Bangor, ME

There are many factors influencing real estate trends in the Bangor, ME metropolitan statistical area (MSA). The economy is one of the most important drivers of the housing market, and Bangor's economy has been strong in recent years. The unemployment rate in Bangor was just 2.7% in 2018, well below the national average of 3.9%. This low unemployment rate means that more people have the financial security to buy a home. Additionally, wages have been rising in Bangor, which gives potential homebuyers more purchasing power.

The population of Bangor is also growing, which is increasing demand for housing. According to the U.S. Census Bureau, the population of Bangor grew by 1.4% between 2016 and 2017. This growth is expected to continue as people are attracted to Bangor's quality of life and its proximity to outdoor recreation opportunities.

All of these factors are leading to an increase in home prices in Bangor. According to Zillow, the median home value in Bangor was $153,600 in December 2018, up 8% from a year earlier. And this trend is expected to continue; Zillow predicts that home values will rise another 4% over the next year alone.

If you're thinking about buying a home in Bangor or any other part of Maine's MSA, now is a good time to do so before prices continue to rise further