04965, Palmyra, ME

The 4965 zip code of Palmyra, ME is located in the eastern part of the state and has a population of just over 2,000. The median household income in this zip code is just over $50,000, which is higher than the statewide median income of $55,617. However, despite this high median income, home prices in this zip code are significantly lower than the statewide average. In fact, according to Zillow’s latest data (as of February 2019), the median home value in this zip code is just under $130,000 – which is less than half the statewide median home value of $269,500.

One reason why home prices in Palmyra are so low compared to other parts of Maine is likely due to its relatively low population density. In fact, according to Census data from 2016 (the most recent available data), only 1% of homes in Palmyra are occupied by people who live there full-time – which is much lower than the statewide average percentage of 3%. This lack of demand may also be contributing to the low home values in this zip code – as potential buyers may be hesitant to invest money into a property that they don’t think will be worth their investment for many years.

Despite these challenges faced by homeowners in Palmyra when it comes to buying and selling homes, there are still some good news stories that can be shared about this area. For example:

1) According to Zillow’s latest data (as of February 2019), Palmyra has one of the lowest foreclosure rates out of all ZIP codes within Maine – which suggests that there are relatively few homes that are currently being sold or rented at a loss.

2) Additionally, while it may not seem like it at first glance due to its low home values relative to other parts of Maine, Palmyra actually has one of the highest percentages (of all ZIP codes)of homes that were purchased with cash – which suggests that buyers who want to purchase a home here aren’t afraid to put down some money up front.

Overall then – while there are some challenges faced by homeowners here when it comes trying to buy or sell a home (due primarilyto its relatively low population density and modest incomes), overall things appear stable and positive for those living in or looking for properties within Palmyra's 4965 zip code.