Maine

A Beacon for Laid-Back Living

Just as its many lighthouses brought comfort and safety to sea voyagers to Maine, Cape Elizabeth provides a variety of homes and amenities for those who love the great outdoors. You probably know this town better than you think: the Portland Head Light is the most photographed lighthouse in the world. But there's a lot more to see. This leafy village offers great cycling along its shoreline, and homes ranging from classic New England single-family residences to contemporary condos.

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More About Maine

Located 5 miles south of downtown Portland, Cape Elizabeth extends 12 miles into the Atlantic Ocean and is surrounded by sandy beaches. It's an older area (appearing in maps dating from the 1500s) that continually reinvents itself. What had been a home for farms and fishing has quietly become a residential community connected to Portland while retaining its rural, laid-back charm. With many residents commuting to nearby Portland, the town is also home to some of the top schools in the state.

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Maine

Maine

Market Insights

The real estate market in Maine adjusted during the 2022 sales year due to an increase in mortgage interest rates and a shortage of available homes for sale.
Statistics released by Maine Listings indicate a 35% percent decrease in single-family existing home sales in 2022 over 2021 in Cumberland County -Home prices, however, continue to rise. The median sales price (MSP) for the year reached $440,000 - up 7.7% percent over 2021.
According to the National Association of Realtors, single-family home sales across the county declined 33.5 percent comparing December 2022 to December 2021, and the Median Sales Price rose 2.0 percent to $372,700. Regionally, December 2022 sales in the Northeast were down 28.8 percent compared to December 2021 and the MSP increased 1.6 percent to $391,400.
We're seeing a bit of a pause as buyers and sellers are adjusting their expectations due to today's less-favorable financing terms compared to mid 2022. As we move through 2023, we expect would-be buyers to re-engage with the market and the demand for residential real estate to remain high. Conditions are favorable for a gradual balancing of the real estate market.

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