Economic

This chart shows how a home sale benefits the Maine economy

Buyers and sellers benefit from home sales, but moving expenses, insurance fees and furniture purchases contribute an added economic impact to businesses throughout Maine.

The total economic impact of a typical home sale in the state amounted to $134,500 in 2021, well above the U.S. average of $113,200 but in the middle of the pack among New England states, according to a report last week from the National Association of Realtors.

The real estate industry accounted for $14.8 billion or 19.5 percent of Maine’s gross state product last year, making it the biggest contributor to the state’s economic growth.

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