People From These 10 States Are Buying Homes in Maine the Fastest Right Now
It's not a big surprise for people in Maine to hear all about how hot the real estate market is in the state. Since the pandemic, people from across the country (and the world) have had their eyes and wallets locked on all of New England as a long term escape from big city life. A recent list released details the 50 towns and cities where homes are selling the fastest nationwide, and five places in New England are absolutely scorching hot.
But as the summer rush of real estate sales kicks in, it's still not just native Mainers vying for the small supply of housing inventory. Maine Listings has released data on where homebuyers are coming from when it comes to single-family home transactions in Maine for 2023.
Nearly 70% of the transactions have come from people who list their address in Maine. But that leaves 30% of the sales executed to people coming from other states. People from the following 10 states are buying up homes in Maine the fastest in 2023.
In Q1 of 2023, 170 different single-family real estate buyers in Maine came from Massachusetts. Massachusetts is the leader in people either moving or buying second homes in Maine. Massachusetts residents topping this list is hardly a surprise to native Mainers.
New Hampshire residents accounted for 89 single-family real estate transactions in Maine for the first quarter of 2023. There's generally a lot of New Hampshire to Maine transactions (and vice versa) thanks to job opportunities in both states, as well as easy commutes.
For many Mainers, Florida is the state they choose to move to when it comes to retirement age. Surprisingly, Florida residents accounted for 55 different single-family real estate transactions in the first quarter of 2023. That's a small jump from prior years and indicates the summer home market in Maine is still red hot.
Further indication that the summer home market in Maine is red hot is California being fourth on this list. California residents were involved in 40 single-family real estate transactions in Maine during quarter one of 2023. It's a bit surprising considering the travel time to and from California, but with remote work more prominent than ever, anything is possible.
During the height of the pandemic, single-family real estate transactions from New York residents was substantial. That has cooled off a bit, with only 40 residents of New York executing single-family real estate purchases in Maine during Q1 of 2023. Maine is clearly still a desirable destination for New Yorkers.
Maine has become more and more popular in recent years with Connecticut residents. More tourist towns and state parks are filled with cars with Connecticut plates. The surge in visitors has led to more people looking to make things permanent. Connecticut residents were responsible for 38 single-family real estate transactions in Q1 of 2023.
One of the most surprising states on the list and one that is seeing increasing frequency is Texas. Texas residents accounted for 26 single-family real estate transactions in Q1 of 2023 in Maine. Texas summers have become increasingly hotter, and Maine appears to have become a target as a reasonably inexpensive escape.
Native Mainers may scratch their head at Colorado being on the list. In many ways, Maine and Colorado are similar in climate, seasons, and even terrain, yet Colorado residents purchased 23 single-family homes in Maine in Q1 of 2023.
Another state that started showing its buying in Maine last year and is continuing the trend this year is Virginia. Virginia residents accounted for 23 single-family real estate transactions in Maine for Q1 in 2023. That's up from last year and demonstrates that Maine's climate, school system, and safety are being noticed more by out-of-state residents.
Rounding out the top 10 is Pennsylvania. Residents of the Keystone state didn't move to Maine in droves like many New York and New Jersey residents did during the pandemic. But Maine continues to be moderately popular with Pennsylvania residents when it comes to vacation homes. Pennsylvania residents accounted for 22 single-family real estate transactions in Q1 of 2023 in Maine.