
Phone: 207.646.8802

Real estate website design, development and optimization by Organic Return