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Maine Home Prices Increased Nearly 17 Percent in 2021

PORTLAND, ME (January 20, 2022)Legacy Properties Sotheby’s International Realty, Maine’s leading luxury property company, with offices in Portland, Kennebunk, Brunswick, Damariscotta, Camden, and Northeast Harbor, announces that single-family existing homes across Maine remained in very high demand during the full sales year of 2021. According to Maine Listings, the statewide median sales price (MSP) reached $299,000 last year, a rise of 16.8 percent. The MSP indicates that half of the homes were sold for more and half sold for less. Sales also increased 2.41 percent.

“Overall, 2021 was a record-breaking year for residential real estate in Maine,” says Madeleine Hill, 2022 President of the Maine Association of REALTORS® and Designated Broker at Roxanne York Real Estate on Bailey Island. “The sales year ended with historic highs for the number of reported transactions (20,401) and median sales price ($299,000) since we began compiling data more than 21 years ago.”

Statistics gathered by Maine Listings for the month of December 2021 indicate a 12.22 percent MSP increase to $303,000 compared to December 2020. Sales eased 12.65 percent comparing December 2021 to December 2020.

“2021 began with positive momentum following the 2020 COVID shutdown. Since July, sales demand has been strong but constrained due to tight for-sale inventory availability,” says Hill. “As a result of the supply-demand imbalance, most markets have experienced decreased number of units sold but double-digit appreciation for median sold prices.”

The National Association of Realtors reported a 6.8 dip in December sales of single-family existing homes. Prices, however, rose 16.1 percent over the past year to a national MSP of $364,300. Regionally, December sales in the Northeast declined 15.7 percent and the regional MSP reached $384,600, a rise of 6.3 percent.

“As we move through the next year, we expect demand for residential real estate to remain high with buyers seeking the quality-of-life and safety offered by our beautiful state,” added Hill.

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of December 2020 and 2021 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the full 12-months of 2020 and 2021.

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and info@legacysir.com. Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, Camden, and Northeast Harbor, is Maine’s leading luxury and lifestyle property company with more than 80 agents and six offices serving Maine coastal communities from York County to Hancock County as well as Seacoast New Hampshire.

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