Economic Impact of Real Estate Activity In Maine
This article was distributed by the Maine Association of Realtors to its members.
A recent analysis by the NAR Research Division states that the real estate industry accounted for $10.554 billion or 19.3% of Maine's Gross State Product in 2012. When a median priced home is sold in Maine, $17,289 in income is generated from real estate related industries (mortgage lending, real estate brokerage, title insurance, appraisal, etc.) and an average of $4,494 is spent on consumer items such as furniture, appliances, and home remodeling. NAR estimates an additional $10,456 spent on neighborhood commerce.