Gorham, ME—04038
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Gorham, ME
As of Oct '25, the median home price in Gorham, ME is $522,000, with a year-over-year change of -0.8%. This indicates that home prices in Gorham, ME are flat. According to Zillow, the 1-year price projection is 2.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $522,000 | -0.8% |
| Single Family | $529,000 | -0.9% |
| Condos | $494,000 | -1.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $368,000 | -2.6% |
2 Bed | $421,000 | -2.1% |
3 Bed | $524,000 | -0.9% |
4 Bed | $634,000 | -0.5% |
| 5 Bed | $646,000 | -0.6% |
% of Housing Stock
Rental Trends — Gorham, ME
As of July '25, Rentcast reports the average rent in Gorham, ME is $2,060, with a year-over-year rent change of 10.8%. Per bedroom, the median rent as of July '25 in Gorham, ME is studios: $900, 1-bedrooms: $1,680, 2-bedrooms: $2,200, 3-bedrooms: $2,770. The most common rental property sizes in Gorham, ME are 2-bedroom and 1-bedroom, accounting for 38.9% and 20.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,850 | $2,060 |
| Studio Rent | $900 | $900 |
| 1 Bed Rent | $1,620 | $1,680 |
| 2 Bed Rent | $2,200 | $2,200 |
| 3 Bed Rent | $3,000 | $2,770 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Gorham, ME
As of Oct '25, Realtor.com reports that the median days on market for a home in Gorham, ME is 25. This is a increase of 19.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 22.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $605,000 | 8.0% |
Listing Count | 45 | 15.0% |
| Listings as % of Homes | 0.2% | 15.0% |
Days on Market | 25 | 19.0% |
Demographics — Gorham, ME
As of the latest ACS Survey released in 2023, Gorham, ME has a population of 18,200, which has increased by 5.1% over the past 5 years. Gorham, ME is a moderately popular place for families, as children make up 22.6% of the population. The area has a highly educated workforce, with 45.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 18.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 18,200 | 5.1% |
% Under 18 | 22.6% | 1.8% |
% Seniors | 15.3% | 10.1% |
% WFH | 18.8% | 276.0% |
% w/ College Degree | 45.6% | 3.6% |
As of the latest ACS Survey released in 2023, Gorham, ME is a predominantly white area, with 87.0% of the population identifying as white. The white population has shrunk by 9.4% in the last 5 years. The second most common race or ethnicity in Gorham, ME is hispanic, making up 2.3% of the population. Foreign-born residents account for 5.2% of the population in Gorham, ME, and this percentage has increased by 100.0% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 87.0% | -9.4% |
% Black | 0.9% | 12.5% |
% Hispanic | 2.3% | 53.3% |
% Asian | 2.1% | 600.0% |
% Foreign Born | 5.2% | 100.0% |
Mortgage and Risk — Gorham, ME
According to HUD data as of 2023, there were 470 mortgage originations in Gorham, ME, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 47.0%, with 8.0% above 90% LTV (normal). This implies small mortgage risk in Gorham, ME. Investor activity is low, as 1.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 470 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Gorham, ME
Gorham, ME lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 142 |
Total Units Section 8 | 142 |
% Rentals under Section 8 | 13.3% |
% Occupied Section 8 | 86.6% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$170 | $1,620 | $1,450 |
| 2 Bedroom | -$340 | $2,200 | $1,860 |
| 3 Bedroom | -$720 | $3,000 | $2,280 |
| 4 Bedroom | N/A | N/A | $2,560 |
Affordability — Gorham, ME
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.2 |
| Median Home Price | $522,000 |
| Median Household Income | $110,000 |