This is Maine’s Most Expensive Neighborhood
The real estate market has shown tight inventory in most places for quite some time, with Maine fitting right in line with the trend, causing home prices to remain inflated. Depending on where you are looking and your budget, you may be able to get into a home pretty easily.
Generally speaking, homes are staying on the market for longer in recent months, mainly due to higher interest rates with an end result of less buyers. A lot of sellers are also hesitant to sell, as they are locked in at a lower interest rate. That said, the price of homes hasn't appeared to be affected, and remains on the higher end. The homes selling faster in Maine appear to be the lower-priced, smaller, and/or first-time homebuyer homes in the $250,000-$400,000 range.
If you want to live in Maine's most expensive neighborhood, the inventory appears to be a bit higher than some others, but are you able to afford to live in Falmouth? At the time of this article being written (November 28, 2023), there are 21 homes on the market in Falmouth, with only one of them listed for under $699,000.
Realtor.com recently gave this "honor" (if you want to call it that) to Falmouth, releasing the following stats:
- Median list price: $1,149,500
- Median square footage: 2,909
- Most expensive listing: $7,500,000
Home prices could go down slightly over the next couple of months, as a lot of buyers are focused on the holidays or not looking to move in the winter, but I wouldn't expect any drastic price drops in the near future.
The hopes are high for interest rates to drop in 2024, but no one knows if, when, or how many points they will drop.
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