For the first time in decades, Maine homes are being valued above those in upscale Connecticut.
The average home in Maine is worth $349,000, about $1,000 more than the typical Connecticut home, according to recent data from Zillow.
While the difference isn’t substantial, it has been years in the making and cuts against Connecticut’s higher cost of living. It reflects both the substantial increase in the cost of housing in Maine and the downtrend in value that Connecticut homes have seen in recent years.
Many of Connecticut’s communities have seen difficult economic times in recent years, with the state seeing a lower GDP growth rate than Maine from 2020 to 2021, according to the U.S. Bureau of Economic Analysis.
Connecticut also had the fourth-lowest population growth rate in the U.S. from 2010 to 2020, according to U.S. Census data. Maine had the ninth-lowest growth rate, but its population had a growth rate nearly three times that of Connecticut’s during that period.
At one point in July 2006, Connecticut homeowners could value their homes at $160,000 more on average compared with those in Maine when adjusted for inflation in March 2022 dollars.
Since then, the value of Maine homes has shot up by over $41,000 in 2022 dollars while the value of Connecticut homes has declined by $119,000. Bridging the gap occurred gradually, with Maine only overtaking Connecticut in January.
Portland led the four Maine cities cataloged in the data by Zillow, with its homes gaining over $59,000 in value when adjusted for inflation. Augusta properties gained $43,000 in value and Lewiston’s $39,000, while Bangor was last among the four with a $15,000 increase.
Of the five Connecticut cities for which Zillow provided monthly data, all lost property value during that time. Stamford lost the most value, down $220,000 when adjusted for inflation. New Haven, New London, Hartford and Torrington each lost substantial value as well.
Maine homes ranked the 19th most valuable in the country, while Connecticut ranked 20th. The average Massachusetts home was valued at $566,000, New Hampshire $418,000 and Rhode Island $418,000, each with more value than Connecticut and Maine, while those in Vermont were valued less at $341,000.
None came close to the longstanding leader in housing value, Hawaii, where the average home is $864,000. Comparably, a home in West Virginia, the state with the lowest value, was worth almost seven times less at $131,000.