Home Values Are Heating Up in Maine

At a time of low mortgage rates, see if homes in The Pine Tree State are a good deal.

Flags on a southern California street. Bill Chizek / Shutterstock

Thanks to low mortgage rates, it's an excellent time to buy or sell a home across the U.S. But what about in Maine?

Is the state's housing market too pricey for buyers? Not-so-great if you've got a home you want to sell? Or just right — for everybody?

Home values provide some answers. They indicate that the market in Maine is heating up, according to Zillow, though you might find vast differences from one city or one corner of the state to the next.

Current home values in Maine

Home values have been rising throughout Maine and are up 5.17% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $235,900 , Zillow says.

Could you afford that? Let's say you want to buy that mid-priced home using a 30-year fixed-rate mortgage at this week's average interest rate, which is a low 3.69%, says mortgage company Freddie Mac.

With the 30-year mortgage rate at 3.69% and the median home price for Maine at $235,900 , a representative monthly mortgage payment would be $1,084.47.

How the Maine housing market stacks up

Portland, Maine, USA coastal townscape.
Sean Pavone / Shutterstock
Portland, Maine, USA coastal townscape.

Property values in Maine are high by historical standards and are higher than what the typical house is worth nationwide.

The median home value throughout the U.S. is $229,600, which is up 4.88% from a year ago.

Zillow predicts U.S. home values will rise 2.2% over the next year, while in Maine, they're expected to rise 0.12%.

Homes are going on the market in Maine at a median price of $175 per square foot, versus $155 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

Maine home prices over the last 10 years

Year Avg. Price
2019* $233,063
2018 $223,750
2017 $208,658
2016 $194,258
2015 $185,758
2014 $181,442
2013 $175,933
2012 $171,083
2011 $169,442
2010 $176,108
2009 $172,425

*2019 price average through August 2019.

How much for an average-sized home?

Here's what a 2,500-square-foot home in Maine is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2019* $437,500
2018 $415,000
2017 $392,500
2016 $367,500
2015 $352,500
2014 $347,500
2013 $332,500
2012 $322,500
2011 $320,000
2010 $340,000
2009 $322,500

*2019 price average through August 2019.