The Portland area is expected to see the fastest increase in home prices in 2022, outpacing other large metro areas in the country, according to an industry analysis.
An analysis by Realtor.com predicts that median sale prices in Portland-South Portland will be 10 percent over the 2021 level while prices nationwide will increase by only 2.9 percent.
However, the number of home sales in the Portland area is expected to drop by a small margin — 0.2 percent — in 2022. Sales nationwide are expected to increase by 6.6 percent, the analysis says.
It’s in line with trends Maine has seen in recent months with decreasing home sales being driven by a continued increase in costs.
The 2,085 homes sold showed a decline of 10.9 percent last month compared with October 2020, while the median sales price for an existing single-family home reached $308,000 last month, a 10 percent increase compared with the same time last year, according to the Maine Association of Realtors.
Meanwhile, in terms of median sales price across the state, prices increased in all 16 of Maine’s counties.