Maine real estate had record year for sales, price in 2019

January 24, 2020 GMT

PORTLAND, Maine (AP) — Maine home sales surged at the end of 2019, which was a record-breaking year for real estate in the state.

The Pine Tree State set records for sales volume and median sales price, the Portland Press Herald reported. Home buyers finished strong at the end of the year, as December sales increased 23% compared with the same month the previous year.

Total sales for 2019 reached 18,140 homes, which was 1.5% increase from the previous year according to the Maine Association of Realtors. The median sales price increase 4.7% from the previous record of $215,000 to $225,000, the association said.

One factors helping spur the increase in price is a lack of inventory in Maine. Houses also aren’t staying on the market very long.