Maine Real Estate Market May 2022: Forecasts + Trends

Maine real estate trends (May 2022)

How is the real estate market in Maine?
🏠 Average home value: $345,248	📈 0.22% home value increase month over month
💰 Median sale price: $351,000	⏳ 52 days on the market
🔑 Homes on the market: 3,326	📆 3.9 months of housing inventory
🏦 30-year mortgage rate: 5.59000%	💵 Average income: 59489
State of the market: B+
Values and sales prices of real estate in Maine continue their steady decline. With the large inventory in the state, the market may start slowly cooling.
_{Data last updated May 2022}*

Lobster rolls, wild blueberry pie, and seafood chowder are just a few of the delicacies you might encounter in Maine.

The Pine Tree State has a stunning natural landscape that ranges from sandy beaches to shining lakes to rugged mountains. It's also the most heavily forested state, with 83% of its land covered by trees.

Residents and visitors alike can enjoy Maine's many quaint, rural towns, or embark to Portland for fine dining, shopping, and more.

If you're thinking of buying or selling in Maine, these Maine housing predictions and stats can help you make an informed decision.

Want to save money when you buy or sell your home? With Clever, you'll only pay 1.5% or $3K in listing fees. Eligible buyers get cash back after closing. Find out how much you can save with Clever today!

Selling a home in Maine

Maine real estate market forecast for sellers
⏰ Homes are selling 3 days slower than the annual average	💰 Homes are selling for $12,404 more than the annual average
💸 Average listing commission: 2.66%	💸 Average buyer's commission: 2.46%

How to sell a home in Maine

Cost to sell a home in Maine

Buying a home in Maine

How much home you can buy with $300,000 in...
🏠 Portland: 977 sq ft	🏡 Augusta: 2,000 sq ft
🏡 Bangor: 1,935 sq ft	🏠 Lewiston: 1,667 sq ft

Investing in Maine real estate

Best of Maine

Each month, we compare locations in Maine based on different criteria. This month, we're looking at levels of happiness and ranking the best counties in the state.

Happiest Counties in Maine
1. Sagadahoc County
2. Cumberland County
3. York County
4. Hancock County
5. Knox County

Ready to buy a home in Maine? Eligible buyers get cash back with Clever!

Worst of Maine

Each month, we compare locations in Maine based on a different criteria. This month we're looking at levels of happiness data. These are the counties that ranked the worst in the state.

Least Happy Counties in Maine
1. Somerset County
2. Aroostook County
3. Piscataquis County
4. Washington County
5. Oxford County

Maine resources

Frequently asked questions about Maine real estate

It is currently a seller's market in Maine, but this could be changing. Properties are sitting for longer periods and inventory is building up, giving buyers some leverage to negotiate a lower price than what’s listed. However, each local area has its own trends, so it’s best to consult with a real estate agent to help guide you with your decisions.

Investing in Maine real estate is a good idea, especially in more populous areas like Portland. But if you want to make the most out of your investment, you first need to find the best neighborhood to buy in and create a solid property management plan. Read our guide to real estate investing to find out more.

Now might not be an ideal time to purchase a house in Maine. Listing prices and mortgage rates in the state are much higher than normal, so you’ll need the help of a skilled real estate agent if you want to get a good deal.

Methodology

Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, Bankrate, the U.S. Census, and Clever surveys. Our team of over 20 real estate analysts from across the country research local markets and data to compile our "Best" and "Worst" rankings.

Maine Real Estate Market in 2022: Forecasts + Trends