The MEREDA Index

The story of real estate in Maine in 2023 was a meager supply increase but steady price increase. This was true of both the commercial and residential sectors.

The MEREDA Index declined by 0.8% between 2021 and 2022. The decline was driven by the residential Index, which fell 7.3% as interest rate increases began to seriously bite into real estate markets.

The MEREDA Index jumped by 10.8% in 2021 over 2020. The Index increased each quarter over the previous year’s same quarter throughout the year, with over 10% increases in the first and fourth quarters.

The annual average of the Index in 2020 grew by 2.8% over the annual average of 2019. The first half of the year saw a drop in the Index of 4% as the economy began the sharp decline related to the Covid-19 pandemic.

The annual average of the index in 2019 grew by 2.2% over the annual average of 2018. The residential real estate portion of the index grew by 5.3% over 2018. The annual average of the commercial index was largely unchanged.

The MEREDA Index was little changed in the last 6 months, declining by 0.2% since the first quarter of 2018 and by 0.3% over the twelve months since the third quarter of 2018.