2022 Forecast: In a hot real estate market, multi-family homes have a new niche

Source: Mainebiz — 

Multi-family home values in southern Maine had what Brit Vitalius of Portland-based Vitalius Real Estate calls “a wild ride” in 2021.

In many towns in southern Maine, prices spiked 14% to 40% and volume was up more than 50%.

There were a couple main drivers of this, Vitalius told Mainebiz.

First, the smaller multis — those of two to four units — are in high demand from owner-occupants. It’s essentially the same demand driving single family house prices: People need a place to live and there simply are not enough houses or multi-family properties for everyone.