Home Values Rising in Maine Amid Coronavirus Crisis
See how the housing market is doing in the Pine Tree State during COVID-19.
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.
How the Maine housing market stacks up
Maine families can take advantage of being on the water and rafting
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.
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.
