Maine
Housing prices rising thousands of dollars a month across Maine
House costs are persevering with to spike throughout Maine, with a typical neighborhood seeing houses go up in worth by greater than $2,000 in only one month, in response to newly launched Zillow information.
It’s one other pricey improve of houses in a market that has change into more and more costly, fueled by the shortage of housing and unprecedented demand from each these in Maine and throughout the area. The median improve for a Maine neighborhood was $2,100 among the many 358 communities for which Zillow makes information obtainable.
The median month-to-month value improve was highest in the beginning of the 12 months, when the median improve in worth for a Maine neighborhood was $3,800 from December 2021 to January 2022 and $3,900 from January to February. It has declined since then, however has nonetheless been greater than $2,000 for 2 consecutive months.
The northern Penobscot County neighborhood of Patten noticed the best improve in worth from April to Might. Its median worth elevated from $116,900 to $122,700, a 5 p.c improve totaling practically $6,000.
In a rural area bordering Aroostook County, shopping for a house in Patten stays cheaper than practically all of Maine. However even it has begun to see its share of high-priced houses. A $350,000 five-bedroom and $420,000 three-bedroom have been each offered final month.
A number of smaller communities within the Bangor space, together with Garland, Corinna and Howland, all noticed important development as properly.
The most important absolute improve occurred within the Hancock County city of Brooksville, the place a typical home went from $477,200 to $492,700, nearly $16,000 extra.
However a lot of the most costly housing inventory is positioned within the extra populous sections of the Portland metro area, which is basically why the general median dwelling elevated in Maine by $3,800 from April to Might.
Kennebunkport was second in absolute achieve, edging up by greater than $13,000 to make the median dwelling there price round $990,000. If values proceed to rise there, it should quickly change into the first-ever location within the state the place the standard house is price greater than $1 million. The median value of a home in Kennebunkport in Might 2019 was $657,000.
Acton, Cape Elizabeth, Yarmouth and Kittery Level, a village in Maine’s southernmost city listed individually by Zillow, all noticed will increase of greater than $10,000 as properly.
Of the 358 communities in Maine for which Zillow has information, the housing values of solely 29 of them, or 8 p.c, declined.
The 1,600-population Hancock County city of Franklin noticed the biggest absolute decline, with houses taking place round $5,600 in worth in only a month. Additionally dropping worth have been Corinth, Mount Desert, Millinocket, Milford, Hancock, Mechanic Falls, Veazie, Jackman and Lincoln, amongst others.
Portland noticed its median home go up by $5,200, Biddeford by $5,200, Augusta by $4,800, Bar Harbor by $4,700, Bangor by $1,600, Lewiston by $1,400, Skowhegan by $1,100 and Presque Isle by $900.