Maine real estate has been on a tear for decades, but for years the industry has been largely undervalued.
Now, it is starting to come out of the woods.
According to a new report, the Maine Real Estate Association has said the number of properties in the state has increased by 30 percent in the last four years.
The average sale price of a home is now $1.8 million.
The numbers come from a report by the Maine Association of Realtors, a national real estate trade group.
In 2016, the state experienced a $1 billion housing bubble.
The state also saw a $3 billion decline in housing sales.
But with the housing bubble and housing market stabilization, real estate sales have been up in Maine over the past four years, said Scott Stowe, president of the Maine REALTOR association.
Stowe said he believes Maine realtors are getting the message and that Maine’s real estate market is getting healthier.
“The state has experienced a lot of housing recovery in the past five years,” he said.
“I think that’s helped the real estate industry in that they’re now realizing that, hey, we’ve got to stay on top of the game and keep pace with the real market.”
Stowe also believes the state is getting closer to becoming a “bubble state” that could be a hot market in 2020.
In the coming years, the realty industry will be looking to develop new ways to compete with other cities and states, such as Las Vegas, Stowe said.