Building Costs Per Square Foot in the State of Maine – Single Family Homes

Last Updated on April 8, 2024 by admin

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Residential Construction Market Analysis in the State of Maine, USA

Building costs are 5% below the national average in the state of Maine, and equivalent to the states of Florida, Oklahoma, Vermont and West Virginia. Seafood, fruit pies, and anything else that has to do with eating a good lobster are just a few of the delicacies you can find in Maine. Pine Tree State has a stunning natural landscape that ranges from sandy beaches to sparkling lakes and rugged mountains, attracting tourists year after year.

But it’s not all for the tourists, residents and visitors alike can enjoy Maine’s quaint, rural towns full of peace and quiet or enjoy good city life in Portland for great dining, shopping, and a relaxed lifestyle. a little more moved. If you are thinking of buying or selling in Maine, it is important that you are aware of what is happening in the real estate market, along with some predictions and statistics of what may happen in the coming times.

In this article, we will focus on everything that has to do with the construction of residential homes, the real estate market, and certain trends of what is expected to happen in the market during the coming months.

Maine Construction Outlook

Maine is located in the north of the United States, in the region known as “New England” and in fact, it is one of the states that preserves today a greater number of buildings that simulate those of the 1800s in England. If you go to Augusta, which is its capital, you will see that most of the constructions are houses and small buildings with exposed bricks, and pointed roofs. Without a doubt, you will feel like you are walking the streets of Manchester.

Other of its most important cities are Portland, Lewiston, Bangor, Auburn, and South Portland. There you can also see a certain aesthetic heritage from England, but mixed with styles from the North of the United States. Some houses have wood plank facades, while others have exposed brick.

The houses that are in the coastal region are usually a little higher than the ground, in order to avoid risking any flooding. Nowadays they are not so common, but they used to happen a couple of decades ago, especially with summer or spring storms.

Maine Housing Market Analysis and Forecast

Existing single-family home sales in Maine decreased 21.48% in March 2022 compared to March 2021, due to a recent lack of inventory coupled with pent-up demand from buyers. But home prices continue to skyrocket, with a median sales price up 21.4% compared to the same period in 2021.

Not everything is negative, since sales are also increasing, encouraging more owners to put their properties up for sale. Sales also increased by 14.71% in this month when compared to the same month of the previous year. Home values ​​and listing prices are rising in Maine, which is another boost for sellers or people who were on the fence about whether or not to sell their properties.

It’s currently a vendor’s market in Maine, but this could be changing. Properties are sitting idle for long periods and inventory is building up, giving buyers some leverage to negotiate a lower price than what is listed. This means that perhaps in the statistics the prices seem higher, but in reality, the buyers have a high chance of benefiting from a negotiation.

As you can see, the Maine real estate market has good aspects for both buyers and sellers, and after all, if you want to live or invest in the Maine real estate market, you probably should.

Maine Average House Price (Median Home Price)

Home prices continue to skyrocket, with a median sales price up 21.4% at a median price of $325,000 compared to March 2021, which showed a median sales price of $268,500.

However, this is something that can vary depending on where you are in the state. For example, Androscoggin County bucked the trend in March, seeing sales increase 9.22% in March 2022 compared to March 2021 from 217 homes to 237 homes, keeping prices from going up as much since there is an even level between demand and supply. Other cheaper towns to buy properties are Lewiston, Auburn, and Bangor.

While in Portland Biddeford and Sanford property values ​​are a bit higher, exceeding $330,000 and in most cases exceeding $400,000. Remember that the median home value is an average, and that is why there are so many differences when looking at the particular case of each state. In any case, for this account, a house with 3 bedrooms, 2 bathrooms, a kitchen, a living room, a garage, and a small garden is usually taken as a model.

Proposed Residential Building Projects in Maine

The residential construction projects that are dominating the Maine real estate market today are those that have to do with mobile homes. These are not the same as motorhomes or RVs but are houses that are prefabricated, or at least the base structure was already created in a factory and then can be placed on any piece of land.

There are many investors and real estate groups specializing in this in Maine, and also the prices are usually much cheaper, so people usually opt for it.

There are some buildings under construction in the city of Portland, which are between 10 and 20 stories and are typical buildings with a red brick facade, which is in keeping with the aesthetics of the city.

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Building Costs Per Square Foot for Single Family Homes in the State of Maine, USA (NATIONAL ESTIMATOR)

Building costs are 5% below the national average in the state of Maine, and equivalent to the states of Florida, Oklahoma, Vermont and West Virginia.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Maine ranges from $327.65 per sqft to $502.27 per sqft, with the average being $386.67 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Maine ranges from $199.13 per sqft to $305.24 per sqft, with the average being $234.99 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Maine ranges from $128.73 per sqft to $195.52 per sqft, with the average being $150.71 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Maine ranges from $93.95 per sqft to $144.07 per sqft, with the average being $110.87 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Maine ranges from $76.26 per sqft to $116.78 per sqft, with the average being $89.92 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Maine ranges from $60.14 per sqft to $92.19 per sqft, with the average being $70.95 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

List of 10 Metropolitan Areas/Cities in Maine – Percentage Deviation of the City/Town Building Cost from the National Average ($X), in Descending Order:

There are 500 municipalities and 232 special districts grouped into 16 counties in the state of Maine. The bar chart below indicates that building costs vary in each metro city/town. The construction cost per square foot in each of these metropolitan cities varies from the state and national average by a certain percentage based on the location factor also known as the local modifier.

The percentage deviation of building costs from the National Average for each metropolitan area in Maine is shown below.

If $X is the Average National Building Cost in the USA, then it will cost the following to build a residential property in each metro city/town in Maine:

Maine Average -5% (-5% less than X)

• Camden 048 -10%
• Northern Area 047 -8%
• Cutler 046 -7%
• Bangor 044 -6%
• Bath 045 -6%
• Maine Average -5%
• Augusta 043 -5%
• Auburn 042 -4%
• Dexter 049 -4%
• Brunswick 039-040 -1%
• Portland 041 2%

The Metropolitan Area List above as well as the Bar Graphs below shows that Camden is the cheapest city to build a private home in the state of Maine, and Portland is the most expensive city to build a home. Building costs are -10% below the national average in Camden and 2% above the national average in Portland.

Cheapest Places To Build in Maine:

Camden is the cheapest to place to build at -10% below the national average, followed by Northern Area at -8% below the national average. The third cheapest place to build a house is Cutler at -7% below the national average, followed by Daytona Bangor and Bath at -6% below the national average. The fourth cheapest place to build is Augusta at -5% below the national average, followed by Auburn and Dexter at -4% below the national average.  The fifth cheapest place to build a home is Brunswick at -1% below the national average. Construction costs in Portland are 2% above the national average.

Expensive Places To Build in Maine:

If anything between 5% and 10% is considered expensive, then there is no such metropolitan area in Maine.

More Expensive Places To Build in Maine:

If anything between 10% and 15% is considered more expensive, then there is no such metropolitan area in Maine.

Very Expensive Places To Build in Maine:

The most expensive places to build a house in Maine are those 15% above the national average. There is no such metropolitan area in Maine.

Maine State Average Costs:

Private home building costs in the state of Maine are -5% lower than the national average. Building cost rates in the metropolitan areas of Bangor, Bath, Auburn and Dexter are closer to the Maine state average by a deviation of 1%. Residential development costs in Augusta are equivalent to the state average. Maine is the 7^th cheapest state to build a home in the United States, along with Florida, Oklahoma, Vermont and West Virginia.