Maine’s real estate market has seen significant growth in recent years. Oxford County is located in the western part of the state, and it has become an attractive destination for both residents and investors in the past few years.
In this blog, we will explore the growth, trends, and opportunities that are shaping the Oxford County real estate market.
Population Growth in Oxford County
Oxford County has experienced steady population growth over the last few years. The United States Census Bureau reports that the county’s population grew by 1.5 percent between 2011 and 2021, which is over three times the state’s population growth rate of 0.5 percent during the same period.
This growth has been largely driven by an influx of people moving to the area for its natural beauty and outdoor recreational opportunities. This same desirability has directly been responsible for stabilizing and steadily increasing real estate value.
The county’s economy has been growing as well, with particular growth in industries such as healthcare, manufacturing, and tourism. This growth has led to an increase in home values and an overall appreciation of the real estate market.
Trends in Oxford County’s Real Estate Market
One of the most significant trends in Oxford County’s real estate market is the rise of vacation homes and short-term rentals.
The county’s location in western Maine, with its relative proximity to popular tourist destinations such as Portland, the White Mountains, and the Maine coast, has made it a desirable location for vacationers who can’t afford vacation homes in these destinations. Because of this, many homeowners are now renting out their residences to transient tenants, which has increased the number of holiday rental homes in the region.
Demand for ecological and energy-efficient homes is another trend in the Oxford County real estate market. Many homebuyers are looking for properties that are environmentally friendly and have a low carbon footprint.
Due to this trend, there has been a rise in the number of homes that consume less energy and have solar power in the region. In fact, solar installations typically pay for themselves in less than 9 years in Oxford County.
Opportunities in Oxford County
Oxford County’s real estate market offers several opportunities for investors and homebuyers. One of the most significant opportunities is the availability of affordable properties. Compared to other parts of Maine, Oxford County’s real estate market offers lower home prices, which makes it an attractive option for first-time homebuyers or investors looking to enter the vacation rental market.
The region offers a range of properties, from historic homes and farms to modern condos and townhouses. The variety of property options makes it more convenient for buyers to discover a house that meets their individual requirements and tastes.
Another significant opportunity in the Oxford County real estate market is the potential for rental income. As mentioned earlier, the rise of vacation homes and short-term rentals has created an opportunity for property owners to generate rental income.
Obviously, this income can help offset the costs of owning a property or serve as an additional source of income for investors. Often it’s still possible to receive rental income in excess of mortgage costs in Oxford County. However, this is becoming more challenging in coastal areas due to higher property prices and interest rates.
Future Outlook for Oxford County’s Real Estate Market
The future outlook for Oxford County’s real estate market is positive, with an expectation of continued population growth and a focus on sustainable and energy-efficient homes. The rise of vacation homes and short-term rentals is expected to continue as more people are looking to vacation in less crowded areas.
As the trend of remote work grows, there is a high possibility that there will be a rise in demand for real estate in rural regions such as Oxford County. This could lead to an increase in property values and rental income opportunities for investors.
Overall, the future outlook for Oxford County’s real estate market is bright, with a range of opportunities for investors and homebuyers alike.
Making an Investment in Oxford County
The real estate market in Oxford County, Maine, is experiencing substantial growth and presents several opportunities for investors and homebuyers. The county’s population growth, its focus on sustainable and energy-efficient homes, and the rise of vacation homes and short-term rentals are all trends that are shaping the market.
With affordable properties, a range of property types, and the potential for rental income, the Oxford County real estate market is an attractive option for those looking to invest in Maine’s real estate market.
Trust Landing Real Estate can guide you when you’re investing in real estate in Maine! With offices in Windham and South Portland, our team has the local knowledge and experience you need to successfully buy or sell your property. Contact us today to learn more!