Bangor, Maine Is The #9 Real Estate Market In The U.S. Right Now
If there's one thing no one could've totally predicted when the pandemic struck, is that people would start flocking to Maine like never before. Not on vacation, but literally packing up and moving here from all over the country. That has caused quite the kerfuffle in the local real estate market.
What makes us so special?
According to Fox ABC Maine and the Wall Street Journal, Bangor is the #9 hottest real estate market in all of the U.S. It makes sense in some ways. Especially when you compare what's going on up this way, to what's going on in Portland. Down there, houses are basically pricing themselves out of the local market.
Up here in Bangtown, you can still find a pretty decent house, for decent money. But it's getting harder all the time as the local inventory gets a little tighter all the time. A quick look on Zillow.com shows that there are only about 40 houses available in Bangor right now, priced anywhere from $80k - $750k.
Realtors are striking while the iron is hot.
Almost three years ago when my wife and I sold our Bangor house to move to Hampden, we got a full price offer on our house in like, a day and a half. These days, if I'd listed the same house, we'd likely have gotten well over the asking price, which seems to be the current trend.
Reilly Bowlin, a recent Bangor home buyer, said this to Fox:
People are offering well over asking price, so you never really know what the next best offer is, so that’s been the biggest struggle, just not knowing what my competitors are offering.
How long can it last?
Who knows how long it'll last, but eventually it'll likely have to slow down. The pandemic will slowly go away, and folks will think less about moving far away. But for time being, folks will likely keep coming in droves. We might as well welcome them in and try to make real Mainers out of them before they try to make New Yorkers out of us.