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September 7, 2018

Tight housing market drives rapid rise in Ellsworth's home prices

Photo / Fred Field
Photo / Fred Field
Ellsworth City Manager David Cole with the city's director of economic development, Micki Sumpter, is working to create more housing for all income groups.

Prices of single-family homes have risen faster in Ellsworth than the rest of Hancock County, due to a tight housing market.

Ellsworth American reported the median sales price in Ellsworth has risen by more than $20,000 since 2016, from $162,000 to $185,000.

Kim Gleason, president of the Maine Association of Realtors, said higher home prices are good for homeowners looking to build equity.

In July, developers told Mainebiz they were working hard to keep up with booming demand for residential construction in Ellsworth. City Manager David Cole booming demand is due to the city's 19.9% population growth from 2000 to 2010, at a time when the state population grew by a comparatively modest 4.2%, and is expected to continue with the opening of Jackson Laboratory's new mouse production facility in Ellsworth.

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