Maine’s real estate market had a record-breaking 2020
AUGUSTA, Maine (WMTW) - For many industries, 2020 was one of the most difficult years to weather in recent history. However, that was not the case for Maine’s residential real estate market.
“2019 was an excellent year and 2020 was a record-breaking year,” said Madeleine Hill, 2021 President-Elect of the Maine Association of Realtors.
Last March, at the start of the pandemic, that kind of success was not a given.
“There was a lot of sputtering in the marketplace in March and April, and as the warmer weather, you know, came upon us in May and June, really the entire state of Maine accelerated,” said Aaron Bolster, owner of Allied Realty and 2020 President of the Maine Association of Realtors.
Each of Maine’s 16 counties outperformed 2019 for single-family home sales, with a statewide increase of 9.82%.
The statewide median sales price for 2020 was $256,000, which was up 13.78% from the previous year.
“Fifteen out of 16 counties had double-digit appreciation,” Bolster said. “That doesn’t happen in Maine.”
Aside from a few pockets of the state, Maine is largely rural, but it turns out that’s what people were looking for last year – lots of land, and some peace and quiet.
“Rural America has never looked so good,” Bolster said.
Massachusetts residents made up most out-of-state buyers, increasing the already high demand for homes in Maine.
“Out-of-state buyers are coming in; they appreciate working remotely. Everyone’s adapting to be comfortable doing that. They like our low taxes, they like our rural environment,” Hill said.
As far as 2021 goes, the state’s inventory of homes is still low, as are mortgage rates, but demand is high, and with teleworking now a norm, out-of-state buyers want to make Vacationland their home.
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