Market Overview
Home Prices in Merrillville, IN
The median home value in Merrillville, IN is $246,391 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 0.6% compared to a year ago and up 0.8% from two years prior.
Compared to the U.S. national median of $410,000, homes in Merrillville are priced40% below average. Merrillville is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Merrillville home values have risen by approximately23.3%, reflecting strong long-term appreciation in this market.
Price History
Merrillville Home Price Trend
City Comparison
Merrillville vs. National Median
At $246,391, homes in Merrillville cost 40% below the national median of $410,000. This makes Merrillville a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Merrillville?
20% Down Payment
$49,278
on $246,391
Monthly P&I
$1,285/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,632/mo
incl. taxes & insurance
Income Needed
$65,280
gross annual (30% rule)
10% Down Option
$24,639
+ PMI applies
Loan Amount (20% dn)
$197,113
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 Merrillville, IN?
The median home value in Merrillville is $246,391 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 0.6% year-over-year.
How much have home prices changed in Merrillville?
Over the past year, home values in Merrillville have increased by 0.6%. Over five years, prices have risen approximately 23.3%.
How much do I need to earn to buy a home in Merrillville?
To comfortably afford the median home price of $246,391 with a 20% down payment ($49,278) at today's rates (6.8%), you'd need a gross annual income of approximately $65,280. This assumes keeping total housing costs at or below 30% of gross income.
How does Merrillville compare to the national average home price?
The national median home value is approximately $410,000. At $246,391, homes in Merrillville are 40% below the national average.
What metro area is Merrillville part of?
Merrillville is part of the Chicago-Naperville-Elgin, IL-IN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.