Property for sale
scarborough
Welcome to scarborough
Market Trends
- Median Sale Price: The median sale price of homes in Scarborough is currently $733,000, which represents an 8.1% decrease compared to the previous year.
Price Per Square Foot: The median price per square foot is $396, showing a significant increase of 48.6% from the previous year.
Days on Market: Homes in Scarborough typically sell after an average of 53 days on the market, which is an improvement from 72 days last year.
Housing Stock
Types of Housing: The most common type of housing in Scarborough is single-family detached homes, accounting for 71.21% of the town’s housing units. Other prevalent housing types include large apartment complexes, row houses, and duplexes.
Vacancy Rates: The housing vacancy rate in Scarborough is 11.44%, which can impact real estate prices if not absorbed into the market.
Demographics and Economy
Education: Scarborough boasts a highly educated population, with 54.55% of adults holding a 4-year college degree or higher.
Income: The per capita income in Scarborough is $63,482, which is relatively high compared to both the state and national averages.
Employment: A significant portion of the workforce in Scarborough works from home, particularly in knowledge-based, white-collar professions.
Market Competitiveness
- Competitive Market: The Scarborough housing market is very competitive, with many homes receiving multiple offers and selling for around the list price. Hot homes can sell for about 3% above the list price and go pending in around 8 days.
Migration Trends
Inbound Migration: Scarborough attracts homebuyers from major metropolitan areas such as Boston, New York, and Washington.
Outbound Migration: While some residents look to move within the Scarborough metropolitan area, popular destinations for those moving out include Augusta, Bangor, and Myrtle Beach
Conclusion
Scarborough, Maine, remains a desirable location for homebuyers due to its high quality of life, strong community, and competitive real estate market. Despite a slight decrease in median sale prices, the market remains robust with increasing price per square foot and a relatively short time on the market for homes.
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