Gray, ME—04039
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Gray, ME
As of Oct '25, the median home price in Gray, ME is $474,000, with a year-over-year change of 0.6%. This indicates that home prices in Gray, ME are flat. According to Zillow, the 1-year price projection is 2.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $474,000 | 0.6% |
| Single Family | $475,000 | 0.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $405,000 | -0.5% |
3 Bed | $488,000 | 0.8% |
4 Bed | $563,000 | 1.1% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Gray, ME
As of July '25, Rentcast reports the average rent in Gray, ME is $2,220, with a year-over-year rent change of 0.5%. Per bedroom, the median rent as of July '25 in Gray, ME is 1-bedrooms: $1,620, 2-bedrooms: $2,090, 3-bedrooms: $2,400, 4-bedrooms: $3,500. The most common rental property sizes in Gray, ME are 2-bedroom and 3-bedroom, accounting for 35.0% and 30.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,920 | $2,220 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,460 | $1,620 |
| 2 Bed Rent | $1,920 | $2,090 |
| 3 Bed Rent | $2,400 | $2,400 |
| 4 Bed Rent | $3,500 | $3,500 |
% of Rental Stock
Property Listings — Gray, ME
As of Oct '25, Realtor.com reports that the median days on market for a home in Gray, ME is 37. This is a increase of 36.0% 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 33.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $656,000 | -7.0% |
Listing Count | 24 | 13.0% |
| Listings as % of Homes | 0.1% | 13.0% |
Days on Market | 37 | 36.0% |
Demographics — Gray, ME
As of the latest ACS Survey released in 2023, Gray, ME has a population of 8,000, which has increased by 5.8% over the past 5 years. Gray, ME is a moderately popular place for families, as children make up 18.5% of the population. The area has a highly educated workforce, with 46.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 8,000 | 5.8% |
% Under 18 | 18.5% | -8.0% |
% Seniors | 17.6% | -7.4% |
% WFH | 11.6% | 118.9% |
% w/ College Degree | 46.5% | 30.3% |
As of the latest ACS Survey released in 2023, Gray, ME is a predominantly white area, with 88.4% of the population identifying as white. The white population has shrunk by 4.8% in the last 5 years. The second most common race or ethnicity in Gray, ME is hispanic, making up 0.9% of the population. Foreign-born residents account for 1.2% of the population in Gray, ME, and this percentage has decreased by 33.3% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 88.4% | -4.8% |
% Black | 0.4% | 0.0% |
% Hispanic | 0.9% | -18.2% |
% Asian | 0.5% | -50.0% |
% Foreign Born | 1.2% | -33.3% |
Mortgage and Risk — Gray, ME
According to HUD data as of 2023, there were 215 mortgage originations in Gray, ME, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 47.0%, with 13.0% above 90% LTV (elevated). This implies medium mortgage risk in Gray, ME. Investor activity is low, as 2.0% 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 | 215 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 2.0% |
% Second Loans | 5.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Gray, ME
As of 2024, the percent of homes in Gray, ME under the Section 8 program is 10.2%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Gray, ME, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 65 |
Total Units Section 8 | 65 |
% Rentals under Section 8 | 10.2% |
% Occupied Section 8 | 80.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $0 | $1,460 | $1,460 |
| 2 Bedroom | -$40 | $1,920 | $1,880 |
| 3 Bedroom | -$100 | $2,400 | $2,300 |
| 4 Bedroom | -$920 | $3,500 | $2,580 |
Affordability — Gray, ME
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.5 |
| Median Home Price | $474,000 |
| Median Household Income | $94,300 |