Maine
Housing Market
The landscape of the housing market in Maine evolves with shifting home prices and demand. Houzeo’s housing market report tracks these changes in supply and demand across the Pine Tree State. Our report offers real-time insights to help you make informed decisions.
Overview
Supply
Demand
Buy or Sell
Market Insights
MigrationMaine Housing Market Overview
House prices in Maine show a 10% YoY growth as of January 2025. A steady increase in home prices indicates the strength of the housing market. Currently, the median home price in Maine is $415,600. Additionally, the number of homes sold has increased by 15.4% YoY.
You can also gauge market competitiveness through median days on the market. Homes in Maine now spend 61 days on the market before going under contract. These metrics collectively indicate changes in the Maine housing market’s pace and affordability.
What Does It Mean for Home Buyers and Sellers?
You can also gauge market competitiveness through median days on the market. Homes in Maine now spend 61 days on the market before going under contract. These metrics collectively indicate changes in the Maine housing market’s pace and affordability.
What Does It Mean for Home Buyers and Sellers?
- If You’re a Buyer: Maine housing prices have been climbing at a high rate, and so have mortgage rates. However, homes are spending a median of 61 days on the market, which suggests some room for negotiation. You could also wait until prices drop before buying a house in Maine.
- If You’re a Seller: You can profit from the growing prices and high demand near your area. But since homes now spend 61 days on the market, you may need to hurry and sell your ME home fast, before the market balances out.
Maine Housing Supply
Housing supply in Maine will only grow as new construction expands. Experts predict moderate inventory gains in 2025. Housing in Maine has increased by 29.1% year over year in January 2025. Currently, there are less than 5K homes for sale available in ME. The market leans towards sellers with just 3 months of supply. Fewer months than 6 indicate a seller’s market, while more months indicate a buyer’s market.
What Does It Mean for Home Buyers and Sellers?
What Does It Mean for Home Buyers and Sellers?
- If You’re a Buyer: You have more competition as the number of homes for sale is increasing rapidly. The high inventory is not able to compete with the increasing demand, and the 3-month supply period further works against buyers’ interests. This means that you will face a great deal of competition.
- If You’re a Seller: You need to act fast and sell your home before the ME real estate market starts to balance out. The rising inventory could lower demand and lead to fewer offers from buyers. Focus on staging and marketing your home to attract serious buyers.
Maine Housing Demand
The percentage of homes selling above the list price is a key indicator of housing demand. When more homes sell for more than the list price, it shows strong buyer competition and high demand. A decline suggests more supply. Tracking this trend can help you gauge market competitiveness.
In January 2025, 21.6% of houses in Maine sold above the list price, down by 5.7 points year-over-year. Meanwhile, 17.9% of homes sold after price drops. Both these trends are on the decline. The 97.3% sale-to-list price suggests price flexibility, with buyers typically paying below the asking price.
What Does It Mean for Home Buyers and Sellers?
In January 2025, 21.6% of houses in Maine sold above the list price, down by 5.7 points year-over-year. Meanwhile, 17.9% of homes sold after price drops. Both these trends are on the decline. The 97.3% sale-to-list price suggests price flexibility, with buyers typically paying below the asking price.
What Does It Mean for Home Buyers and Sellers?
- If You’re a Buyer: The current Maine real estate market has a few metrics that lean in your favor. The 17.9% of homes with price drops and the 97.3% sale-to-price ratio suggest that there’s scope for you to negotiate when buying a house in Maine.
- If You’re a Seller: You'll make good profits if you sell now. More homes are selling above than below list price. But with the 97.3% sale-to-list price ratio, make sure you don’t overprice your home. Until the market balances out with more inventory, you will experience high demand for your home in Maine.
Is It a Buyer’s or Seller’s Market in Maine?
Strong
Buyer
Buyer
Balanced
Seller
Strong
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Buyer’s Market
Seller’s Market
Seller: Housing demand exceeds supply and drives the prices up. Homes sell fast and get multiple offers from buyers.
Is It a Buyer’s or Seller’s Market in Maine?
As of January 2025, home sellers in Maine have an advantage due to increased prices and limited months of supply. Buyers have less leverage in the Maine housing market; though the 61-day market median can offer some room for negotiation.
Moreover, the current mortgage rate of 7.03% further squeezes buying power. The 29.1% increase in housing inventory could attract new buyers in ME. However, these statistics are not enough to catch up with the increasing average home price in Maine. Nevertheless, these trends vary significantly within Maine’s diverse real estate markets.
