The Maine real estate market is both cyclical and seasonal. Over the past five-plus years, our sparsely populated but growing state has experienced a real estate cycle that has outperformed the entire country in terms of home sale prices. According to the National Association of Realtors (NAR), Maine ranked #1 with overall price gains exceeding 73% from the first quarter of 2020 through the fourth quarter of 2024. It is interesting to note that rounding out the top five states were Florida, Montana, New Hampshire, and Vermont. Maine’s relative success, much like that of Montana, New Hampshire, and Vermont, stems from being a small state with a limited inventory of homes for sale and a surge of buyer interest in both primary and second homes.
