Market Overview
Home Prices in Milan, MI
The median home value in Milan, MI is $313,696 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 4.2% compared to a year ago and up 1.9% from two years prior.
Compared to the U.S. national median of $410,000, homes in Milan are priced23% below average. Milan is part of the Ann Arbor, MI metro area.
Over the past five years, Milan home values have risen by approximately19.2%, reflecting steady appreciation in this market.
Price History
Milan Home Price Trend
2020
$231,993
$232K
—
2021
$263,250
$263K
+13.5%
2022
$282,043
$282K
+7.1%
2023
$286,410
$286K
+1.5%
2024
$295,367
$295K
+3.1%
2025
$301,050
$301K
+1.9%
2026
$313,696
$314K
+4.2%
City Comparison
Milan vs. National Median
🏠 Milan
$313,696
National Median
$410,000
At $313,696, homes in Milan cost 23% below the national median of $410,000. This makes Milan a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Milan?
20% Down Payment
$62,739
on $313,696
Monthly P&I
$1,636/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,078/mo
incl. taxes & insurance
Income Needed
$83,120
gross annual (30% rule)
10% Down Option
$31,370
+ PMI applies
Loan Amount (20% dn)
$250,957
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 Milan, MI?
The median home value in Milan is $313,696 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 4.2% year-over-year.
How much have home prices changed in Milan?
Over the past year, home values in Milan have increased by 4.2%. Over five years, prices have risen approximately 19.2%.
How much do I need to earn to buy a home in Milan?
To comfortably afford the median home price of $313,696 with a 20% down payment ($62,739) at today's rates (6.8%), you'd need a gross annual income of approximately $83,120. This assumes keeping total housing costs at or below 30% of gross income.
How does Milan compare to the national average home price?
The national median home value is approximately $410,000. At $313,696, homes in Milan are 23% below the national average.
What metro area is Milan part of?
Milan is part of the Ann Arbor, MI metropolitan area. Home prices and market conditions can vary across the broader metro region.