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December 20, 2018

Maine median home price up by 9.5% in November, outpacing national trend

The median price for houses sold in Maine jumped by 9.5% to $219,000 in November from $200,000 a year ago, according to data released today by the Maine Association of Realtors.

Over the same period the number of units sold rose by 2.86% to 1,621, compared to 1,576 units sold in November 2017.

"Overall, real estate continues to be a good investment, as steady long-term increased value is outpacing the volatility found in other investment options," said Kim Gleason, MEREDA's 2018 president and broker/owner of McAllister Real Estate in Hallowell, in a news release.

She added that the monthly 2018 median sales prices are higher than each comparable month in 2017.

Nationwide, the median sales price climbed 5% year-on-year to $260,500 in November, while the volume of units sold dipped 6.7%, according to the Chicago-based National Association of Realtors.

The Northeast region experienced a 6.5% rise in the median sales price to $291,400 and a 2.6% decrease in sales over the same period.

Looking at the three-month period between Sept. 1 and Nov. 30, Knox County saw the biggest median sales price jump, of nearly 23%, while Piscataquis County saw the biggest drop, of -12.3%.

Houses were most expensive in Cumberland County, which saw a median sales price of $304,000, in the quarter. Aroostook County was at the other end of the spectrum, with homes selling at a median price of $93,200.

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