Unveiling Maine's Costliest Postal Regions: Insights Gleaned from Zillow's Real Estate Data
We've been voyaging through New England, identifying the most costly postal codes in each state. Lately, we discussed the pricey postal codes in Massachusetts. Now, we're heading north to Maine, a state that's seen a significant jump in property values due to heightened property purchasing interest.
Numerous real estate markets in the U.S. saw an increase in property buying activity beginning in 2021, directly following the second year of the pandemic. Maine, however, witnessed an unprecedented rise in property values. Delve into this article to uncover the most expensive postal codes in Maine in 2024, as per the latest data from Zillow's home value index.
The Most Pricey Postal Codes in Maine
We utilized data from Zillow's home value index, in conjunction with the Census Bureau's 2023 American Community Survey. By examining thousands of postal codes nationwide, we pinpointed the 311 postal codes tracked by Zillow in Maine. Our analysis, which considered the latest monthly home values as of November 2024 and the average of twelve months of median home values from December 2023 to November 2024, forms the basis of our findings.
Maine's Top 5 Most Pricey Postal Codes
Postal code 04110 takes the title as the most expensive in Maine. This postal code encompasses Cumberland Foreside, a coastal community within the town of Cumberland. Regardless of their size, the homes in this area exude class and refinement. Almost half of all households in postal code 04110 earn an annual income of $200,000 or more. The median household income stands at $187,857, while the average household income is $347,407. Home value appreciation in postal code 04110 has been phenomenal. Since November 2019, the median home value has escalated by 75.8%, reaching $942,576 in November 2024.
Home values soared at an even more remarkable rate in the second most expensive postal code — 03907. Slightly beyond Portland, past postal code 04110, this postal code covers Ogunquit. Over the past five years, the median home value here has skyrocketed by 77.7%, rising from $508,307 in November 2019 to $903,100 in November 2024. Despite the astronomical home values, incomes in this postal code do not match those of the No. 1 most expensive postal code. The median household income is $104,250, while the average household income is $185,336.
Postal code 04660, which centers around Mount Desert on Mount Desert Island, ranks third in terms of expense. This postal code is more remote than the first two, and is a solid three-hour drive from Portland. Property values here have seen significant growth over the past five years, and the disparity between local incomes and median home values is evident. The median household income is $83,750, the average household income is $107,851, while the median home value stands at $881,359 as of November 2024; an increase of 78% since November 2019, when the median home value was $495,103.
The Gist of Maine's Most Pricey Postal Codes
The home value growth in Maine's priciest postal codes ranks among the highest rates in all our postal code studies. Out of the top 20 most expensive postal codes in Maine, postal code 04107, which covers Cape Elizabeth, is the only one that experienced less than 50% growth in home values, but even then, it stood at 48.9% over five years.
The Maine housing market has seen an unprecedented rise in property values, making it one of the most expensive places in New England for real estate. According to the latest data from Zillow's home value index, postal code 04110 in Cumberland Foreside is the most expensive postal code in Maine, with a median home value of $942,576 in November 2024.
Despite Maine's most expensive zip codes like 04110 and 03907 having skyrocketing home values, the median household income in these areas is lower than the average household income. For instance, postal code 04110 has a median household income of $187,857 and an average household income of $347,407, while postal code 03907, which covers Ogunquit, has a median household income of $104,250 and an average household income of $185,336.
