Maine real estate market accounted for 20% of gross state product last year
The real estate industry accounted for nearly $15 billion — close to 20% — of Maine's gross state product last year.
That's according to a new report from the National Association of Realtors, where Nadia Evangelou is a senior economist.
"And this is higher than the national level, which is 17%," she says. "So we see more activity in Maine."
Evangelou says each home sale in Maine last year generated about $134,000 in economic impact through moving costs, furniture, remodeling, and construction. She says home prices — and the associated economic impact — are expected to continue to increase, but at a slower pace than in recent years.