The story of this market
The typical home in ZIP 04473 sells for about $320,000, or $182 per square foot.
Prices are down 2.1% from a year ago, which gives buyers more room to negotiate. Homes take about 53 days to sell. HUD's fair market rent for a two-bedroom is $1,255 a month.
ZIP 04473 — Orono
The Orono housing market remains stable, driven primarily by the consistent demand from the university community. While median prices have seen a slight year-over-year adjustment, the market maintains a steady pace with moderate inventory levels. High rental demand persists due to the student population, though investors should account for the specific maintenance needs of the local housing stock.
This ZIP is best suited for university-affiliated individuals, faculty, and families seeking a college-town atmosphere, though investors should be prepared for high turnover and maintenance requirements.
Median prices moved down 2.1% year over year.
Homes spend a median of 53 days on market with 4.2 months of supply — a fast-moving market.
15% of listings have cut prices · homes sell at 98.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 4.2% · poverty 24.9% — a mixed stability profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 6.9%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 4.5%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 04473, Penobscot County, Maine
Crime rates in Orono are generally lower than the national average, with local law enforcement maintaining a consistent presence due to the university environment.
The area is served by the Orono School Department, which is generally well-regarded for its academic performance and integration with the local university community.
The region faces standard New England climate risks, including heavy winter snowfall and occasional spring flooding near the Penobscot River, with standard insurance coverage typically available.
Economic momentum is heavily anchored by the University of Maine, which serves as the primary driver for local employment, research, and infrastructure development.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Maine) — Maine Resident Homestead Property Tax Exemption: Provides a reduction in the valuation of the homestead for property tax purposes. The exemption amount is set by state statute (currently $25,000 of the just value of the property). The formula is: (Just Value - Homestead Exemption) * Local Tax Rate = Tax Due.
The commute is primarily local, with most residents traveling within the Orono-Bangor corridor; average travel time is approximately 16 minutes.
The area features extensive access to the Penobscot River, the University of Maine trail systems, and various local parks, with basic retail and dining concentrated in the downtown Orono area.
The rental market is heavily influenced by the university student population, resulting in high seasonal turnover and a vacancy rate of approximately 13%.
The economy is dominated by the University of Maine and associated research, education, and service sectors, providing a stable but specialized employment base.
The area is served by local bus routes connecting to Bangor, with primary access via I-95.
Development is largely focused on university-related expansion and small-scale residential infill within the town center.
Parcels are subject to municipal property taxes and local school district levies.
Standard property insurance is available, though premiums are influenced by regional winter weather risks.
Data retrieved from Census Reporter and ACS 2024 tables.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
Major anchor institution providing sports, arts, and research facilities.
Provides extensive recreational opportunities including boating and fishing.
A popular nature trail and environmental education site.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.