The price for single-family homes has shattered a new record in Knox County.

The median price of single-family homes in Knox County for the three-month period ending April 30, 2022 reached $375,000, according to the Maine Association of Realtors in a news release issued Thursday, May 19.

This is up 32 percent from $285,000 for the same three months in 2021. The 2022 median price is more than double the $186,500 median price for the same period in 2017.

“Maine’s quality of life and the emergence of tele-working has resulted in unprecedented demand for Maine real estate for the past two years,” Madeleine Hill, 2022 President of the Maine Association of Realtor and designated broker at Roxanne York Real Estate in Harpswell stated in the news release. “However, this is our tenth consecutive month of year-over-year sales declines, and seven of those months also showed a declining for-sale inventory. The supply and demand for single-family housing is out of balance.”

The number of single-family homes sold in Knox County from Feb. 1 through April 30 totaled 103, down from 146 in 2021 and less than the 107 in 2020. But the number of sales are close to what they were in years before the pandemic.

The Maine State Housing Authority reported that in 2021, 66 percent of Knox County residents were unable to afford the median home price. That number has not been updated for 2022.

In Rockland’s South End alone, two single-family homes on Ocean Street have been demolished and replaced with newer homes since 2019. A third on Crescent Street will be leveled with plans for a new home.

The dramatic shift in the residential market is occurring throughout much of the United States. In Maine, the median price of homes in the past three months reached $325,000, with Cumberland County the most expensive at $492,000. Aroostook County’s median home prices are the lowest at $148,800.