Graph and download economic data for Housing Inventory: Median Listing Price in Cumberland County, ME (MEDLISPRI23005) from Jul 2016 to Feb 2025 about Cumberland County, ME; Portland; ME; listing; median; price; and USA.

House prices grew year-on-year in most states in the U.S. in the third quarter of 2024. The District of Columbia was the only exception, with a decline of three percent. The annual appreciation for single-family housing in the U.S. was 0.71 percent, while in Hawaii—the state where homes appreciated the most—the increase exceeded 10 percent. How have home prices developed in recent years? House price growth in the U.S. has been going strong for years. In 2024, the median sales price of a single-family home exceeded 413,000 U.S. dollars, up from 277,000 U.S. dollars five years ago. One of the factors driving house prices was the cost of credit. The record-low federal funds effective rate allowed mortgage lenders to set mortgage interest rates as low as 2.3 percent. With interest rates on the rise, home buying has also slowed, causing fluctuations in house prices. Why are house prices growing? Many markets in the U.S. are overheated because supply has not been able to keep up with demand. How many homes enter the housing market depends on the construction output, whereas the availability of existing homes for purchase depends on many other factors, such as the willingness of owners to sell. Furthermore, growing investor appetite in the housing sector means that prospective homebuyers have some extra competition to worry about. In certain metros, for example, the share of homes bought by investors exceeded 20 percent in 2024.

The U.S. housing market has slowed, after 13 consecutive years of rising home prices. In 2021, house prices surged by an unprecedented 18 percent, marking the highest increase on record. However, the market has since cooled, with the Freddie Mac House Price Index showing more modest growth between 2022 and 2024. In 2024, home prices increased by 4.2 percent. That was lower than the long-term average of 4.4 percent since 1990. Impact of mortgage rates on homebuying The recent cooling in the housing market can be partly attributed to rising mortgage rates. After reaching a record low of 2.96 percent in 2021, the average annual rate on a 30-year fixed-rate mortgage more than doubled in 2023. This significant increase has made homeownership less affordable for many potential buyers, contributing to a substantial decline in home sales. Despite these challenges, forecasts suggest a potential recovery in the coming years. How much does it cost to buy a house in the U.S.? In 2023, the median sales price of an existing single-family home reached a record high of over 389,000 U.S. dollars. Newly built homes were even pricier, despite a slight decline in the median sales price in 2023. Naturally, home prices continue to vary significantly across the country, with West Virginia being the most affordable state for homebuyers.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in Portland-South Portland, ME (CBSA) (MEDLISPRIPERSQUFEE38860) from Jul 2016 to Feb 2025 about Portland, ME, square feet, listing, median, price, and USA.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in Bangor, ME (CBSA) (MEDLISPRIPERSQUFEE12620) from Jul 2016 to Feb 2025 about Bangor, ME, square feet, listing, median, price, and USA.

United States Median Home Sale Price: All Residential: Maine data was reported at 254.000 USD th in Jul 2020. This records an increase from the previous number of 248.000 USD th for Jun 2020. United States Median Home Sale Price: All Residential: Maine data is updated monthly, averaging 188.000 USD th from Apr 2012 (Median) to Jul 2020, with 100 observations. The data reached an all-time high of 254.000 USD th in Jul 2020 and a record low of 87.000 USD th in Apr 2012. United States Median Home Sale Price: All Residential: Maine data remains active status in CEIC and is reported by Redfin. The data is categorized under Global Database’s United States – Table US.EB055: Median Home Sale Price: by States.

The average price per square foot of floor space in new single-family housing in the United States decreased after the great financial crisis, followed by several years of stagnation. Since 2012, the price has continuously risen, hitting 168 U.S. dollars per square foot in 2022. In 2024, the average sales price of a new home exceeded 500,000 U.S. dollars. Development of house sales in the U.S. One of the reasons for rising property prices is the gradual growth of house sales between 2011 and 2020. This period was marked by the gradual recovery following the subprime mortgage crisis and a growing housing sentiment. Another significant factor for the housing demand was the growing number of new household formations each year. Despite this trend, housing transactions plummeted in 2021, amid soaring prices and borrowing costs. In 2021, the average construction cost for single-family housing rose by nearly 12 percent year-on-year, and in 2022, the increase was even higher, at close to 17 percent. Financing a house purchase Mortgage interest rates in the U.S. rose dramatically in 2022 and remained elevated until 2024. In 2020, a homebuyer could lock in a 30-year fixed interest rate of under three percent, whereas in 2024, the average rate for the same mortgage type was more than twice higher. That has led to a decline in homebuyer sentiment, and an increasing share of the population pessimistic about buying a home in the current market.

About this dataset

Context

The dataset illustrates the median household income in Cape Elizabeth town, spanning the years from 2010 to 2023, with all figures adjusted to 2023 inflation-adjusted dollars. Based on the latest 2019-2023 5-Year Estimates from the American Community Survey, it displays how income varied over the last decade. The dataset can be utilized to gain insights into median household income trends and explore income variations.

Key observations:

From 2010 to 2023, the median household income for Cape Elizabeth town increased by $37,290 (34.59%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $5,602 (7.68%) between 2010 and 2023.

Analyzing the trend in median household income between the years 2010 and 2023, spanning 13 annual cycles, we observed that median household income, when adjusted for 2023 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 8 years and declined for 5 years.

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates. All incomes have been adjusting for inflation and are presented in 2022-inflation-adjusted dollars.

Years for which data is available:

• 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 0223

Variables / Data Columns

• Year: This column presents the data year from 2010 to 2023
• Median Household Income: Median household income, in 2023 inflation-adjusted dollars for the specific year
• YOY Change($): Change in median household income between the current and the previous year, in 2023 inflation-adjusted dollars
• YOY Change(%): Percent change in median household income between current and the previous year

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Cape Elizabeth town median household income. You can refer the same here

Graph and download economic data for Housing Inventory: Median Listing Price in Lewiston-Auburn, ME (CBSA) (MEDLISPRI30340) from Jul 2016 to Feb 2025 about Lewiston, ME, listing, median, price, and USA.

Median Home Sale Price：单户型：缅因州在07-01-2020达253.000千美元，相较于06-01-2020的246.000千美元有所增长。Median Home Sale Price：单户型：缅因州数据按月更新，04-01-2012至07-01-2020期间平均值为188.500千美元，共100份观测结果。该数据的历史最高值出现于07-01-2020，达253.000千美元，而历史最低值则出现于04-01-2012，为84.000千美元。CEIC提供的Median Home Sale Price：单户型：缅因州数据处于定期更新的状态，数据来源于Redfin，数据归类于全球数据库的美国 – Table US.EB055：Median Home Sale Price：按州划分。

Graph and download economic data for Housing Inventory: Median Days on Market in York County, ME (MEDDAYONMAR23031) from Jul 2016 to Feb 2025 about York County, ME; Portland; ME; median; and USA.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Food Away from Home in Boston-Cambridge-Newton, MA-NH (CBSA) (CUURA103SEFV) from Dec 1952 to Jan 2025 about Boston, ME, NH, CT, MA, urban, food, consumer, CPI, housing, inflation, price index, indexes, price, and USA.