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Report: Maine home prices increasing at rate not seen in decades

WGME Portland logo WGME Portland 1/22/2022 WGME

PORTLAND (WGME) – Prices for Maine homes are increasing at rates the state hasn't seen in decades, according to a new report from the Maine Association of Realtors.

The report shows the median sales price of a home in the state was $300,000 last year.

Experts say the state has seen the perfect storm of low inventory, fewer houses being built and a growing number of out-of-state buyers.

Right now, the city of Portland has fewer than 10 single-family homes on the market, and in Yarmouth, there aren't any.

Experts say their best advice for anyone looking to buy is to prepare well and move quickly.

“You have to be prepared. You have to be prepared to act very quickly. It's a fast-paced market, we're seeing record-low days on market for properties, so do your financing work in advance, make your wish list in advance, navigate which part of the state you want to be in,” Maine Association of Realtors President Madeleine Hill said. “And just hang in there. You know, you need to persevere in this market.”

Experts say the highest median price for a home is in Cumberland County, with York County being the second-most expensive.

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