The story of this market
The typical home in ZIP 04938 sells for about $250,000, or $185 per square foot.
Prices are up +2.4% from a year ago, so sellers still have some momentum. Homes take about 47 days to sell. HUD's fair market rent for a two-bedroom is $914 a month.
ZIP 04938 — Farmington
The Farmington housing market is characterized by limited inventory and steady demand, resulting in modest price appreciation. While affordability remains better than the state average, the market is constrained by a lack of new construction and a reliance on a narrow economic base.
This ZIP is best suited for families seeking a rural lifestyle, university-affiliated employees, and outdoor enthusiasts who value proximity to the Maine mountains over urban amenities.
Median prices moved up 2.4% year over year.
Homes spend a median of 47 days on market with 4.2 months of supply — a fast-moving market.
12% 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 5.0% · poverty 14.0% — a stable, low-distress 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 9.0%/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 5.2%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 04938, Franklin County ME
Crime rates in Farmington are generally low and consistent with rural Maine averages, though property crime remains the most frequently reported incident type.
The area is served by RSU 9, which provides public education for the region; schools are generally characterized as stable but facing challenges typical of rural districts with limited tax bases.
The region faces standard New England climate risks, including heavy winter snow loads and occasional spring flooding near the Sandy River, with insurance premiums reflecting these seasonal exposures.
Economic momentum is anchored by the University of Maine at Farmington and regional healthcare services, with limited large-scale industrial development currently underway.
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.
Commuting is primarily car-dependent, with residents traveling via US Route 2 and Maine Route 4 toward regional employment hubs in Augusta or Waterville.
The area offers significant outdoor access, including the Sandy River for fishing and paddling, local town parks, and proximity to Western Maine mountain hiking and skiing trails.
The rental market is tight due to limited inventory and demand from university students and staff, with modest rent growth observed over the last year.
The economy is driven by education, healthcare, and public sector employment, with the University of Maine at Farmington and Franklin Memorial Hospital serving as primary employers.
Transportation is almost exclusively private vehicle-based, with limited public transit options available outside of local community services.
Development is focused on small-scale residential infill and maintenance of existing infrastructure rather than large-scale commercial expansion.
Parcels are subject to municipal property taxes and the RSU 9 school district levy, with no major MUD or PID districts reported.
Property insurance costs are rising due to regional wildfire and winter storm risk assessments, consistent with broader trends in rural Maine.
Data retrieved from data.census.gov ZCTA 04938 profile.
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 regional anchor institution and cultural hub.
Provides recreational opportunities including fishing and kayaking.
Local community-run ski area offering winter recreation.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.