In York County, Maine, the real estate market is booming, making it one of the top-10 places for second-home purchases in the country. According to data from Pacaso, a real estate site, there has been a significant increase in people buying second homes in the area.
Matthew Spillaune, who bought a second home in Maine twenty years ago, highlights how the prices have skyrocketed since then. He believes it’s becoming tough for average folks, like those working for the town of Ogunquit, to afford living in such a small town.
Dan Brennan, the director of MaineHousing, doesn’t think that second-home buyers have a big impact on the housing crisis in Maine, especially for those seeking assistance from programs or services.
However, Carolyn Weller, the broker and owner of Remax Realty One in Ogunquit, points out a downside to the trend. More homes are turning into investment properties, either as rentals or short-term rentals, reducing the availability of homes on the market.
Weller notes that the majority of second homes are purchased by people from out of state. These homes, often priced over a million dollars in places like Ogunquit, may not be the same type that local Mainers are looking to buy.
Even with low inventory, the demand for homes remains high. Weller mentions that interest rates have slowed things down slightly, but people are still spending money to have a home on the southern Maine seacoast.
According to Remax Realtor One Managing Broker Robert Coles, many properties in Ogunquit are now priced at a million dollars or more. Despite the challenges, Weller sees some positives in out-of-staters buying second homes in Maine, as they contribute to local taxes without heavily using services like schools.
Coles concludes that second-home buyers are playing a role in keeping the real estate market strong.
