October 18, 2019
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Measure of Maine home prices ties four-year high in May, at $185,000

John Clarke Russ | BDN
John Clarke Russ | BDN
A home for sale in Bangor in this 2011 file photo

PORTLAND, Maine — The median sale price for single-family homes rose by just more than $15,000 in May as the number of homes that changed hands rose slightly compared with the same month last year.

The jump in median price of about 8 percent, to $185,000, was the largest so far this year and tied June 2014 for the highest median sale price in the past four years.

The Maine Realtors Association said the statistics reflect a continually more stable real estate market and strong demand, with prices increasing as sales volume remains steady.

In May, 1,335 homes changed hands, compared with 1,302 one year ago.

The sharp increase in median price — meaning half of homes were sold for more and half sold for less — came as about 2.5 percent more homes changed hands than May of last year, when the median sale price was $169,950.

Over the previous three months, prices rose most sharply in Knox, Washington and Franklin counties. Cumberland and York counties, which retained the highest median prices over that three-month period, also saw increases, with the median price up 1.7 percent in Cumberland and 6.5 percent in York.

 



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