Market Overview
Home Prices in Merrill, IA
The median home value in Merrill, IA is $286,884 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 5.9% compared to a year ago and up 5.2% from two years prior.
Compared to the U.S. national median of $410,000, homes in Merrill are priced30% below average.
Over the past five years, Merrill home values have risen by approximately37.2%, reflecting strong long-term appreciation in this market.
Price History
Merrill Home Price Trend
2020
$182,173
$182K
—
2021
$209,077
$209K
+14.8%
2022
$241,554
$242K
+15.5%
2023
$249,097
$249K
+3.1%
2024
$257,644
$258K
+3.4%
2025
$270,946
$271K
+5.2%
2026
$286,884
$287K
+5.9%
City Comparison
Merrill vs. National Median
🏠 Merrill
$286,884
National Median
$410,000
At $286,884, homes in Merrill cost 30% below the national median of $410,000. This makes Merrill a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Merrill?
20% Down Payment
$57,377
on $286,884
Monthly P&I
$1,496/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,900/mo
incl. taxes & insurance
Income Needed
$76,000
gross annual (30% rule)
10% Down Option
$28,688
+ PMI applies
Loan Amount (20% dn)
$229,507
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 Merrill, IA?
The median home value in Merrill is $286,884 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 5.9% year-over-year.
How much have home prices changed in Merrill?
Over the past year, home values in Merrill have increased by 5.9%. Over five years, prices have risen approximately 37.2%.
How much do I need to earn to buy a home in Merrill?
To comfortably afford the median home price of $286,884 with a 20% down payment ($57,377) at today's rates (6.8%), you'd need a gross annual income of approximately $76,000. This assumes keeping total housing costs at or below 30% of gross income.
How does Merrill compare to the national average home price?
The national median home value is approximately $410,000. At $286,884, homes in Merrill are 30% below the national average.