ZIP Code 04280 Housing Market

📝 Local Market Notes

The housing market in ZIP code 04280 exhibits a pronounced upward trajectory over the past five years, with the FHFA House Price Index (HPI) rising from 218.12 in 2021 to 328.74 in 2025. This period includes a notable dip in 2024 to 297.72, followed by a sharp recovery in 2025. The current year-over-year appreciation of +10.42% indicates robust momentum, significantly outpacing the broader regional trends. This performance reveals a distinct divergence from both the county and state levels. While Androscoggin County experienced a +6.98% increase and the state of Maine saw only +0.98% growth, ZIP 04280’s +10.42% gain suggests localized demand drivers are intensifying. This outperformance relative to the state average signals that specific sub-market dynamics within this ZIP code are decoupling from the slower statewide pace, potentially driven by unique local amenities or inventory constraints not present in the wider region. In terms of sub-market character, the data points to a mid-range residential area rather than a luxury enclave. The parent county’s median home value of $252,800 and median household income of $67,873 suggest a market accessible to middle-income households. With an owner-occupancy rate of 67.9%, the area leans toward homeownership, though the median gross rent of $1,010 per month indicates a viable rental sector. The HPI level of 328.7, when contextualized against the county median, implies that while prices have risen substantially since 2000, the area remains comparable to its neighboring ZIPs, such as 04236 and 04250, which show similar HPI magnitudes. For prospective buyers and residents, the practical takeaway is that ZIP 04280 is currently experiencing accelerated price growth compared to the state average. The 7.40% national mortgage rate remains a significant factor in affordability calculations. Given the strong year-over-year appreciation, purchasing power may erode quickly if local demand continues to outpace supply. Residents should note that while the area is not classified as luxury, the rapid HPI increase suggests a tightening market where competition for available inventory may be higher than in slower-growing parts of Maine.

Based on FHFA House Price Index data.