More Mainers are struggling to afford housing as home prices rise

PORTLAND (WGME) — The Maine housing market shows no signs of slowing down.

New numbers show the median home price in three Maine counties is more than $500,000.

According to the Maine Economic Growth Council, 83 percent of households in Cumberland County were unable to afford a median-priced home last year, and prices continue to rise.

An October home sales report found that in three Maine counties, the median home price is now half a million dollars.

Statewide prices show homes are unaffordable for 79 percent of Mainers, up from just 56 percent in 2020.

But while those prices have risen over the years, Realtor Tom Landry says those numbers don’t reflect seasonal price fluctuations.

He says prices in the area have actually dropped over the past three months.

“Buyers, while they may be in a good position over the next few months to get you home with less competition, prices will come down, but we don’t expect that to be sustainable as people continue to move here,” Landry said.

Landry says it might be a good idea to get into the market now, even though rates are lower in the state because rates tend to go up each spring.