Merrill, MI—48637
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Merrill, MI
As of Oct '25, the median home price in Merrill, MI is $190,000, with a year-over-year change of 7.7%. This indicates that home prices in Merrill, MI are increasing. According to Zillow, the 1-year price projection is 3.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $190,000 | 7.7% |
| Single Family | $190,000 | 8.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $205,000 | 5.7% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Merrill, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Merrill, MI is 76. This is a increase of 25.0% 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 40.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $149,000 | -12.0% |
Listing Count | 10 | 24.0% |
| Listings as % of Homes | 0.2% | 24.0% |
Days on Market | 76 | 25.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Merrill, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.5 |
| Median Home Price | $190,000 |
| Median Household Income | $63,900 |