Jerome, MI—49249
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Jerome, MI
As of Oct '25, the median home price in Jerome, MI is $291,000, with a year-over-year change of 4.6%. This indicates that home prices in Jerome, MI are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $291,000 | 4.6% |
| Single Family | $291,000 | 4.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $263,000 | 4.4% |
3 Bed | $303,000 | 4.8% |
4 Bed | $426,000 | 3.6% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Jerome, MI
Jerome, MI lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | N/A | N/A |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Jerome, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Jerome, MI is 63. This is a increase of 9.0% 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 39.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $358,000 | -17.0% |
Listing Count | 31 | 57.0% |
| Listings as % of Homes | 0.5% | 57.0% |
Days on Market | 63 | 9.0% |
Demographics — Jerome, MI
As of the latest ACS Survey released in 2023, Jerome, MI has a population of 3,430, which has decreased by -8.6% over the past 5 years. Jerome, MI is a moderately popular place for families, as children make up 17.3% of the population. The area has a moderately educated workforce, with 27.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,430 | -8.6% |
% Under 18 | 17.3% | -14.4% |
% Seniors | 25.2% | 23.5% |
% WFH | 6.0% | 27.7% |
% w/ College Degree | 27.4% | 16.1% |
As of the latest ACS Survey released in 2023, Jerome, MI is a predominantly white area, with 94.9% of the population identifying as white. The white population has shrunk by 0.4% in the last 5 years. The second most common race or ethnicity in Jerome, MI is black, making up 1.3% of the population. Foreign-born residents account for 1.1% of the population in Jerome, MI, and this percentage has decreased by 60.7% 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 | 94.9% | -0.4% |
% Black | 1.3% | 160.0% |
% Hispanic | 0.3% | -85.0% |
% Asian | 0.6% | 0.0% |
% Foreign Born | 1.1% | -60.7% |
Mortgage and Risk — Jerome, MI
According to HUD data as of 2023, there were 51 mortgage originations in Jerome, MI, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 27.0% above 90% LTV (very high). This implies large mortgage risk in Jerome, MI. Investor activity is low, as 2.0% of loans were by investors. 22.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 51 |
% Conventional Loans | 82.0% |
% Government Loans | 18.0% |
% Investor Loans | 2.0% |
% Second Loans | 14.0% |
% Cash Out Refinance | 22.0% |
Loan Activity
Rentals and Section 8 — Jerome, MI
Jerome, 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 | $880 |
| 2 Bedroom | N/A | N/A | $1,110 |
| 3 Bedroom | N/A | N/A | $1,430 |
| 4 Bedroom | N/A | N/A | $1,610 |
Affordability — Jerome, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $291,000 |
| Median Household Income | $84,500 |