The median price of a single-family home in Knox County reached a record high $385,000 during the past three months.

That information was included in the most recent monthly report issued Tuesday, June 21 by the Maine Association of Realtors.

In Knox County from March 1 through May 31, there were 119 sales of single-family homes. This was down 21 percent from the 150 sales for the same three months in 2021.

The median price jumped 21 percent, rising from $317,000 last year to $385,000 for 2022. The 2022 price is slightly more than double the median price of $187,500 in Knox County for the same three months in 2017.

The rapid jump in sale prices is leaving many people unable to buy homes in the region, worsening the shortage of workers in the Midocast.

The median price in Knox County is greater than the statewide median price of $340,000. The median prices statewide range from a high of $510,000 in Cumberland County to a low of $155,000 in Aroostook County.

“While still historically low, during March, April, and May of 2022 we have experienced small gains in the number of homes for sale across Maine,” says Madeleine Hill, 2022 President of the Maine Association of Realtors and designated broker at Roxanne York Real Estate in Harpswell in the press release.

“Some of that gain is our typical spring home selling seasonal increase, but we’re also seeing home buying demand impacted by rising mortgage interest rates and home price appreciation.”

“As sellers and buyers adjust, time will tell if we are transitioning to a more balanced market with slower price growth and less buyer competition for for-sale inventory,” says Hill in the press release.