Market Overview
Home Prices in Melvin, IA
The median home value in Melvin, IA is $134,705 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 8.9% compared to a year ago and down 4.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in Melvin are priced67% below average.
Price History
Melvin Home Price Trend
2022
$116,445
$116K
—
2023
$121,671
$122K
+4.5%
2024
$129,353
$129K
+6.3%
2025
$123,725
$124K
-4.4%
2026
$134,705
$135K
+8.9%
City Comparison
Melvin vs. National Median
🏠 Melvin
$134,705
National Median
$410,000
At $134,705, homes in Melvin cost 67% below the national median of $410,000. This makes Melvin a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Melvin?
20% Down Payment
$26,941
on $134,705
Monthly P&I
$703/mo
30-yr @ 6.8%
Total Monthly Est.
~$893/mo
incl. taxes & insurance
Income Needed
$35,720
gross annual (30% rule)
10% Down Option
$13,471
+ PMI applies
Loan Amount (20% dn)
$107,764
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 Melvin, IA?
The median home value in Melvin is $134,705 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 8.9% year-over-year.
How much have home prices changed in Melvin?
Over the past year, home values in Melvin have increased by 8.9%.
How much do I need to earn to buy a home in Melvin?
To comfortably afford the median home price of $134,705 with a 20% down payment ($26,941) at today's rates (6.8%), you'd need a gross annual income of approximately $35,720. This assumes keeping total housing costs at or below 30% of gross income.
How does Melvin compare to the national average home price?
The national median home value is approximately $410,000. At $134,705, homes in Melvin are 67% below the national average.