Economic Update Summer 2024

The Maine Market breaks $400,000 on average for a single family for the first time in history.

It’s a juicy time to be in business… or to be the average Joe.

Mortgage Interest rates holding at over 7% for the average home buyer, which is low looking over 30 years, but feels catastrophic given the last few annual cycles. Rates are even higher if you want to finance a second home or a business.

Despite this fact, the average cost of a Maine home has crested $400,000 for the first time. Ever! The average home in Maine is selling 5% higher than last year at this time.