The story of this market
The typical home in ZIP 04038 sells for about $650,000, or $220 per square foot.
Prices are up +14.5% from a year ago, so sellers still have some momentum. Homes take about 43 days to sell. HUD's fair market rent for a two-bedroom is $1,680 a month.
ZIP 04038 — Gorham
The Gorham housing market remains competitive, characterized by strong price appreciation and low inventory levels. Demand is driven by its appeal as a suburban alternative to Portland, though rising interest rates and prices are beginning to moderate the pace of sales.
This ZIP is ideal for family buyers and professionals seeking a suburban lifestyle with convenient access to Portland's employment core and outdoor amenities.
Median prices moved up 14.5% year over year.
Homes spend a median of 43 days on market with 2.7 months of supply — a fast-moving market.
22% of listings have cut prices · homes sell at 100.1% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 2.6% · poverty 3.7% — 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 10.5%/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 6.3%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net influx — more people moved in than out
ZCTA 04038, Cumberland County ME
Gorham generally experiences low crime rates compared to the broader Portland-South Portland metropolitan area. Reported trends remain stable with typical suburban safety profiles.
The Gorham School District is generally well-regarded, providing a stable educational environment for families within the community.
The area faces standard New England climate risks, including winter storm exposure and potential localized flooding in low-lying areas near the Presumpscot River.
Gorham serves as a growing residential hub for the Portland metro area, benefiting from its proximity to major regional employers and ongoing suburban 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.
Residents primarily commute by car toward Portland, with typical drive times ranging from 20 to 30 minutes depending on traffic conditions.
The area features extensive access to outdoor recreation, including the Presumpscot River, local trail networks, and proximity to Sebago Lake for seasonal activities.
The rental market is characterized by tight vacancy pressure due to high demand from commuters and students, with rents trending upward in line with the broader Portland metro area.
The local economy is driven by education, healthcare, and professional services, with many residents commuting to the larger Portland employment market.
Transportation is primarily highway-dependent, with Route 202 and Route 114 serving as the main corridors for regional access.
Development is focused on managed suburban growth, with several residential subdivisions currently in various stages of approval.
Parcels are subject to municipal taxes and the Gorham School District levy, with no major MUD/PID districts reported.
Property insurance premiums are stable but reflect regional risks associated with severe winter weather and coastal storm exposure.
Data retrieved from data.census.gov ZCTA-level 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.
Provides recreational opportunities including kayaking and fishing.
The historic center offering local retail and dining options.
Serves as a major cultural and educational anchor for the town.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.