Current home values in Maine

Home values have been rising throughout Maine and are up 6.1% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $396,460, Realtor says.

Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.

Here's how that works in Maine: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.

A 30-year mortgage for a $396,460 home at 3.33% would give a typical Maine homebuyer a monthly payment of $1,394, assuming a 20% down payment.

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How the Maine housing market stacks up

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The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.

While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Maine, they're predicted to rise 5.5%.

Homes right now are going on the market in Maine at a median price of $155 per square foot, versus $134 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
2020* $247,381
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

*2020 price average through March 31, 2020.

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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
2020* $387,163
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

*2020 price average through March 31, 2020.

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