Parma, MI—49269
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Parma, MI
As of Oct '25, the median home price in Parma, MI is $253,000, with a year-over-year change of 4.6%. This indicates that home prices in Parma, MI are increasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $253,000 | 4.6% |
| Single Family | $253,000 | 5.0% |
| 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 | $265,000 | 5.2% |
4 Bed | $296,000 | 4.6% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Parma, MI
As of July '25, Rentcast reports the average rent in Parma, MI is $2,500, with a year-over-year rent change of 79.9%. Per bedroom, the median rent as of July '25 in Parma, MI is 3-bedrooms: $2,500. The most common rental property sizes in Parma, MI are 2-bedroom and 4-bedroom, accounting for 65.1% and 16.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,500 | $2,500 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $2,500 | $2,500 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Parma, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Parma, MI is 38. This is a decrease of -7.0% 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 31.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $318,000 | 4.0% |
Listing Count | 13 | -44.0% |
| Listings as % of Homes | 0.6% | -44.0% |
Days on Market | 38 | -7.0% |
Demographics — Parma, MI
As of the latest ACS Survey released in 2023, Parma, MI has a population of 5,870, which has decreased by -4.9% over the past 5 years. Parma, MI is a moderately popular place for families, as children make up 24.8% of the population. The area has a poorly educated workforce, with 19.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 5,870 | -4.9% |
% Under 18 | 24.8% | 0.4% |
% Seniors | 15.0% | -2.6% |
% WFH | 6.2% | 55.0% |
% w/ College Degree | 19.6% | 2.1% |
As of the latest ACS Survey released in 2023, Parma, MI is a predominantly white area, with 90.5% of the population identifying as white. The white population has shrunk by 6.1% in the last 5 years. The second most common race or ethnicity in Parma, MI is hispanic, making up 4.7% of the population. Foreign-born residents account for 0.6% of the population in Parma, MI, and this percentage has decreased by 40.0% 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 | 90.5% | -6.1% |
% Black | 3.0% | 400.0% |
% Hispanic | 4.7% | 840.0% |
% Asian | 0.3% | 0.0% |
% Foreign Born | 0.6% | -40.0% |
Mortgage and Risk — Parma, MI
According to HUD data as of 2023, there were 112 mortgage originations in Parma, MI, of which 76.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 30.0% above 90% LTV (very high). This implies large mortgage risk in Parma, MI. Investor activity is low, as 0.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 112 |
% Conventional Loans | 76.0% |
% Government Loans | 24.0% |
% Investor Loans | 0.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Parma, MI
Parma, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 4 |
Total Units Section 8 | 4 |
% Rentals under Section 8 | 2.1% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $870 |
| 2 Bedroom | N/A | N/A | $1,070 |
| 3 Bedroom | -$1,080 | $2,500 | $1,420 |
| 4 Bedroom | N/A | N/A | $1,580 |
Affordability — Parma, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.6 |
| Median Home Price | $253,000 |
| Median Household Income | $83,900 |