Maine Real Estate Summary

The Maine real estate market is mixed and growing.  With the cost of living being affordable and jobs coming to the state in droves, Maine relocations are increasing.  The unemployment rate is equal to the national average, but with a steady economy, the state has a positive outlook.   The population is moving towards city and suburban living, with more opportunities for jobs and better schools for the kids.

The Portland real estate market is slowly declining.  The number of houses on the market has decreased, but prices are up 10%.  Houses are selling between 30 and 60 days, for an average price of $190,000.  The sale price is 90 to 95% of the asking price.  The market is even amongst buyers and sellers. 

Bangor real estate is growing.  New construction is up, as well as activity on the market.  There are more buyers than sellers on the market, driving the prices up 5 to 10% higher than they were last year.  Houses are on the market for an average of 60 days before selling.  The average sale price is $175,000, and is close to 95% of the original asking price.