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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

Family rafting
DrCory / Twenty20
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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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About the Author

Doug Whiteman

Doug Whiteman

Former Editor-in-Chief

Doug Whiteman was formerly the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."

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The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.