Readfield, ME 04355 housing market

What this means

• Valuation. Prices are 90% above what local incomes have historically supported (this area's pre-2020 price-to-income ratio).
• Prices. Home values are up 0.7% over the past year (U.S.: +1.2%).
• Supply. Listings are 13% below the 2017-19 norm and rising (+45% vs. a year ago), still somewhat tight.
• Negotiating. Buyer leverage is moderate (59/100; U.S.: 54): homes typically sell at or above asking (100.2% of list); 67% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 31% of the median household income (U.S.: 35%); it takes about $88k a year to keep the payment at 30% of gross pay. That includes about $1,123 a year for home insurance (U.S.: $1,790).
• Disaster risk. FEMA expects about $69 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from flooding.
• Outlook. No clear direction: likely −7% to +9% over the next 12 months (65% chance of a rise).

Next 12 months

No clear direction

A rise is somewhat more likely than a fall, but not by enough to call. Likely change: −7.0% to +9.3% (80% range; middle estimate +2.2%), chance of a rise 65%, of a 5%+ drop 14%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

Other ZIP codes in Kennebec County, ME