Market Overview
Home Prices in Palo, IA
The median home value in Palo, IA is $343,472 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 4.5% compared to a year ago and up 3% from two years prior.
Compared to the U.S. national median of $410,000, homes in Palo are priced16% below average. Palo is part of the Cedar Rapids, IA metro area.
Over the past five years, Palo home values have risen by approximately25.5%, reflecting strong long-term appreciation in this market.
Price History
Palo Home Price Trend
2020
$246,564
$247K
—
2021
$273,685
$274K
+11.0%
2022
$309,640
$310K
+13.1%
2023
$314,005
$314K
+1.4%
2024
$319,163
$319K
+1.6%
2025
$328,645
$329K
+3.0%
2026
$343,472
$343K
+4.5%
City Comparison
Palo vs. National Median
🏠 Palo
$343,472
National Median
$410,000
At $343,472, homes in Palo cost 16% below the national median of $410,000. This makes Palo a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Palo?
20% Down Payment
$68,694
on $343,472
Monthly P&I
$1,791/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,275/mo
incl. taxes & insurance
Income Needed
$91,000
gross annual (30% rule)
10% Down Option
$34,347
+ PMI applies
Loan Amount (20% dn)
$274,778
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 Palo, IA?
The median home value in Palo is $343,472 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 4.5% year-over-year.
How much have home prices changed in Palo?
Over the past year, home values in Palo have increased by 4.5%. Over five years, prices have risen approximately 25.5%.
How much do I need to earn to buy a home in Palo?
To comfortably afford the median home price of $343,472 with a 20% down payment ($68,694) at today's rates (6.8%), you'd need a gross annual income of approximately $91,000. This assumes keeping total housing costs at or below 30% of gross income.
How does Palo compare to the national average home price?
The national median home value is approximately $410,000. At $343,472, homes in Palo are 16% below the national average.
What metro area is Palo part of?
Palo is part of the Cedar Rapids, IA metropolitan area. Home prices and market conditions can vary across the broader metro region.