© 2021 Maine Public
header.jpg
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations
Business and Economy

Maine Home Sales Continue Surge In January

After a record year for Maine real estate, house sales continued to surge in the first month of 2021.

According to new figures released by the Maine Association of Realtors, year-over-year sales jumped more than 18% in January, while median home prices were up nearly 16%, to than $255,000.

President-elect Madeleine Will says more than one-third of buyers are now from out-of-state so far this year, with many no longer just looking at southern Maine.

“They want a home they can recreate from. So a four-season, primary residence for them. Where they can ski. They can go to the lake. They can go to the river. It’s not just the cities of Southern Maine, but they like a rural environment, especially if they’re working from home, or homeschooling, or both. We’re seeing it across the state — it’s statewide,” she says.

Hill says scarce housing inventory and low mortgage rates have played a large role in the booming market.

“The small, sleepy towns that haven’t gotten a lot of attention in the past, maybe that have a slightly lower median sales price, is where buyers are looking,” she says.