Market Overview
Home Prices in Elma, IA
The median home value in Elma, IA is $235,706 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 10% compared to a year ago and up 2.3% from two years prior.
Compared to the U.S. national median of $410,000, homes in Elma are priced43% below average.
Price History
Elma Home Price Trend
2022
$189,691
$190K
—
2023
$196,362
$196K
+3.5%
2024
$209,450
$209K
+6.7%
2025
$214,330
$214K
+2.3%
2026
$235,706
$236K
+10.0%
City Comparison
Elma vs. National Median
🏠 Elma
$235,706
National Median
$410,000
At $235,706, homes in Elma cost 43% below the national median of $410,000. This makes Elma a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Elma?
20% Down Payment
$47,141
on $235,706
Monthly P&I
$1,229/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,561/mo
incl. taxes & insurance
Income Needed
$62,440
gross annual (30% rule)
10% Down Option
$23,571
+ PMI applies
Loan Amount (20% dn)
$188,565
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Elma, IA?
The median home value in Elma is $235,706 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 10% year-over-year.
How much have home prices changed in Elma?
Over the past year, home values in Elma have increased by 10%.
How much do I need to earn to buy a home in Elma?
To comfortably afford the median home price of $235,706 with a 20% down payment ($47,141) at today's rates (6.8%), you'd need a gross annual income of approximately $62,440. This assumes keeping total housing costs at or below 30% of gross income.
How does Elma compare to the national average home price?
The national median home value is approximately $410,000. At $235,706, homes in Elma are 43% below the national average.