YOUR LOCAL REAL ESTATE RESOURCE GUIDE
Brian DuBois, Broker/Owner/Partner, DuBois Realty Group
As the twin cities of Lewiston and Auburn continue to experience growth and development, the local real estate market is undergoing significant shifts. Home to a thriving community and a rich cultural heritage, these cities are attracting both residents and investors alike. However, the current real estate landscape presents unique challenges and opportunities that require careful consideration. In this column, we will explore some of the pressing issues affecting the local real estate market:
Rising Home Prices: One of the most prominent issues in the current real estate market is the steady increase in home prices. As demand outpaces supply, buyers are facing stiff competition and inflated prices. This poses challenges for first-time homebuyers, making it harder for them to enter the market. Additionally, the rise in home prices can strain affordability, causing concerns for existing homeowners. While home prices seem elevated in 2023, they are only expected to increase by 4.8% in 2024. This suggests the median price of $303,500 in Androscoggin County today will be valued at $318,000 next year.
Limited Housing Inventory: Another critical issue is the limited housing inventory in Lewiston and Auburn. The demand for housing has been steadily rising, driven by a growing population and increased interest from out-of-state buyers, along with a surge of millennials hitting the market later in life (average age of 36). However, the supply of available homes has struggled to keep pace. This scarcity has further fueled the rise in prices, creating a highly competitive market for buyers.
Impact of Short-Term Rentals: The rise of platforms like Airbnb has brought about a new set of challenges for the real estate market.
Many homeowners are choosing to rent their properties on a short-term basis, which can impact the availability of long-term rentals and contribute to the limited housing inventory. Striking a balance between the benefits of short-term rentals for homeowners and the need for affordable long-term housing is an ongoing concern.
Affordable Housing Initiatives: Addressing the issue of affordable housing is crucial for maintaining a diverse and inclusive community. Local organizations and government agencies are working to implement affordable housing initiatives to tackle this challenge. These initiatives include incentivizing developers to build affordable housing units and providing assistance programs for low-income homebuyers. Such efforts aim to create a sustainable housing market that caters to a range of income levels.
Urban Revitalization: Lewiston and Auburn have undergone significant urban revitalization efforts in recent years, breathing new life into their downtown areas. Redevelopment projects, mixed-use developments, and efforts to attract businesses have contributed to the cities’ economic growth. However, balancing revitalization while preserving the unique character and history of these communities remains an ongoing concern for city planners and developers.
The real estate market in Lewiston and Auburn is experiencing a dynamic period, characterized by rising prices, limited inventory, and the need for affordable housing. These challenges require collaboration and innovative solutions from various stakeholders. By addressing these issues while embracing sustainable growth, the twin cities can ensure a vibrant and inclusive real estate market that benefits both current and future residents.
ABOUT THE PRO
Brian DuBois was born and raised in Auburn, educated at Bentley University, and later employed as the Executive Director of the Auburn-Lewiston YMCA. Brian has in-depth knowledge of the greater Lewiston Auburn area, the professional skill set of a community leader, and the interpersonal skills to facilitate smooth real estate transactions. Brian has a genuine interest in the real estate market, and this industry is also an excellent fit to meet his desire to serve by connecting families with a new home, guiding sellers through a thorough process, and providing investors with new opportunities.
Together with his wife and business partner, Marnie, they reside in Auburn, raising three children and two dogs.
Brian welcomes your inquiries regarding this subject matter, content suggestions, or questions regarding all things real estate.