Wells, ME
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Wells Neighborhoods Since 2000




Wells, ME Real Estate Data

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 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Wells Housing Market Information

With a population of 10,073, 4,513 total housing units (homes and apartments), and a median house value of $301,527, Wells real estate is some of the most expensive in Maine, although Wells home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Wells, accounting for 64.28% of the town's housing units. Other types of housing that are prevalent in Wells include mobile homes or trailers ( 17.73%), duplexes, homes converted to apartments or other small apartment buildings ( 8.89%), and a few large apartment complexes or high rise apartments ( 5.46%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Wells. Owner-occupied housing accounts for 83.55% of Wells's homes, and 48.39% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Wells 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 Wells built between 2000 and later ( 21.69%). A lesser amount of the housing stock also hails from between 1940-1969 ( 15.46%). There's also some housing in Wells built before 1939 ( 14.35%).

A decent proportion of the Wells housing stock is seasonally occupied. That is, homes and condos in Wells are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Wells housing market speaks to its popularity as a vacation location of choice.

Wells Home Appreciation Rates

Real estate appreciation rates in Wells's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.03% during the period.

NeighborhoodScout's data show that during the latest twelve months, Wells's appreciation rate, at 4.52%, has been at or slightly above the national average. In the latest quarter, Wells's appreciation rate has been 0.64%, which annualizes to a rate of 2.56%.

Relative to Maine, our data show that Wells's latest annual appreciation rate is higher than 50% of the other cities and towns in Maine.

Average Home Values

 

Median Home Value:
$301,527

Wells, ME HOME PRICES

Value Range
> $1,135,000 2.1
$851,001 - $1,135,000 1.9
$567,001 - $851,000 6.7
$454,001 - $567,000 12.0
$341,001 - $454,000 21.3
$227,001 - $341,000 32.8
$114,001 - $227,000 14.5
$57,001 - $114,000 3.6
$0 - $57,000 5.1

Very High for ME
Very High for Nation

Value Relative to Nation Value Relative to State
16.1959451541076 9.83606557377049

Number Of Homes And Apartments:
4,513

Wells Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
ME*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
66.23% 2.99% 7 8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,175 / per month

Homeownership Rate

Homeownership
Owners 83.55
Renters 16.45
Vacant 48.52

Housing Market Details

 

Age of Homes

AGE OF Wells HOMES
2000 or Newer 21.7
1970 - 1999 48.5
1940 - 1969 15.5
1939 or Older 14.4

Types of Homes

TYPE OF Wells HOMES
Single-Family 64.3
Townhomes 3.5
Small Apt. Buildings 8.9
Apt. Complexes 5.5
Mobile Homes 17.7
Other 0.1

Home Size

SIZE OF Wells HOMES
No Bedroom 3.81
1 Bedroom 10.61
2 Bedrooms 33.48
3 Bedrooms 32.61
4 Bedrooms 15.78
5 or more bedrooms 3.71