ZIP Code 04474 Housing Market

📝 Local Market Notes

The housing market in ZIP code 04474, located in Penobscot County, Maine, has experienced a dramatic upward trajectory over the past five years. The Home Price Index (HPI), which started at 170.74 in 2021, surged to 265.11 by 2025, representing a cumulative increase of approximately 55%. Although a slight dip occurred in 2024, the most recent data indicates a robust recovery and acceleration, with year-over-year growth reaching 15.98%. This sharp appreciation contrasts significantly with the broader regional trends, where Penobscot County posted a more moderate 4.60% increase and the state of Maine saw only 0.98% growth. This substantial divergence suggests that ZIP 04474 is functioning as a distinct micro-market, likely driven by specific local demand factors that are decoupling it from the slower pace of the surrounding county and state. In terms of sub-market character, the data points to a high-value segment within a generally moderate-income region. While the parent county’s median household income stands at $66,356 and the median home value is $214,100, the HPI level of 265.11 in ZIP 04474 indicates that home prices have outpaced the county median significantly. With an owner-occupancy rate of 70.5% in the county, the market remains predominantly owner-occupied rather than renter-heavy. The current HPI suggests that properties in this specific ZIP code command a premium relative to the general Penobscot County baseline, positioning it as an upper-tier sub-market within the county’s broader housing landscape. For prospective buyers and residents, the practical takeaway is clear: ZIP 04474 represents a high-growth, premium segment of the local real estate market. The 15.98% annual appreciation rate, combined with the current 7.40% national mortgage rate, creates a challenging entry point for new purchasers. The significant gap between this ZIP’s performance and the county average signals that location-specific amenities or desirability factors are driving prices above regional norms. Individuals considering a move should anticipate higher acquisition costs compared to neighboring areas like ZIP 04473, which shows a negative year-over-year trend of -1.35%. Understanding this localized premium is essential for accurate budgeting and investment planning in this specific geographic area.

Based on FHFA House Price Index data.