By the Numbers | Maine Real Estate 2022

$8.25 MILLION
Sale price of “Floating Boulder” in Orland, pictured above. Represented by Elizabeth Banwell of Legacy Properties, Sotheby’s International Realty, this is one of the biggest closings of the year and the eighth highest residential sale in state history. Set on 483 acres around Craig Pond, the 5,867 SF home and guest cottage was custom built and landscaped over 15 years by an Irving Oil executive. See more pictures and read more about the property on the Legacy Properties blog.

15,743
Maine homes sold through Nov. 30, according to the Maine Association of Realtors. That’s almost 16% lower than sales through this time in 2021, which is representative of a national trend—the National Association of Realtors says that total home sales have declined for 10 months straight.

$325,000
Median sale price of a Maine home in November, up 8.3 percent from last year. The national median was $370,700, up 3.5 percent from last year. Source: Claritas via Maine Association of Realtors, National Association of Realtors

$236,223
Home price affordable to Maine’s median income in 2021, which was $63,421. Based on conventional debt to income ratios, experts advise that a household should use no more than 28% of their gross monthly income to cover mortgage, taxes and insurance Source: Maine State Housing Authority.

14.41%
Overall sale price increase for a home in Maine since this time last year. Price increases have leveled off from 2021, when the YoY was 22.47%. This is the 12^th fastest increase in the nation, according to Federal Housing Finance Agency data through Q3 2022. Florida (22.7%), South Carolina (18.41%), and Tennessee (17.92%) round out the top three.

16.93%
Overall sale price increase for a home in Portland-South Portland metro area since this time last year. Source: Federal Housing Finance Agency

36 YEARS OLD
Average age of a first-time home buyer in the U.S., which is an all-time high, according to the National Association of Realtors.

6.42%
National average interest rate for a 30-year fixed mortgage as of Dec. 29. This is more than twice the average rate this time last year, as calculated by Freddie Mac. The Mortgage Bankers Association reports that the average purchase loan on Dec. 16 was $398,000.