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The new winter wonderland for rich people – real estate prices in Maine rise by 79%

The cold weather doesn't stop home buyers from coming to Maine.

A new report shows that median home prices in the Pine Tree State have skyrocketed 78.5% since 2019, the state's largest increase. According to data from Pro Tool Reviews, median home prices rose from $219,000 to $391,000.

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Maine's real estate market is defying population growth. Real estate prices in the state are rising rapidly despite a modest population growth of 0.32% since 2008 – significantly less than in faster-growing states such as Texas and Florida.

Augusta, the capital of the state of Maine, experienced the most dramatic price increase, with a 22.1 percent increase. Neighboring New Hampshire is not far behind, with a 76.4 percent increase.

Surprisingly, these new New England residents have considerable purchasing power, with New Hampshire having the highest average down payment at $72,750.

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Rhode Island also saw significant price increases, coming in third with an increase of 73%.

Countries where real estate prices are rising the fastest

Condition Average home price 2019 Median home price 2024 Change in median home price in %
1 Maine 219,000 US dollars 391,000 US dollars 78.5%
2 New Hampshire $274,200 483,800 USD 76.4%
3 Rhode Island $278,600 483,300 USD 73.5%
4 Idaho $276,300 477,300 USD 72.7%
5 Arizona $268,200 454,600 USD 69.5%
6 Connecticut $249,500 422,500 USD 69.3%
7 Vermont 255,100 USD 429,000 US dollars 68.2%
8 New Jersey $302,800 508,600 USD 68%
9 Florida $251,300 421,900 USD 67.9%
10 Tennessee 231,000 US dollars $387,600 67.8%

Source: Pro Tool Reviews

Tendency: Will the upswing in property prices continue or decline? People are learning about risk-free real estate investments where you can cash out at any time.

At the other end of the spectrum, Louisiana offers the most affordable housing market, with a median home price of just $254,000. Texas is in second place, with Oklahoma, Mississippi and Indiana rounding out the top five most affordable states.

Pro Tool Reviews didn't determine affordability based solely on median home price. While Oklahoma has the lowest median home price at $240,300, the report to rank states also considered factors such as median salary, median down payment and how often homes sell for above asking price.

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The cheapest US states for buying a home

Condition Median home price 2024 Average salary Average down payment saves time (years) % of homes sold above list price Percentage of houses with a price drop
1 Louisiana $254,000 54,134 USD 3.5 13% 27.3%
2 Texas 351,900 USD 60,364 USD 4.4 16% 32.1%
3 Oklahoma $240,300 54,006 USD 3.3 23.7% 29.2%
4 Mississippi $239,200 47,373 USD 3.8 10.4% 29.3%
5 Indiana $255,900 51,104 USD 3.7 24.9% 36.1%
6 Missouri $260,700 53,711 USD 3.6 25.5% 29.3%
7 Florida 421,900 USD 56,830 USD 5.6 11.6% 32.9%
8 Kansas $266,800 51,463 USD 3.9 17.5% 28.5%
8 Iowa $231,900 52,206 USD 3.3 25.6% 24.4%
10 Michigan $255,700 57,230 USD 3.2 39.9% 23.9%

Source: Pro Tool Reviews

According to the report, in Louisiana, where the average annual salary is $54,134, only 13 percent of homes sold above list price.

“This is the fourth lowest rate of all states studied. 27.3% of homes in this state had their list price reduced before being sold,” the researchers said.

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Market news and data provided by Benzinga APIs

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