Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 7,670 people, 2,797 houses or apartments, and a median cost of homes of $438,515, South Berwick real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in South Berwick, accounting for 76.89% of the town's housing units. Other types of housing that are prevalent in South Berwick include duplexes, homes converted to apartments or other small apartment buildings ( 11.80%), large apartment complexes or high rise apartments ( 6.43%), and a few row houses and other attached homes ( 3.66%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in South Berwick. Owner-occupied housing accounts for 77.95% of South Berwick's homes, and 63.71% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in South Berwick built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in South Berwick built before 1939 ( 22.05%). A lesser amount of the housing stock also hails from between 2000 and later ( 19.06%). There's also some housing in South Berwick built between 1940-1969 ( 17.87%).
Vacant housing appears to be an issue in South Berwick. Fully 10.09% of the housing stock is classified as vacant. Left unchecked, vacant South Berwick homes and apartments can be a drag on the real estate market, holding South Berwick real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Appreciation rates for homes in South Berwick have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 98.51%, which ranks in the top 30% nationwide. This equates to an annual average South Berwick house appreciation rate of 7.10%.
Appreciation rates are so strong in South Berwick that despite a nationwide downturn in the housing market, South Berwick real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, South Berwick appreciation rates continue to be some of the highest in America, at 11.61%, which is higher than appreciation rates in 98.71% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in South Berwick. South Berwick appreciation rates in the latest quarter were at 3.59%, which equates to an annual appreciation rate of 15.16%.
Importantly, this makes South Berwick one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.
Relative to Maine, our data show that South Berwick's latest annual appreciation rate is higher than 70% of the other cities and towns in Maine.
$438,515
for Maine
for nation
2,797
$1,992 / per month