ZIP Code 04473 Housing Market

📝 Local Market Notes

The housing market in ZIP code 04473 exhibits a distinct pattern of recent stabilization following a period of rapid appreciation. The Home Price Index (HPI) for this area surged from 191.0 in 2021 to a peak of 296.76 in 2024, representing a cumulative gain of approximately 55% over three years. However, the most recent data indicates a slight contraction, with the HPI adjusting to 292.8 in 2025. This downward movement marks a year-over-year decline of 1.35%, signaling a brief cooling phase after the aggressive price increases observed in the preceding years. The trajectory suggests that while long-term value has grown substantially, the immediate market is experiencing a temporary pause or correction. This local performance diverges sharply from broader regional trends. While ZIP 04473 recorded a negative 1.35% year-over-year change, the wider Penobscot County market expanded by 4.60%, and the state of Maine grew by 0.98%. This divergence suggests that 04473 is not moving in lockstep with its surrounding geography. The outperformance of the county average implies that 04473 may have experienced a sharper initial spike, leading to a more pronounced adjustment phase. In contrast, neighboring ZIP 04474 is currently experiencing a significant 15.98% year-over-year increase, highlighting the volatility and uneven growth patterns within Penobscot County. Despite the current price adjustment, the sub-market remains characterized by high relative value compared to the county median. With an HPI of 292.8, properties in 04473 command a premium over the county median home value of $214,100. Given the county’s median household income of $66,356 and owner occupancy rate of 70.5%, this area likely functions as an established, higher-value residential segment rather than an entry-level or renter-heavy zone. Prospective buyers should note that while the national 30-year mortgage rate stands at 7.40%, the local price stabilization in 04473 offers a different dynamic than the rapidly appreciating neighboring areas. The market appears to be consolidating at higher price points, reflecting a mature sub-market that has absorbed significant recent growth.

Based on FHFA House Price Index data.