Co-own real estate report: Ogunquit, Maine

According to legend, Ogunquit, in the language of the Abenaki Indian tribe, means "beautiful place by the sea."

We couldn’t agree more. This quaint seaside town in southern Maine certainly lives up to its name.

When you think of the perfect New England getaway, Ogunquit (pronounced o-gun-quit) immediately comes to mind. Ogunquit is a coastal town in the southernmost part of Maine, about an hour south of Portland and an hour and a half north of Boston. It’s a beautiful small town known for its beaches and arts scene.

While it is only four square miles, don’t let its small size fool you. Ogunquit has it all: surf, sand, rocky coastline, colonial homes, shopping, breathtaking Maine beauty, and much more. It is truly one of the most beautiful places on the southern coast of Maine. Ogunquit Beach has been named to TripAdvisor’s Travelers’ Choice Awards/Best of the Best list of Top 10 U.S. beaches in 2023. Additionally, Ogunquit is voted by travelers to Expedia's Top 10 Friendliest Cities in the U.S.

Ogunquit has less than 2,000 year-round residents. However, through the years, Ogunquit has evolved from a small fishing village into a bustling tourist spot with much to see and do. With various activities, Ogunquit is a popular destination for gallery visitors, beachcombers, history buffs, shoppers and artists.

Ogunquit has reasons to visit in all seasons, but the best time to visit Ogunquit is in late spring, summer or early fall when you can fully enjoy the beaches and have beautiful weather.

What makes Ogunquit attractive for co-buying

Ogunquit continues to draw headlines. From Bloomberg to CNN to USA Today, Americans continue to get introduced to Ogunquit, known for its world-renowned beaches. This means the area continues to boom for tourism. Of course, summer (July-August) is the most popular time for tourists, but the area draws visitors year-round.

In 2022, Ogunquit saw a nearly 25 percent increase in home values, higher than the Portland and statewide increase, according to Zillow. However, the past year has seen a more than 23% decrease in median home sale prices, making it a great time to co-buy a home in the area.

Learn more about some of the latest real estate statistics for Ogunquit below.

-23.2% median sale price year over year (meaning now is a great time to buy in this area)

73 / 100 or very competitive housing market

$700,000 median home sale price

27 days on the market (on average) before the sale

102.7% sale-to-list price

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Short-term rentals in Ogunquit

Short-term rental statistics for Ogunquit include:

80% occupancy rate on Airbnb

$373 average daily rate

$5,200 average monthly revenue on Airbnb

76 / 100 rental demand

84% are entire home rentals

41% of listings are on Airbnb, 41% on Vrbo, and 18% are listed on both

Ogunquit is an increasingly popular short-term rental (STR) market. STR regulations and requirements vary by city, so please research or consult with local Ogunquit websites for additional information.

What to see in Ogunquit

Marginal Way

Marginal Way is one of the best ways to see the beautiful seaside scenery of Ogunquit. It offers a walking trail across a cliff that overlooks the Atlantic Ocean, which provides stunning views. The path is paved and 1.25 miles long, making it an activity most people can enjoy.

Ogunquit Beach

If you’re heading to Ogunquit, surely you want to enjoy the beach. Ogunquit is often named to the “best beaches in the US” lists, with its super white and soft sands and pristine waters. The beach is easily accessible from downtown. Take Beach Street from the middle of town, and you’ll run directly into the beach. Note that the beach can get crowded. If you’re looking for a bit more peaceful and quieter beach, check out Footbridge Beach.

Perkins Cove
Perkins Cove is a charming fishing community just south of the town center. Watch boats go in and out of the harbor and observe its hand-operated footbridge in operation.

Downtown Ogunquit (Main Street)

Downtown Ogunquit is one of the best parts of the town. The area is chock full of independent shops, restaurants and galleries. So whether you’re artsy, a foodie or a shopper, it is just the place to find one-of-a-kind purchases for yourself or your favorite person. 

Front Porch Piano Bar

The Front Porch is one of Ogunquit’s favorite destinations. As a community staple for over 35 years, The Front Porch is an award-winning restaurant offering great food, specialty dinners, wine tastings, private events, a bar lounge, and a piano bar. Come every night for a different performance, and the weekends feature two different musicians.

Ogunquit

Nearby cities

• Portland, Maine – 45 minutes
• Boston – 1 hr, 15 minutes
• Albany, New York – 3 hours, 45 minutes
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‍Ogunquit co-buy opportunities

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12 Josiah Norton Road, York, ME 03902 

Asking price: $689,000

Estimated down payment: $137,800

Estimated mortgage: $3,976/month

Estimated rental revenue: $8,725

17 Batchelder Road, Ogunquit, ME 03907

Asking price: $749,000

Estimated down payment: $149,800

Estimated mortgage: $4,322/month

Estimated renta revenue: $7,079/month

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89 Main Street, Ogunquit, ME 03907

Asking price: $935,000

Estimated down payment: $187,000

Estimated mortgage: $5,395/month

Estimated Airbnb revenue: $7,079/month

Sources:

Ogunquit Vacation Rental Data

Ogunquit Housing Market Data

Nestment, Inc. does not guarantee and is in no way responsible for the accuracy of information provided in this blog post. All information is provided “AS IS” and with all faults. Data presented here may not reflect all real estate activity in the market.  While the information on this site is about legal and tax issues, it is not intended as legal or tax advice or as a substitute for the particularized advice of your own attorney and tax professional.

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