Maine Housing Market Insights
The Maine housing market is less competitive compared to the nationwide market. Nevertheless, the prices of homes in Maine are rising constantly. The median home price in Maine ($415,600) is 42% lower than the national median. Inventory trends in Maine show growing options for buyers. Currently, there are 4,913 Maine houses for sale available in the market.
Housing markets like Portland show trends similar to the ME housing market in general. Homes in Portland spend more than 65 days on the market. Maine housing market predictions for 2025 suggest continued growth in some regions. Nevertheless, the market will soon balance out as it adjusts to economic factors. For now, the Maine housing market favors home sellers. If you plan on buying a house in Maine, wait until the market balances out and home prices go down.
Housing markets like Portland show trends similar to the ME housing market in general. Homes in Portland spend more than 65 days on the market. Maine housing market predictions for 2025 suggest continued growth in some regions. Nevertheless, the market will soon balance out as it adjusts to economic factors. For now, the Maine housing market favors home sellers. If you plan on buying a house in Maine, wait until the market balances out and home prices go down.
Nationwide Migration Trends
Maine experienced significant inbound migration during 2024. It is currently the 7th on the list of states with top inbound migration. However, the cost of living in Maine is currently 111.5, that is, 11.5% more than the national average.
Many citizens move to Maine looking for a high quality of life, job opportunities, and a sense of community. Cities like Augusta, Bangor and Portland are some of the best places to live in Maine. Caribou, Presque Isle and Skowhegan are the cheapest cities to live in Maine. The median home sale price in Caribou is as low as $197,000.
Many citizens move to Maine looking for a high quality of life, job opportunities, and a sense of community. Cities like Augusta, Bangor and Portland are some of the best places to live in Maine. Caribou, Presque Isle and Skowhegan are the cheapest cities to live in Maine. The median home sale price in Caribou is as low as $197,000.
Frequently Asked Questions
How have home prices changed in Maine over the past year?
Ans: The median home price in Maine has continued to rise over the past years, driven by high demand and a relatively low housing inventory. The median house price in Maine has increased at an annual rate of 10%. You can check your home’s fair market value with a free home value estimator to know where you stand.
Are the values of property for sale in Maine dropping?
Ans: No, the average home price in Maine is increasing. Although it shows varied local trends, statewide prices rose 10% YoY in January 2025. Markets like Portland saw significant gains. Experts forecast continued growth through the year. However, an increased number of homes for sale in Maine may bring down the prices in overvalued areas.
What’s the average home price in Maine?
Ans: The average home price in Maine varies depending on location, size, and market conditions. It typically ranges from $410,600 for single-family homes to $476,000 for condos.
What is the Maine housing market forecast for 2025?
Ans: The Maine housing market is expected to first grow and then stabilize in 2025. The growing inventory could soon start to compete with the increasing median home sale price in the state. Nevertheless, the demand for homes in Maine may remain strong due to population growth. Furthermore, high interest rates could then temper sales.
Is now a good time for selling or buying a house in Maine?
Ans: Currently, sellers can benefit from the high demand and rising prices. However, if mortgage rates fall and there are more than 6 months of supply, it’ll be the best time to buy a house in Maine. Check housing prices and available inventory in the ME real estate before you make a decision.
How does the Maine housing market compare to the national market?
Ans: The Maine real estate market is slower than the US market in terms of the days homes spend on the market. Limited supply and high demand in ME result in the market being below the national average.
What are the steps to buy a home in Maine?
Ans: The steps to purchase a house in ME must start with a clear budget and a mortgage pre-approval. Browse homes in Maine for sale, make competitive offers, secure your loans, and then complete the closing process.
How can I list my Maine home for sale?
Ans: You can list your home on the Maine MLS using flat-fee services. Work with the best Flat Fee MLS company in Maine to save thousands on traditional Realtor fees.
What is the average mortgage rate for buyers in Maine?
Ans: The average mortgage rate for buyers in the ME real estate fluctuates between 6% and 7.5%. It depends on the market and your credit score. Always check current rates with lenders.
Is Maine expensive to live in?
Ans. The typical home in Maine costs a median of $410,600, with significant regional price variations. Maine’s housing costs exceed national averages by 11.1%, with ME rents reaching $1,477 monthly. You can check your area’s expenses using our free Maine cost of living calculator.
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