24/7 Wall St. Insights
- Rising demand and limited supply have driven U.S. home prices up by nearly 4% so far in 2024.
- In many popular coastal areas, price increases have far exceeded the national average.
- In Maine, however, not all oceanfront housing markets align with the broader trend.
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Bordering the Atlantic and Pacific Oceans, as well as the Arctic Ocean and the Gulf of Mexico, the United States has nearly 12,400 miles of coastline, more than all but a handful of other countries worldwide. Many of America’s coastal communities are among the most popular places to live in the country.
Of the more than 3,200 counties and county equivalents across the 50 states, fewer than 8% are located on the coast — yet these same areas are home to nearly 30% of the U.S. population. According to the National Oceanic and Atmospheric Administration, the population of coastal counties climbed by more than 40 million between 1970 and 2020.
While demand for real estate on or near an ocean has climbed in recent decades, the amount of available waterfront acreage is inherently fixed. With rising demand and limited supply, many coastal communities are reporting skyrocketing home prices, reflecting the nationwide housing shortage and ongoing affordability crisis.
Though home prices have fallen slightly in recent months, the housing market is still generally more expensive today than it was at the beginning of the year. According to data from Realtor.com, the typical American home was listed for $425,000 in September 2024, a $15,500, or 3.8%, increase from the median list price in January 2024.
In Maine, one of 23 U.S. states located along an ocean, housing prices have climbed even faster than average. Among the 5,537 homes statewide that were on the market in September 2024, the median list price was $450,000, about 11.8% higher than in January. Notably, however, not all housing markets in coastal Maine have followed this trend.
Of the 16 counties in Maine with available housing market data, eight border the Atlantic Ocean. In some of these places, home prices have climbed by more than 10% so far in 2024. In other coastal counties, price increases have been far more modest — and in two, a typical home is cheaper now than it was at the beginning of the year. (Here is a look at the most affordable housing market in each state.)
It is important to note that median list prices vary between $299,250 to $649,950 in these counties as of September 2024, the most recent month of available data. While some of these housing markets may be only modestly more expensive, or even cheaper, than they were at the beginning of the year, they are not necessarily affordable areas for a broad range of budgets. (Here is a look at the cities where most homes cost less than $125,000.)
These are the coastal counties in Maine where home prices have climbed or fallen the most in 2024. All eight oceanfront counties in the state, with available data from Realtor.com, are ranked on the percent change in median list price from January to September 2024.
Why It Matters
In recent years, limited supply and rising demand have fueled a surge in home prices. This year alone, the list price of a typical American home has climbed by about 3.8%. In many popular coastal areas, the same supply and demand dynamics that led to the ongoing housing affordability crisis have been even more pronounced. In Maine, however, not all oceanfront housing markets have gotten more expensive in 2024.
8. Washington County
- Change in median home list price in 2024: +18.7% (+$47,075)
- Median home list price in January 2024: $252,175 ($150,300 less than statewide median)
- Median home list price in September 2024: $299,250 ($150,750 less than statewide median)
- Median size of a listed home in September 2024: 1,455 square feet (245 sq. ft. smaller than statewide median)
- Number of homes for sale in September 2024: 268 (4.8% of all listed homes in Maine)
- Population: 31,096
7. Lincoln County
- Change in median home list price in 2024: +11.5% (+$61,712)
- Median home list price in January 2024: $538,250 ($135,775 more than statewide median)
- Median home list price in September 2024: $599,962 ($149,962 more than statewide median)
- Median size of a listed home in September 2024: 1,993 square feet (293 sq. ft. larger than statewide median)
- Number of homes for sale in September 2024: 195 (3.5% of all listed homes in Maine)
- Population: 35,466
6. Hancock County
- Change in median home list price in 2024: +10.5% (+$52,700)
- Median home list price in January 2024: $499,800 ($97,325 more than statewide median)
- Median home list price in September 2024: $552,500 ($102,500 more than statewide median)
- Median size of a listed home in September 2024: 1,774 square feet (74 sq. ft. larger than statewide median)
- Number of homes for sale in September 2024: 372 (6.7% of all listed homes in Maine)
- Population: 55,851
5. Knox County
- Change in median home list price in 2024: +10.3% (+$60,700)
- Median home list price in January 2024: $589,000 ($186,525 more than statewide median)
- Median home list price in September 2024: $649,700 ($199,700 more than statewide median)
- Median size of a listed home in September 2024: 2,031 square feet (331 sq. ft. larger than statewide median)
- Number of homes for sale in September 2024: 275 (5.0% of all listed homes in Maine)
- Population: 40,729
4. York County
- Change in median home list price in 2024: +7.2% (+$43,150)
- Median home list price in January 2024: $599,900 ($197,425 more than statewide median)
- Median home list price in September 2024: $643,050 ($193,050 more than statewide median)
- Median size of a listed home in September 2024: 1,706 square feet (6 sq. ft. larger than statewide median)
- Number of homes for sale in September 2024: 841 (15.2% of all listed homes in Maine)
- Population: 212,691
3. Cumberland County
- Change in median home list price in 2024: +1.8% (+$11,700)
- Median home list price in January 2024: $638,250 ($235,775 more than statewide median)
- Median home list price in September 2024: $649,950 ($199,950 more than statewide median)
- Median size of a listed home in September 2024: 1,786 square feet (86 sq. ft. larger than statewide median)
- Number of homes for sale in September 2024: 869 (15.7% of all listed homes in Maine)
- Population: 303,357
2. Waldo County
- Change in median home list price in 2024: -3.3% (-$15,500)
- Median home list price in January 2024: $472,500 ($70,025 more than statewide median)
- Median home list price in September 2024: $457,000 ($7,000 more than statewide median)
- Median size of a listed home in September 2024: 1,801 square feet (101 sq. ft. larger than statewide median)
- Number of homes for sale in September 2024: 213 (3.8% of all listed homes in Maine)
- Population: 39,772
1. Sagadahoc County
- Change in median home list price in 2024: -16.5% (-$99,000)
- Median home list price in January 2024: $599,000 ($196,525 more than statewide median)
- Median home list price in September 2024: $500,000 ($50,000 more than statewide median)
- Median size of a listed home in September 2024: 1,854 square feet (154 sq. ft. larger than statewide median)
- Number of homes for sale in September 2024: 79 (1.4% of all listed homes in Maine)
- Population: 36,868
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