2021 Market Review & 2022 Market Forecast
MAINE - the way life should be is a phrase that appears to be resonating with more people, as indicated by the current real estate market here. The wonders of our state, from the coast to the mountains, lakes, rivers and all the culinary offerings in between are attracting more and more people. In 2021, 37% of real estate purchases were made by buyers from out of state, up from 33% in 2020. One statistic coming from the U-Haul Growth Index shows Maine as the #8 most popular destination for moves in 2021, up from ranking at #29. All of this popularity served as fuel for the raging real estate market as you can see in the charts below. In 2020 the median price of a home in Cumberland County was 350k and in 2021 it jumped to 425k - a 21% increase. York County saw the median home price rise to 365k in 2021, an increase of 45k from 2020 when a median home cost 320k. Androscoggin, a place where you can still find a home for under 300k, saw prices increase from 213k to 248k in 2021, a jump of 16%. Up in the Mid-Coast, homes in Sagadahoc went from a median price of 331k to 391k, an 18% increase.
Based on information from Maine Real Estate Information Systems, Inc. (d/b/a Maine Listings) figures pulled on January 14, 2022 for the period of January 1, 2021 through December 31, 2021 and January 1, 2020 through December 31, 2020.