Maine Real Estate Market Trends & Analysis

The Maine real estate market appears to be at the forefront of the national recovery. Today’s most important indicators are almost all in a better place than they were even just a few short years ago.

Activity remains healthy, as sales prices, inventory, and sales volume have all saw increases from their 2018 counterparts. That, combined with a strengthening economic environment, has made real estate in Maine very attractive to prospective buyers and real estate investors alike.

Maine Real Estate Fees & Regulations

Real Estate

Closing Conducted by: Attorneys
Conveyance: Warranty or quitclaim deed

Foreclosure Procedure

Primary Foreclosure Method: Judicial
Process Period: 6 - 10 months
Notice of Sale: Court
Redemption Period: 90 Days

Taxes

Income Tax: 2% - 8.5%
Corporate Tax: 3.5 - 8.93%
Sales Tax: 5.50%
Estate Tax: 8% - 12%
Inheritance Tax: No
Median Property Tax: 1.09%
Property Taxes by County: http://www.tax-rates.org/maine/property-tax#Counties

Average Transactional Costs

Closing Cost: $2,497.00
Transfer Fee: 0.44%
Origination Fee: $1,854.00

Overview

  • Median Home Value: $235,900
  • 1-Year Appreciation Rate: +5.2%
  • Median Home Value (1-Year Forecast): +2.7%
  • Median Rent Price: $1,800
  • Price-To-Rent Ratio: 10.92
  • Average Days On Market: 62
  • Unemployment Rate: 2.9% (latest estimate by the Bureau Of Labor Statistics)
  • Population: 1,338,404 (latest estimate by the U.S. Census Bureau)
  • Median Household Income: $53,024 (latest estimate by the U.S. Census Bureau)
  • Percentage Of Vacant Homes: 22.84%
  • Foreclosure Rate: 1 in every 2,520

Maine Foreclosure Trends & Statistics

Tax Lien Investing

  • Tax Lien or Deed: Tax Deed State
  • Redemption Period: Varies by county