Yarmouth, ME Homes For Sale - Maine Real Estate | BEX Realty (2024)

FAQs

Where is the most expensive real estate in Maine? ›

Maine's most expensive home can be found in Mount Desert, a cozy town nestled on Mount Desert Island. The 10,918-square-foot waterfront home on a parcel of 6.03 acres is now available for $25 million. If it's privacy and luxury you crave, this estate offers plenty of both.

Median Home Price

The median home sale price in Maine as of April 2024 is $391,000, according to Redfin's monthly housing data. This is an increase of 1.8% compared to April of last year. However, keep in mind that Maine's housing inventory is diverse, including both more affordable and luxury options.

$410,347. The average Maine home value is $410,347, up 5.5% over the past year and goes to pending in around 10 days.

Falmouth Foreside takes the lead in Maine for highest income, boasting an average household income of $204,669, surpassing the statewide average by around $120,800, according to 24/7 Wall St.

According to World Population Review, Maine's largest landowner is the forestry, transportation, shipbuilding, and consumer products company, J.D. Irving. J.D. Irving is the only industrial landowner with over a million acres owned in the state, with roughly 1.25 million acres.

But as demand grows, so does price. The median home in Maine cost $380,000 in March of this year, an increase of 12.5 percent from March of 2023. Some realtors think this appetite to buy real estate and pay a higher price for it is the result of buyers growing accustomed to higher mortgage borrowing rates.

The richest county in Maine is Cumberland County with an average household income of $119,466 as of 2022 and 310,230 people as of 2023 according to the most current Census data available (citation).

Abundant Land Availability

Maine has many rural areas with abundant undeveloped land available. This includes coastal regions, forestlands, and farmlands that can be purchased at relatively low prices.

According to Bureau of Economic Analysis data for 2021, the average annual cost of living in Maine is $50,559. While according to data gathered in 2022 from MERIC, the Missouri Economic Research and Information Center, the state ranks 40^th in a list of states with the lowest to the highest cost of living.

The real estate market in Maine has seen steady appreciation in property values over the years. This trend can be appealing to investors looking for long-term capital appreciation.

Where is the cheapest place to buy a house in Maine? ›

Sanford tops the list of most affordable cities in Maine. This pleasant town is known for its scenic neighborhoods and historic buildings. One of the best ways to enjoy Sanford is by strolling through the picturesque landscapes. Mix in the placid lakes and lush forests, and you have a peaceful place to live.

The average property tax rate in Maine is 1.09%, which is only slightly higher than the national average of 0.99%.

Atherton, California: $10.05 million. This Silicon Valley city is the most expensive place in the U.S. to buy a home, by a wide margin. Prices soared nearly 43 percent from the first quarter of 2021 to the first quarter of 2022, according to ATTOM Data Solutions.

Hong Kong tops the list of the most expensive cities in the world to buy property! The demand for property is high for limited living space in this densely populated city.