ZIP Code 04605 Housing Market

📝 Local Market Notes

ZIP code 04605 in Hancock County, Maine, exhibits a distinct pattern of accelerated appreciation followed by recent stabilization. From 2021 to 2024, the Home Price Index (HPI) surged from 216.25 to 317.02, representing a cumulative gain of approximately 46.6%. However, the market has flattened significantly in 2025, with the HPI reaching 317.26. This results in a year-over-year change of merely +0.08%, indicating that the rapid price escalation observed in prior years has effectively paused. This stagnation creates a notable divergence from broader regional trends. While the ZIP code remains nearly flat, Hancock County is experiencing a +3.67% year-over-year increase, and the state of Maine is growing at +0.98%. The significant gap between ZIP 04605’s performance and the county average suggests that local inventory or demand dynamics are currently suppressing price growth, even as the wider county market continues to expand. This decoupling implies that 04605 is not following the general upward momentum of its surrounding area. The sub-market character of 04605 appears to be a mid-tier residential area within a predominantly owner-occupied county. With a county-wide median home value of $310,400 and an owner-occupancy rate of 78.5%, the region favors long-term residential investment over rental speculation. The HPI level of 317.3 places the area above its 2000 baseline but does not indicate a luxury segment, especially when compared to nearby ZIP 04609, which has an HPI of 485.1. For prospective buyers, the current environment offers a period of price stability amidst a rising county market. Residents should note that while mortgage rates remain elevated at 7.40%, the lack of year-over-year price appreciation in 04605 may provide a more predictable entry point compared to the faster-growing adjacent markets.

Based on FHFA House Price Index data.