Just Released: Portside’s 2023 Annual Report
Residential real estate was a hot topic in 2023! Despite the surge in mortgage rates, home prices continued to rise across Maine. This caused many potential home buyers to slow their searches compared to previous years as their budgets had to be adjusted due to increased interest rates aimed at curbing inflation. At the peak, the national average 30-year mortgage rate hit a 23-year high with rates nearing 8%, and the median home price in Maine peaked in June at $385,000. Fortunately, interest rates moderated in the fourth quarter.