Freeport, ME Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Freeport, ME Housing Market Trends

With 8,558 people, 3,447 houses or apartments, and a median cost of homes of $429,482, Freeport house prices are not only among the most expensive in Maine, Freeport real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Freeport, accounting for 75.21% of the town's housing units. Other types of housing that are prevalent in Freeport include duplexes, homes converted to apartments or other small apartment buildings ( 6.89%), mobile homes or trailers ( 6.72%), and a few large apartment complexes or high rise apartments ( 6.00%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Freeport. Owner-occupied housing accounts for 79.25% of Freeport's homes, and 57.28% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Freeport built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Freeport built between 2000 and later ( 21.24%). A lesser amount of the housing stock also hails from before 1939 ( 20.73%). There's also some housing in Freeport built between 1940-1969 ( 13.28%).

Vacant housing appears to be an issue in Freeport. Fully 16.62% of the housing stock is classified as vacant. Left unchecked, vacant Freeport homes and apartments can be a drag on the real estate market, holding Freeport real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Freeport Home Appreciation Rates

Appreciation rates for homes in Freeport have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 42.13%, which ranks in the top 40% nationwide. This equates to an annual average Freeport house appreciation rate of 3.58%.

Appreciation rates are so strong in Freeport that despite a nationwide downturn in the housing market, Freeport real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Freeport appreciation rates continue to be some of the highest in America, at 10.50%, which is higher than appreciation rates in 92.42% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Freeport. Freeport appreciation rates in the latest quarter were at 3.44%, which equates to an annual appreciation rate of 14.47%.

Importantly, this makes Freeport one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to Maine, our data show that Freeport's latest annual appreciation rate is higher than 70% of the other cities and towns in Maine.

Average Home Values

 

Median Home Value:
$429,482

Freeport, ME HOME PRICES

> $1,233,000
2.8%
2.8%
$925,001 - $1,233,000
6.0%
6.0%
$616,001 - $925,000
13.7%
13.7%
$493,001 - $616,000
8.7%
8.7%
$370,001 - $493,000
18.4%
18.4%
$247,001 - $370,000
24.1%
24.1%
$123,001 - $247,000
18.8%
18.8%
$62,001 - $123,000
5.8%
5.8%
$0 - $62,000
1.6%
1.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for ME

Value Relative To Nation

Number Of Homes And Apartments:
3,447

Freeport Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
ME*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
101.45% 3.35%
6
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,042 / per month

Homeownership Rate

Owners
79.3%
79.3%
Renters
20.7%
20.7%
Vacant
16.6%
16.6%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
21.2%
21.2%
1970 - 1999
44.8%
44.8%
1940 - 1969
13.3%
13.3%
1939 or Older
20.7%
20.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
75.2%
75.2%
Townhomes
5.2%
5.2%
Small Apt. Buildings
6.9%
6.9%
Apt. Complexes
6.0%
6.0%
Mobile Homes
6.7%
6.7%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.4%
3.4%
1 Bedroom
4.4%
4.4%
2 Bedrooms
29.8%
29.8%
3 Bedrooms
41.7%
41.7%
4 Bedrooms
15.6%
15.6%
5 or more bedrooms
5.1%
5.1%
0.0% 100.0%
% OF HOMES