MAINE, USA — Maine's home sales prices are on the rise in 2019 compared to this time last year.
The Maine Association of Realtors released the October 2019 Housing Report Thursday, and it reveals the median sales price of a single-family home is $224,900, which is up 4.6% compared to October 2018.
Realtors say October of this year was also a record-breaking sales month, 1,845 homes were some in Maine – that's an increase of 0.71% over last year.
Fifty percent of the homes sold for more than asking the price, while the other half sold for less, shows the report.
“The number of home sales statewide in 2019 has exceeded our best-ever (2018) by 0.8 percent,” says Peter Harrington, 2019 President of the Maine Association of REALTORS and Broker/Partner with Malone Commercial Brokers in Portland.
The increase in homes sales prices and total home sales in Maine is on point with national figures.
The National Association of Realtors says they saw a 5.4% increase in single-family home sales in October 2019 compared to last year. The sales prices also jumped by 6.2% at $273,600.
“Median prices trending upward in some markets are indicative of tight for-sale inventory levels and the sustained historically low, and affordable mortgage interest rates,” says Harrington.
The chart below shows October 2019 statistics for Maine.
