Suppose real estate is the most significant investment a majority of people make in their lifetime. In that case, it’s best to understand the places in Maine with best potential return on investment.
After working in real estate adjacent roles for over a decade, I had the hypothesis that the best place to buy for a return on investment would be up-and-coming cities. Smaller cities where crime might be high now, but people still move to.
To test my hypothesis, we are going to look at places in Maine that are growing faster than average, but where home prices are below average, and crime rates are higher than average.
In everyday terms, these might be “deals”. The best deal in Maine at the moment according to Saturday Night Science? That would be Gardiner.
Table Of Contents: Top Ten | Methodology | Summary | Table
The 10 Best Places To Buy A Home In Maine For 2024
The methodology that wen’t into this can be a bit complicated, so we’ll break it down for you in as much detail as we can below.
For more Maine reading:
- Best Counties To Live In Maine
- Best Places To Raise A Family In Maine
- Best Places To Retire In Maine
The 10 Best Cities To Buy A House In Maine For 2024
/10
Population: 5,994
Median Home Price: $276,768
Population Change: 0.8%
Home Price Change: 12.9%
More on Gardiner: Data | Crime | Cost Of Living | Real Estate
/10
Population: 6,953
Median Home Price: $360,086
Population Change: 0.9%
Home Price Change: 9.9%
More on Belfast: Data | Crime | Cost Of Living | Real Estate
/10
Population: 6,986
Median Home Price: $331,919
Population Change: 0.1%
Home Price Change: 10.3%
More on Rockland: Data | Crime | Cost Of Living | Real Estate
/10
Population: 7,458
Median Home Price: $222,579
Population Change: 0.6%
Home Price Change: 8.3%
More on Old Town: Data | Crime | Cost Of Living | Real Estate
/10
Population: 7,454
Median Home Price: $156,013
Population Change: 0.1%
Home Price Change: 6.6%
More on Caribou: Data | Crime | Cost Of Living | Real Estate
/10
Population: 8,478
Median Home Price: $338,561
Population Change: 1.7%
Home Price Change: 8.3%
More on Ellsworth: Data | Crime | Cost Of Living | Real Estate
/10
Population: 8,775
Median Home Price: $335,573
Population Change: 0.7%
Home Price Change: 9.3%
More on Bath: Data | Crime | Cost Of Living | Real Estate
/10
Population: 9,633
Median Home Price: $268,716
Population Change: 0.3%
Home Price Change: 8.7%
More on Brewer: Data | Crime | Cost Of Living | Real Estate
/10
Population: 8,772
Median Home Price: $169,472
Population Change: -1.0%
Home Price Change: 10.0%
More on Presque Isle: Data | Crime | Cost Of Living | Real Estate
/10
Population: 15,785
Median Home Price: $230,270
Population Change: -0.5%
Home Price Change: 15.7%
More on Waterville: Data | Crime | Cost Of Living | Real Estate
Methodology: How do you determine the best places to buy a home in Maine for 2024?
We were in real estate for almost five years and have worked on this site for another 9. Suffice it to say we’ve put a lot of thought into finding an excellent place to buy a home.
So all that thinking has come to this moment where we get to spell out how we’d approach finding an up-and-coming place to live in Maine. Put differently, the analysis will try to find places in Maine with undervalued homes relative to pent-up demand using Saturday Night Science.
To do that, we looked at the most recent American Community Survey Census data for 2018-2022 and compared it to the previous vintage. Specifically, we used the following criteria:
- Y-o-Y Change In Population (People want to live here)
- Y-o-Y Change In Median Home Prices (People are willing to pay for it)
- Home Prices Relative To The State Average (It’s still kinda cheap)
We want places that are growing, have seen home prices increase in recent years, and are still “cheap” for Maine with the following caveats:
- Home prices had to be within 20% of the state average (Much lower than that, and you get to some of the more dangerous places)
- Home prices increased in the last year, and
- Above 5,000 people (Bigger cities have more data points)
So of the 0 cities and towns in Maine, only 19 places made it through our initial filters to even be considered.
We then ranked each place from 1 to 19 for the above criteria, with 1 being the best. We averaged the rankings to create a “best place to buy” index, with the place having the lowest index being the best.
Turns out that Gardiner is the best potential gem in the not-so-rough in the Pine Tree State.
Summary: The Best Places To Purchase A House In Maine for 2024
There’s our analysis of the best places to buy a house in Maine. And, to be clear, we aren’t necessarily saying these places are the best places to live, just that it looks like they might be in a couple of years based on the data.
In fact, every place in the following table meets our criteria, so even though it may not look super long, remember we started off with all 0 places in the state.
The best cities to buy a house in Maine are Gardiner, Belfast, Rockland, Old Town, Caribou, Ellsworth, Bath, Brewer, Presque Isle, and Waterville.
So if we’d could rent or buy in these cities, we’d definitely buy.
For more Maine reading, check out:
Best Places To Buy A Home In Maine
| Rank | City | Population | Median Home Price | Population Change | Home Price Increase |
|---|---|---|---|---|---|
| 1 | Gardiner | 5,994 | $276,768 | 0.8% | 12.9% |
| 2 | Belfast | 6,953 | $360,086 | 0.9% | 9.9% |
| 3 | Rockland | 6,986 | $331,919 | 0.1% | 10.3% |
| 4 | Old Town | 7,458 | $222,579 | 0.6% | 8.3% |
| 5 | Caribou | 7,454 | $156,013 | 0.1% | 6.6% |
| 6 | Ellsworth | 8,478 | $338,561 | 1.7% | 8.3% |
| 7 | Bath | 8,775 | $335,573 | 0.7% | 9.3% |
| 8 | Brewer | 9,633 | $268,716 | 0.3% | 8.7% |
| 9 | Presque Isle | 8,772 | $169,472 | -1.0% | 10.0% |
| 10 | Waterville | 15,785 | $230,270 | -0.5% | 15.7% |
| 11 | Augusta | 18,938 | $265,601 | 0.2% | 12.9% |
| 12 | Westbrook | 20,339 | $427,855 | 1.3% | 8.7% |
| 13 | Saco | 20,446 | $473,741 | 1.2% | 8.1% |
| 14 | Biddeford | 22,438 | $454,915 | 0.5% | 8.0% |
| 15 | Auburn | 24,038 | $295,326 | 1.0% | 10.3% |
| 16 | South Portland | 26,656 | $481,844 | 0.9% | 9.6% |
| 17 | Bangor | 31,705 | $255,801 | -0.7% | 7.7% |
| 18 | Lewiston | 37,577 | $280,354 | 2.6% | 12.5% |
| 19 | Portland | 68,280 | $524,544 | 0.3% | 9.2% |
