Merrill, MI 48637 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Merrill, MI—48637

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$190,000

8.0% YoY Growth

Household Income

$63,900

27.3% YoY Growth

Days on Market

28.0% Longer YoY

Home Price Forecast

4.0%

Median Rent

$1,200

45.5% YoY Growth

1-Bed Rent

N/A

2-Bed Rent

$1,200

45.5% YoY Growth

3-Bed Rent

N/A

Home Price Trends — Merrill, MI

As of Dec '25, the median home price in Merrill, MI is $190,000, with a year-over-year change of 8.0%. This indicates that home prices in Merrill, MI are increasing. According to Zillow, the 1-year price projection is 4.0%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$190,000	8.0%
Single Family	$191,000	8.5%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Merrill, MI

As of July '25, Rentcast reports the average rent in Merrill, MI is $1,200, with a year-over-year rent change of 45.5%. Per bedroom, the median rent as of July '25 in Merrill, MI is 2-bedrooms: $1,200. The most common rental property sizes in Merrill, MI are 3-bedroom and 2-bedroom, accounting for 51.8% and 27.2% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$1,200	$1,200
Studio Rent	N/A	N/A
1 Bed Rent	N/A	N/A
2 Bed Rent	$1,200	$1,200
3 Bed Rent	N/A	N/A
4 Bed Rent	N/A	N/A

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% of Rental Stock

1 Bedroom

6.1%

2 Bedrooms

27.2%

3 Bedrooms

51.8%

4 Bedrooms

9.6%

5+ Bedrooms

5.3%

Property Listings — Merrill, MI

As of Dec '25, Realtor.com reports that the median days on market for a home in Merrill, MI is 19. This is a increase of 34.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$150,000	-13.0%
Listing Count	5	-4.0%
Listings as % of Homes	0.2%	-4.0%
Days on Market	39	28.0%

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Demographics — Merrill, MI

As of the latest ACS Survey released in 2023, Merrill, MI has a population of 3,070, which has decreased by -3.9% over the past 5 years. Merrill, MI is a moderately popular place for families, as children make up 21.5% of the population. The area has a poorly educated workforce, with 15.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.6% reporting working from home.

Metric	Latest Census	YoY % Change
Population	3,070	-3.9%
% Under 18	21.5%	-14.0%
% Seniors	24.8%	32.6%
% WFH	4.6%	53.3%
% w/ College Degree	15.9%	-8.1%

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As of the latest ACS Survey released in 2023, Merrill, MI is a predominantly white area, with 86.9% of the population identifying as white. The white population has shrunk by 8.7% in the last 5 years. The second most common race or ethnicity in Merrill, MI is hispanic, making up 10.9% of the population. Foreign-born residents account for 2.5% of the population in Merrill, MI, and this percentage has increased by 212.5% 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	86.9%	-8.7%
% Black	0.0%	-100.0%
% Hispanic	10.9%	165.9%
% Asian	0.1%	∞%
% Foreign Born	2.5%	212.5%

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Mortgage and Risk — Merrill, MI

According to HUD data as of 2023, there were 36 mortgage originations in Merrill, MI, of which 83.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 33.0% above 90% LTV (very high). This implies large mortgage risk in Merrill, MI. Investor activity is low, as 3.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	36
% Conventional Loans	83.0%
% Government Loans	17.0%
% Investor Loans	3.0%
% Second Loans	0.0%
% Cash Out Refinance	8.0%

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Rentals and Section 8 — Merrill, MI

Merrill, MI lacks sufficient Section 8 program data for analysis.

Section 8 Market Size

Total Units under HUD	N/A
Total Units Section 8	N/A
% Rentals under Section 8	N/A
% Occupied Section 8	N/A

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	N/A	N/A	$740
2 Bedroom	-$230	$1,200	$970
3 Bedroom	N/A	N/A	$1,270
4 Bedroom	N/A	N/A	$1,380

Merrill, MI—48637

Key Metrics at a Glance

Home Price Trends — Merrill, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Merrill, MI

% of Rental Stock

Property Listings — Merrill, MI

Demographics — Merrill, MI

Race and Ethnicity

Mortgage and Risk — Merrill, MI

Mortgages

Rentals and Section 8 — Merrill, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Merrill, MI

Home Price to Income Ratio

Merrill, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Wheeler, MI

Hemlock, MI

Wheeler, MI

Brant, MI

Midland, MI

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	2.5
Median Home Price	$190,000
Median Household Income	$63,900

Merrill, MI—48637

Key Metrics at a Glance

Home Price Trends — Merrill, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Merrill, MI

% of Rental Stock

Property Listings — Merrill, MI

Demographics — Merrill, MI

Race and Ethnicity

Mortgage and Risk — Merrill, MI

Mortgages

Rentals and Section 8 — Merrill, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Merrill, MI

Home Price to Income Ratio

Merrill, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Wheeler, MI

Hemlock, MI

Wheeler, MI

Brant, MI

Midland, MI

Frequently Asked Questions

What is the average home price in Merrill, MI 48637?

How have home prices in Merrill, MI 48637 changed over the past year?

What is the home price projection for Merrill, MI 48637?

What are the demographics of Merrill, MI 48637?

How long does it take homes to sell in Merrill, MI 48637?

What is the average rent price in Merrill, MI 48637?