Great for Sellers, Bad for Buyers: Maine Homes Selling at Ridiculous Rate
Editor's note: This article was written by a Townsquare Media Northern New England contributor and may contain the individual's views, opinions or personal experiences.
Houses continue to fly off the market across the nation. And, according to a new article, Maine is blowing away the national average of time spent on the market.
The Bangor Daily News has been focusing on the out of control market and how it's affecting Maine buyers and sellers. The Daily News cites data from realtor.com and the Maine Association of Realtors showing that Maine homes are selling nearly four times the speed of the national average.
According to the Daily News,
Nationally, a typical home spent 34 days on the market in the United States in April, according to realtor.com's housing market data. The standard Maine home spent just nine days on the market, according to the most recent data from the Maine Association of Realtors.
This is relatively startling to read, but entirely believable. I'm sure everyone reading this has a family member or friend that has absolute horror stories of trying to find a home in Maine. Heck, I work with a guy who is ready to just give up.
Inventory continues to be the most pressing issue, the Bangor Daily News writes. According to the paper, there's just not enough inventory to stay up with demand and the ever-growing Maine population. I guess it took a global pandemic for America to realize what we all already knew: Maine is a great place to live.
Better news doesn't seem to be around the corner. According to the Daily News, Maine's median home price increased again last month. It now sits at $325,000. That's a 21% increase from March, according to the Maine Association of Realtors.
Best of luck to those stuck in this absolutely ridiculous battle. Hopefully normalcy isn't too far down the road.