Maine poised for strong single-family home sale prices
Maine is among the five states expected to see the highest increase in median home prices over the next five years, according to a study released Wednesday.
By 2018, the median price of single-family homes will be close to the peak of 2006, before the market fell, according to a Reuters report about the study by nonprofit think tank the Demand Institute.
Maine, New Mexico, Mississippi, Illinois and New Hampshire are the five likely to see the strongest price gains, while Minnesota, Virginia, New York, Alaska and Washington, D.C., are likely to see the lowest.
The report noted that the top five are expected to see rises averaging 32% over the five years, compared to 11% for the bottom five.
The main driver of demand in the next five years will be the formation of new households, the study found.
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