Cold weather isn't deterring homebuyers from flocking to Maine.
A new report shows that the median home prices in the Pine Tree State have skyrocketed 78.5% since 2019, marking the state’s largest increase. According to data from Pro Tool Reviews, median home prices jumped from $219,000 to $391,000.
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Maine's housing market is defying population trends. Home prices in the state are surging despite a modest 0.32% population increase since 2008 – significantly lower than faster-growing states like Texas and Florida.
Augusta, Maine's capital, experienced the most dramatic price increase, with a 22.1% jump. Neighboring New Hampshire isn't far behind, with a 76.4% increase.
Surprisingly, these new New England residents have substantial buying power. New Hampshire boasts the highest average down payment at $72,750.
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Rhode Island also saw significant price increases, ranking third with a 73% jump.
States Where House Prices Are Rising Fastest
| State | Median home price 2019 | Median home price 2024 | Median home price % change | |
| 1 | Maine | $219,000 | $391,000 | 78.5% |
| 2 | New Hampshire | $274,200 | $483,800 | 76.4% |
| 3 | Rhode Island | $278,600 | $483,300 | 73.5% |
| 4 | Idaho | $276,300 | $477,300 | 72.7% |
| 5 | Arizona | $268,200 | $454,600 | 69.5% |
| 6 | Connecticut | $249,500 | $422,500 | 69.3% |
| 7 | Vermont | $255,100 | $429,000 | 68.2% |
| 8 | New Jersey | $302,800 | $508,600 | 68% |
| 9 | Florida | $251,300 | $421,900 | 67.9% |
| 10 | Tennessee | $231,000 | $387,600 | 67.8% |
Source: Pro Tool Reviews
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On the other end of the spectrum, Louisiana boasts the most affordable housing market, with a median home price of just $254,000. Texas is second, with Oklahoma, Mississippi and Indiana rounding out the top five most affordable states.
Pro Tool Reviews determined affordability based on more than just the median home price. While Oklahoma has the lowest median home price at $240,300, the report also considered factors like average salary, average down payment and the frequency of homes selling above asking price to rank states.
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Most Affordable U.S. States To Buy A House
| State | Median home price 2024 | Average Salary | Average down payment saves time (years) | % of houses sold above the list price | % of houses with a price drop | |
| 1 | Louisiana | $254,000 | $54,134 | 3.5 | 13% | 27.3% |
| 2 | Texas | $351,900 | $60,364 | 4.4 | 16% | 32.1% |
| 3 | Oklahoma | $240,300 | $54,006 | 3.3 | 23.7% | 29.2% |
| 4 | Mississippi | $239,200 | $47,373 | 3.8 | 10.4% | 29.3% |
| 5 | Indiana | $255,900 | $51,104 | 3.7 | 24.9% | 36.1% |
| 6 | Missouri | $260,700 | $53,711 | 3.6 | 25.5% | 29.3% |
| 7 | Florida | $421,900 | $56,830 | 5.6 | 11.6% | 32.9% |
| 8 | Kansas | $266,800 | $51,463 | 3.9 | 17.5% | 28.5% |
| 8 | Iowa | $231,900 | $52,206 | 3.3 | 25.6% | 24.4% |
| 10 | Michigan | $255,700 | $57,230 | 3.2 | 39.9% | 23.9% |
Source: Pro Tool Reviews
According to the report, only 13% of homes sold for over the list price in Louisiana, where the average annual salary is $54,134.
"This represents the fourth-lowest figure of all states analyzed – 27.3% of homes in the state have their list price lowered before being sold," researchers said.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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