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Poll results

Sponsored by: OTELCO

While the pandemic has crippled many parts of Maine's economy, the state's residential real estate market is booming.

In October, sales of single-family existing homes skyrocketed by 27% over the number in October 2019. Prices soared too, up nearly 25% over the previous year. And the October increases were even more than double-digit ones in September.

Much of the boom is driven by out-of-state buyers, perhaps attracted by Maine's success in controlling the spread of COVID-19. But as cases of the disease grow exponentially across the state, it's not clear how long that lure will continue.

 

Will Maine's hot home-sales market get even hotter in the months ahead?
Yes (55%, 139 VOTES)
No (45%, 113 VOTES)
Poll Description

Sponsored by: OTELCO

While the pandemic has crippled many parts of Maine's economy, the state's residential real estate market is booming.

In October, sales of single-family existing homes skyrocketed by 27% over the number in October 2019. Prices soared too, up nearly 25% over the previous year. And the October increases were even more than double-digit ones in September.

Much of the boom is driven by out-of-state buyers, perhaps attracted by Maine's success in controlling the spread of COVID-19. But as cases of the disease grow exponentially across the state, it's not clear how long that lure will continue.

 

  • 252 Votes
  • 4 Comments
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4 Comments

  • November 25, 2020

    Why live in the city if you can work remotely? Maine will be a hot spot to move to for years to come. Hopefully, people will build and add to our rural economies.

  • November 23, 2020
    As a Broker/ Realtor with Keller Williams in Portland, I frequently get asked this question by buyers and sellers. There were several drivers in place BEFORE Covid started. One is the baby-boomer phenomenon. It started in approximately 2012 when a Boston developer managed to build the first Luxury high-rise [The Bay House] drawing primarily from city residents of major East coast cities and suburbs. These buyers were looking for a high walkability score and close access, to culture, good medical care, and of course our award winning restaurant scene. Not to mention that we are positioned perfectly within 2-5 hour drive from most of the East coast. Another simultaneous driver was internet driven, some could now work remotely, and thus sought out a quality life style choice. We realtors were experiencing multiple offers in moderation in 2015-2016. In 2017 things started to pick up speed and in 2018, the downtown market had reached a high pitch with properties going for 20-60k over list price. In April when the Covid market hit. It was as if, everything was on steroids. The same drivers were in place, but they became more urgent and pressing, due to Covid factors. Employers were forced to let employees work remotely so many migrated from NY, NJ, Conn., and even Washington DC! And now that google has allowed some of their work force to work remotely, CA silicon valley residents have started to arrive. The "Work Remotely" phenomenon has now become tried and true. Corporations have made their adjustments, and will continue to make adjustments. The day of needing to find employment where you reside has come and gone. Regardless if Covid goes away, People have now found a way to follow their hearts, and their hearts are leading them to Maine. Deborah Barouch/Broker/ Keller Williams Realty.
  • November 23, 2020

    The surge in values is partially due to out of state movement. However, the top 10 zipcodes for sales in Cumberland County are from within Cumberland County. 2021 will continue with upward pressure on prices due to the low inventory of available homes.

  • November 23, 2020

    Once people receive the vaccine, I think they will take their time deciding to move to Maine. Hopefully, they will still come, but I think there will be less frenzy.