Palmyra, MI—49268
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Palmyra, MI
As of Oct '25, the median home price in Palmyra, MI is $206,000, with a year-over-year change of 0.6%. This indicates that home prices in Palmyra, MI are flat. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $206,000 | 0.6% |
| Single Family | $206,000 | 1.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $206,000 | 3.0% |
4 Bed | $200,000 | 1.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Palmyra, MI
As of July '25, Rentcast reports the average rent in Palmyra, MI is $1,200, with a year-over-year rent change of -7.7%. Per bedroom, the median rent as of July '25 in Palmyra, MI is 2-bedrooms: $1,200. The most common rental property sizes in Palmyra, MI are 5+ bedroom and 3-bedroom, accounting for 51.4% and 35.1% 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 — Palmyra, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Palmyra, MI is 40. This is a decrease of -73.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 50.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $180,000 | 8.0% |
Listing Count | 4 | 33.0% |
| Listings as % of Homes | 0.9% | 33.0% |
Days on Market | 40 | -73.0% |
Demographics — Palmyra, MI
As of the latest ACS Survey released in 2023, Palmyra, MI has a population of 1,030, which has decreased by -15.3% over the past 5 years. Palmyra, MI is a moderately popular place for families, as children make up 18.9% of the population. The area has a poorly educated workforce, with 19.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 1.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 1,030 | -15.3% |
% Under 18 | 18.9% | -12.1% |
% Seniors | 18.5% | 5.1% |
% WFH | 1.3% | -48.0% |
% w/ College Degree | 19.8% | 54.7% |
As of the latest ACS Survey released in 2023, Palmyra, MI is a predominantly white area, with 94.2% of the population identifying as white. The white population has grown by 7.8% in the last 5 years. The second most common race or ethnicity in Palmyra, MI is hispanic, making up 3.3% of the population. Foreign-born residents account for 3.0% of the population in Palmyra, MI, and this percentage has increased by 650.0% 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 | 94.2% | 7.8% |
% Black | 0.0% | -100.0% |
% Hispanic | 3.3% | -52.2% |
% Asian | 2.5% | 257.1% |
% Foreign Born | 3.0% | 650.0% |
Mortgage and Risk — Palmyra, MI
According to HUD data as of 2023, there were 37 mortgage originations in Palmyra, MI, of which 84.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 30.0% above 90% LTV (very high). This implies large mortgage risk in Palmyra, MI. Investor activity is low, as 0.0% of loans were by investors. 38.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 37 |
% Conventional Loans | 84.0% |
% Government Loans | 16.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 38.0% |
Loan Activity
Rentals and Section 8 — Palmyra, MI
Palmyra, 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 | $730 |
| 2 Bedroom | -$270 | $1,200 | $930 |
| 3 Bedroom | N/A | N/A | $1,220 |
| 4 Bedroom | N/A | N/A | $1,410 |
Affordability — Palmyra, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.2 |
| Median Home Price | $206,000 |
| Median Household Income | $87,200 |