2016 HIGHLIGHTS
PORTLAND, ME
-2.82%
AVERAGE RESIDENTIAL SALES PRICE: $313,897
-28.57%
AVERAGE DAYS ON MARKET: 45
The Price is Right

Across the state, homes in the $250-300K range sell quickly and demand is expected to continue in 2017. Portland, where brokers predict a slight increase in average residential sales price in 2017, will remain a fast paced market comprised of low inventory, with expected growth in condo sales.

Decreasing Average Days on Market

Low interest rates and more desirable housing prices have led to decreases in average days on market in Portland, which experts predict will continue. This number is expected to be higher in other areas, like Rockport, where the market is more balanced. Given low interest rates, units in the $250-300K range are seeing many sales above asking price.

+ 22.41%
BANGOR, ME
2016 NUMBER OF UNITS SOLD
[ 852 ]

Market Makeup

Single-family homes are driving sales, and there is also an increasing demand for condos in Portland. RE/MAX brokers predict this trend to remain in 2017. Move-in ready properties at price points at or below $300K are fueling the Maine market across the state.

Diverse Mix in Maine

Unlike other states dominated by first-time buyers, Maine is comprised of a diverse housing market, and also includes move-up, move-down and luxury buyers. Millennials in particular are attracted to economic opportunity and lower prices.

Strong Luxury Market

The luxury market is expected to grow in areas like Portland, where brokers predict heightened interest in the condo market in 2017. Various future condo developments and investments are also on the horizon in the region, which will contribute to future growth.

STATEWIDE TRENDS

Average residential sales price remains steady throughout the state, with the exception of Portland, which has gradually increased. With a reduction in average days on market over the last four years, buyer demand remains strong across Maine and is expected to continue into 2017.

FEATURED MARKETS

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CONNECTICUT

MASSACHUSETTS

NEW HAMPSHIRE

RHODE ISLAND

VERMONT