Residence costs are persevering with to spike throughout Maine, with a typical neighborhood seeing houses go up in worth by greater than $2,000 in only one month, based on newly launched Zillow knowledge.
It’s one other expensive improve of houses in a market that has turn out to be more and more costly, fueled by the shortage of housing and unprecedented demand from each these in Maine and throughout the area. The median improve for a Maine neighborhood was $2,100 among the many 358 communities for which Zillow makes knowledge obtainable.
The median month-to-month value improve was highest firstly of the yr, when the median improve in worth for a Maine neighborhood was $3,800 from December 2021 to January 2022 and $3,900 from January to February. It has declined since then, however has nonetheless been greater than $2,000 for 2 consecutive months.
The northern Penobscot County neighborhood of Patten noticed the best improve in worth from April to Could. Its median worth elevated from $116,900 to $122,700, a 5 p.c improve totaling almost $6,000.
In a rural area bordering Aroostook County, shopping for a house in Patten stays cheaper than almost all of Maine. However even it has begun to see its share of pricey houses. A $350,000 five-bedroom and $420,000 three-bedroom have been each bought final month.
A number of smaller communities within the Bangor space, together with Garland, Corinna and Howland, all noticed vital development as properly.
The biggest absolute improve occurred within the Hancock County city of Brooksville, the place a typical home went from $477,200 to $492,700, nearly $16,000 extra.
However many of the most costly housing inventory is positioned within the extra populous sections of the Portland metro area, which is basically why the general median dwelling elevated in Maine by $3,800 from April to Could.
Kennebunkport was second in absolute acquire, edging up by greater than $13,000 to make the median dwelling there value round $990,000. If values proceed to rise there, it is going to quickly turn out to be the first-ever location within the state the place the everyday house is value greater than $1 million. The median value of a home in Kennebunkport in Could 2019 was $657,000.
Acton, Cape Elizabeth, Yarmouth and Kittery Level, a village in Maine’s southernmost city listed individually by Zillow, all noticed will increase of greater than $10,000 as properly.
Of the 358 communities in Maine for which Zillow has knowledge, the housing values of solely 29 of them, or 8 p.c, declined.
The 1,600-population Hancock County city of Franklin noticed the biggest absolute decline, with houses happening round $5,600 in worth in only a month. Additionally dropping worth have been Corinth, Mount Desert, Millinocket, Milford, Hancock, Mechanic Falls, Veazie, Jackman and Lincoln, amongst others.
Portland noticed its median home go up by $5,200, Biddeford by $5,200, Augusta by $4,800, Bar Harbor by $4,700, Bangor by $1,600, Lewiston by $1,400, Skowhegan by $1,100 and Presque Isle by $900.
