The Top 10 Hottest Real Estate Markets in Maine Right Now
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.
It's not breaking news that Maine's real estate market is on fire!
If you are looking for a house, you know - it's pretty crazy right now. Or if you are sitting in your home, you are probably sitting on a gold mine, but a tricky one. Sure you could probably sell your house for a small fortune, but according to MaineBiz, you're gonna need a bigger fortune to buy something else! MaineBiz listed cities and towns with the hottest home sales right now. The number one place is a bit surprising...
We know it's beautiful and apparently, the word is out! Home sales shot up 26% in 2021 and the average price of a home in Belfast also shot up. In 2020, the median price for a house was $245,000 and in 2021 was up to $300,000. That's the second-highest jump on the list!
2. PRESQUE ISLE
Home sales were up 21.6% and that got this small city wayyyy up north on the list for the very first time!
Not shocking that Portland had a boom in home sales up 20.6%. The shocker might be the price tag up from $365,000 to an average of $463,000. That's an increase of almost 27%. My brother was thinking about moving here from Idaho - but prices (oh and that pesky winter) will probably keep him away.
4. OLD ORCHARD BEACH
Can you imagine living here? Home sales were up 18.6%, so many people can! An average home will run you about $362,500 up 20.8%.
Home sales are up 15.2% in Westbrook. Remember when Westbrook was the place to move OUT of? Now with Rock Row, it's THE happening place and not cheap. The average price of a home right now is $340,000 up 17.2%.
It appears that the spillover from the Lewiston / Auburn area is Lisbon. Home sales were up 14.5% and prices were up 12.4%. The average home in Lisbon will run you around $240,000 or about half of the price to live in Portland. Might be why home sales were up 14.5%!
It's so beautiful in Naples with Sebago Lake as your backdrop. Home sales are up 12.1% and prices went up almost 17%. The average price of a home last year was $300,000. I predict next year Naples will move up on this list. Shhhhh, don't tell New York!
Bangor is Maine's third-largest city behind Lewiston. It's a couple of hours north of Portland but seems like a quick drive when you are going to a concert. Home sales were up 11.2% in 2021 and prices were up 11.2% also. It's a bargain in Bangor with the median price for a home a comfy $198,000.
With home sales up 9.8% and less than an hour from Portland, Augusta is expanding. The average price of a home is around $200,000. Plus you could brag to all your friends that you live in Maine's capital!
Welcome to the new Cape Elizabeth. Home sales last year were only up 7.4% making Scarborough coming in last of the top 10. But there's a reason for that. The average sale price for a home in 2021 for Scarborough was (I hope you are sitting)...HALF A MILLION DOLLARS! Yes, $500,000! Holy cow! Homes in Dallas, Texas are 51% cheaper! If you have a friend who lives in Scarborough, tell them to sell their house and get 2 in Augusta and have 100 grand to spare!