Portland Headlight located in Cape Elizabeth locate by Fort Williams Park. Cape Elizabeth is home to … [+]
We’ve been going through New England and analyzing what the most expensive ZIP codes are in each state there. We recently covered the most expensive ZIP codes in Massachusetts. Here, we’re moving northeast to Maine, which has experienced some wild home value growth amid major homebuying interest.
Many housing markets across the United States witnessed a surge in homebuying activity in starting in the second year of the pandemic, 2023, which continued until rate hikes cooled things off a bit. Maine, however, saw its home values really take off. Read on to find out the most expensive ZIP codes in Maine in 2024, based on the latest data from Zillow’s home value index.
The Most Expensive ZIP Codes in Maine
We made use on data from Zillow’s home value index, plus the Census Bureau’s 2023 American Community Survey, we analyzed thousands of ZIP codes from all over the U.S. We zeroed in on the 311 ZIP codes tracked by Zillow in Maine. As part of our analysis, we took into consideration the latest monthly home values Zillow has — November 2024 — as well as the average of 12 months of median home values from December 2023 to November 2024.
The Top 5 Most Expensive ZIP Codes in Maine
ZIP code 04110 is the most expensive one in Maine. This ZIP code covers Cumberland Foreside, which is a community within the town of Cumberland on the coast, up the road from Portland. The houses here are classy, whether large or small. Just under half of all households in ZIP code 04110 earn $200,000 or more per year. The median household income is $187,857, while the mean household income is much higher, at $347,407. Home value appreciation in ZIP code 04110 has been stunning. From a median home value of $536,150 in November 2019, the median soared by 75.8%, reaching $942,576 in November 2024.
Home values surged even more in the second most expensive ZIP code — 03907. Farther up the road from Portland, past ZIP code 04110, this ZIP code covers Ogunquit. Over the last five years, the median home value here has skyrocketed by 77.7%, from $508,307 in November 2019 to $903,100 in November 2024. Incomes here, though, aren’t as high as in the No. 1 most expensive ZIP code. The median household income is $104,250 and the average household income is $185,336.
The No. 3 most expensive ZIP code is 04660 and it is centered on Mount Desert on Mount Desert Island. This ZIP code is more remote than the first two, and is a solid three-hour drive from Portland. Home values here grew substantially over the last five years, and you can see that local incomes are not proportional at all to the median home value. The median household income is $83,750, the average household income is $107,851, while the median home value is $881,359 as of November 2024; that’s up 78% since November 2019, when the median home value was $495,103.
The Bottom Line on the Most Expensive ZIP Codes in Maine
The home value appreciation in Maine’s most expensive ZIP codes ranks among the highest rates out of all our ZIP code studies. Out of the top 20 most expensive ZIP codes in Maine, only one ZIP code — 04107, which covers Cape Elizabeth — experienced less than 50% growth in home values, and that was still 48.9% over five years.