Cheapest places to buy a house in Maine?
This Maine real estate market report runs down where you can get your best bang for your housing buck. It also answers other current market questions that come up daily running a Maine real estate office.
The lower priced Maine real estate is part of the attraction. But so are the home grown local community events and all natural recreation options to consider in Maine. That’s no bull.
First things first, the current Maine real estate market highlights.
Have to set the stage on what’s shaking now in Maine listing sales. For the fourth month in a row, Maine house sales increased. Maine is in the top ten states for desirability due to lower prices, less crime, little traffic in rural areas especially.
Maine has a very low percentage of renters, more home owners.
The state’s available Maine housing inventory is the ninth-lowest in the nation.
The latest figures from Maine Listings via the ME Association of Realtors shows 1,180 homes changed hands, up nearly 4 percent.
The Maine median sales price increased over 7 percent. Maine is a more affordable state for owning your own house. Especially as you head up into the rural interior areas away from the pricey coastline.
Because Maine is such a large state, the real estate market report is not a one size fits all.
You cannot broad brush sum it all up accurately without breaking down the numbers. Listing inventory continues to be in short supply and multiple offer situations are still happening.
Waterfront real estate listing sales especially are often bidding wars with the higher than list, cash buyer seeking few if any contingencies coming out on top.
When you list and sell properties in Maine, the housing, just land, small business properties, apartment, etc all the markets within a market behave differently. Region by region no two market property listing segments show you the exact same statistic.
Where are the majority of Maine single family house buyers coming from in the current real estate market?
Maine Listings data tracking buyer zip codes says the majority statewide are from Massachusetts (7.44%) and next New Hampshire (3.88%). Florida house buyers purchasing in Maine come in at nearly 2% of the transfers, Connecticut at over 1.5% of sales.
The states with the highest house sale price tags are another group paying cash for Maine houses, other property listing types. The attractive to sell high there and buy much lower in rural Maine is a trend.
Interest rates are not a factor for a Maine housing buyer purchasing with cash. Here’s a sample of what house prices in Northern Maine property listings look like to compare to where you currently live on the planet now.
The cheapest places to buy a house in Maine?
Despite Maine’s healthy brisk housing listing sale numbers, the National Association of Realtors reports a housing sales dip of 2.1% across the country.
Slicing and dicing the Maine real estate market into the sixteen counties and individual communities tells the real listing sales story. Study the latest Maine Listings PDF real estate listing sales housing report.
Aroostook County is the lowest median priced for buying a house.
The average price is $158,132 and house sales are down over 16% due to sold out, lack of inventory.
House prices in Aroostook County are up 1.80% this year compared to last. When an area of Maine has smaller salaries, the property listing prices on all the real estate is lower too.
Kinda like money is taken out of the equation and many locals can do their own household repairs.
Skills taught earlier in life are tapped into to make later living easier and less costly.
To show the contrast, Maine’s Cumberland County numbers show housings sales are down 2.35%. But the media house price in Cumberland County is up 6.24% from $536,500 last year to
$570,000 in 2024 YTD.
You better make more money, have a higher paying salary to pull of buying a house in Maine in the more expensive coastal zip codes.
The closer to population you get, the higher the Maine house price tags increase. The cost to insure your Maine house goes up too along with the price to pay for property repairs.
Quite a contrast huh in how things shake, rattle and roll real estate wise in Maine?
As a Maine real estate broker for close to 45 years, I’ve witness first hand in the foxhole trenches a wide variety of markets.
But one factor remains the same, everyone is on the hunt for the lowest cost places to buy a house in Maine.
But what really gives the wrong information is the one stat for the entire state of Maine for median sales price, the days on market, for anything that tries to size up “Vacationland”.
If you are searching for Maine real estate, my advice is don’t try to cover the entire state.
Instead, do your online homework first, then take a trip to sample ME.
Once you find the area that matches your lifestyle interests best and pleases your wallet at the same time, drill down into any and all new property listings.
Otherwise, you will need a helicopter or private jet to zig zag back and forth like a dragon fly to tour the communities, the property listings in it helter skelter.
Draw a circle of how far you want to be from a hospital, your job, schools, Walmart, a golf course, a lake, the wood land rec trails.
Then take a deep dive into what is available and be patient.
To find the cheapest places to buy a house in Maine.
Study what comes up that matches most of the items on your “gotta have / don’t want” Maine real estate property listing search list.
Selling a house out of state and buying a new one to replace it in Maine.
When the new Maine house is in a attractively priced rural area, be prepared to have money left over.
It’s the trend shown in other earlier Maine house sales real estate property listing reports.
Living free and clear, debt free and caught up helps you enjoy life fully.
Living in the 4th lowest crime state of Maine does not hurt either.
Rural Maine the cheapest places to buy a house.
No one wants to have two and three mortgages to struggle to make ends meet.
Your home is the largest investment most of us ever make right?
Everything subject to change for Maine real estate house listings sale prices and supply of what is available on any given day.
Thank you for stopping by!
Hope this Maine blog post is helpful.
That’s the current run down on cheapest place to buy a house in Maine, other current factors in the state’s real estate list.
I’m Maine REALTOR Andrew Mooers, ME Broker
207.532.6573 | info@mooersrealty.com |
MOOERS REALTY 69 North ST Houlton ME 04730 USA