There’s simply no doubt about it. Despite the pandemic making us feel like we’re on a roller coaster going “up and down and ’round and ’round,” house prices in Maine have done nothing of the sort. They’ve done nothing but go UP-UP-UP. In fact, according to a just-released report in the Portland Press Herald, the median price of a house in Maine skyrocketed to $300,000 in November 2021, up 11 percent from the median price recorded in November 2020. But it gets even better. Here in Kennebec County, the median price was up fully 18.57 percent! In plain English, that means the astonishing seller’s market in Maine is still red-hot—and “List Your House” is now a smarter strategy than ever!
What’s Behind Skyrocketing House Prices in Maine?
For nearly two years now, the highly disruptive pandemic has created the PERFECT time to sell your house in Maine. Part of the reason for that is simple, Maine is mirroring 2020-2021 trends in the U.S. at large, with historic-low interest rates and reduced supply. But there’s another, extremely interesting factor at play—one that is very specific to Maine …
Home Buyers Want to Live “The Way Life Should Be”
You’ve probably heard the expression “People Vote with Their Feet.” It’s usually used to describe why folks move to lower-tax states or to states where the quality of education will be better for their children. But it turns out that, since 2020, more than 26,000 people have “voted with their feet” to move to Maine—mostly from other parts of the U.S.—to enjoy our world-famous down-home, low-crime, tight-knit-community lifestyle. In fact, the U.S. Census Bureau just released a report declaring the population of Maine rose from “in-migration” (migration from other states) at one of the fastest rates of growth in the country. And the Bangor Daily News additionally reported it was the largest population surge into Maine in more than 20 years.
So what do these thousands of new Mainers—and highly motivated home-buyers—find so irresistible about Maine? As WGME-TV just reported in “How 2021’s Population Spike Impacted the State’s Real Estate Growth” many of these people are now able to work remotely … live exactly where they WANT to live (that would be Maine!) … yet retain their “big city salary” earned from companies based in Boston or Hartford or across the globe. And that has generated an entirely unexpected—and surprisingly beneficial—opportunity for every Maine homeowner in a position to sell their property to reap big profits NOW.