Home prices and sales trended in opposite directions throughout 2022 according to year-end statistics released by Maine Listings.
The median sales price (MSP) in Maine stood at $335,000 in December, up just over 12% on 2021. The MSP indicates half of homes were sold for more and half for less.
Meantime, the number of home sales fell by more than 17% last year with just over 16,800 properties sold statewide.
Last month unit sales fell by more than 36% when compared to December 2021 whilst prices were up by around 9%.
The up/down trend in prices and sales was consistent throughout 2022 with the lack of inventory the driver for both. Rising interest rates, however, were also a contributing factor in the slowdown in homes sold according to industry commentators who also pointed to an expected uptick in activity in the New Year post the seasonal holiday firebreak.