It's going to take a few years for supply to meet demand, and for prices to stabilize. Until then, high prices are going to be the “new normal,” expert says.
The days of sub-3 percent mortgage rates will end next year as the Federal Reserve tries to combat inflation, making it more expensive to buy a home but only slightly cooling Maine's hot real estate market, experts say.
Demand remains strong for existing single-family homes in Maine, while for-sale inventory is lower than a typical, balanced real estate market. According to statistics released by Maine Listings, sales eased 7.99 percent in November while prices.