Maine house sales up noticeably in October

Newsbreak - Maine’s real estate market remains hot, with sales of existing homes rising by double digits in October thanks to out-of-state buyers and low interest rates, according to data released by the Maine Association of Realtors on Thursday.

Statewide, 2,341 existing single-family homes sold last month, up almost 27 percent from the prior October. The median sales price at $280,000 was up almost 25 percent. The median sales price indicates that half of the homes were sold for more and half sold for less.

Maine’s lower incidence of COVID-19 compared to the rest of the country and the increase in teleworking has created more demand from out-of-state buyers, Tom Cole, the association’s president, said. Historically, about 25 percent of monthly home purchases in Maine are by out-of-state buyers. That number rose to 36 percent in October.