Your Home Purchase Creates A Ripple

Thinking about buying or selling a home in Southern Maine? Whether it's here in Cumberland County or a more rural locale within Androsocoggin County, you should know that your real estate decisions don't just affect your life. They ripple outwards, impacting the local community, and our vibrant economy.

Every year, the National Association of Realtors (NAR) releases a report illustrating how much economic activity is generated by home sales. The chart below paints a vivid picture:

A home sale isn't just a transaction. It's a significant economic event. This holds true whether you're in the popular coastal city of Portland, or "in the sticks" as we call it here in the Portland metro area. It's not just about you or me, it's about all of us!

Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), explains how the housing industry brings jobs to our community:

“The economic impact means housing is a significant job creator. In fact, for every single-family home built, enough economic activity is generated to sustain three full-time jobs for a year, per NAHB research. . . . And one job for every $100,000 in remodeling spending.” 

Here in Southern Maine, we've been seeing the real estate market continue to stay strong. In May 2023, home prices in York County were up 11.4% compared to last year, with homes selling for a median price of $458K. Meanwhile, Cumberland County saw a 2.5% increase in home prices, with a median sale price of $505K.

We've also seen a surge in demand. Homes in Cumberland County are selling after just 9 days on the market, and in York County, it's just 14 days. This has not only helped homeowners see great returns, but it's also pumped money into our local economy, supporting local businesses and creating jobs.

An article from Fortune adds more context to this:

“Housing has three direct linkages to economic activity (GDP): the construction of new homes, the remodeling of existing homes, and that of housing transactions. . . . consider the activity associated with home sales – think broker fees, lawyers, etc. – which are a sizable contributor to housing’s GDP footprint.” 

When you decide to buy or sell a home, you're not just meeting your own needs. You're also making a positive impact on Southern Maine. Whether it's supporting local businesses in Westbrook, creating jobs in South Portland, or boosting the economy in Scarborough, your real estate decisions are making a difference.

So, if you're thinking about making a move in the housing market in Southern Maine, remember this: Your decision doesn't just change your life. It helps our community flourish.

Bottom Line

Every home sale is a boost to our local economy. If you're considering making a move, whether it's buying your first home in Gorham, selling your oceanfront property in Ogunquit, or even upgrading in Kennebunkport, let's connect. It's not just about changing your life – it's about making a powerful, positive impact on our community.