Report Claims Two Maine Cities Will Be Among the Top 10 Performing Real Estate Markets in 2024

If you've been aggressively trying to find a home to buy in Maine or even just window shopping, you've likely noticed that there isn't a ton to choose from. Recent mortgage rates have slowly started to dip, and with the hope and expectation that the trend will continue as inflation continues to soften, homebuyers should expect to see the housing market begin to recover.

This doesn't mean that we will be back to normal in 2024; it just means that we will likely see an increase in inventory. According to the National Association of Realtors (NAR), they are predicting a 13.5% increase in home sales this year.

That's potential good news for those of you who may be looking in the area of Maine's biggest city. The NAR also states that the market of Portland and South Portland are #9 on a national list of markets with the most "pent-up housing demand". What does that mean? Good question. It just simply means that these two cities are among the top in the country that will recover faster due to falling interest rates and increased income.

The NAR also stated that some of these markets in their top 10 list could see inventory rising around 30%, which is pretty astronomical if you think about it. They stated that more potential sellers, faster income growth, and more renters being able to afford to buy a home are all factors making Portland and South Portland an easier place to purchase a home. Whether this will also come into play with other Maine markets is unknown.

It's always important to remember that these are just predictions, and they don't always turn out to be the case. But if the NAR turns out to be on track, this is great news for homebuyers looking in the area.