Market Overview
Home Prices in Parchment, MI
The median home value in Parchment, MI is $209,522 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 2.8% compared to a year ago and up 2.5% from two years prior.
Compared to the U.S. national median of $410,000, homes in Parchment are priced49% below average. Parchment is part of the Kalamazoo-Portage, MI metro area.
Over the past five years, Parchment home values have risen by approximately30.7%, reflecting strong long-term appreciation in this market.
Price History
Parchment Home Price Trend
City Comparison
Parchment vs. National Median
At $209,522, homes in Parchment cost 49% below the national median of $410,000. This makes Parchment a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Parchment?
20% Down Payment
$41,904
on $209,522
Monthly P&I
$1,093/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,388/mo
incl. taxes & insurance
Income Needed
$55,520
gross annual (30% rule)
10% Down Option
$20,952
+ PMI applies
Loan Amount (20% dn)
$167,618
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 Parchment, MI?
The median home value in Parchment is $209,522 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 2.8% year-over-year.
How much have home prices changed in Parchment?
Over the past year, home values in Parchment have increased by 2.8%. Over five years, prices have risen approximately 30.7%.
How much do I need to earn to buy a home in Parchment?
To comfortably afford the median home price of $209,522 with a 20% down payment ($41,904) at today's rates (6.8%), you'd need a gross annual income of approximately $55,520. This assumes keeping total housing costs at or below 30% of gross income.
How does Parchment compare to the national average home price?
The national median home value is approximately $410,000. At $209,522, homes in Parchment are 49% below the national average.
What metro area is Parchment part of?
Parchment is part of the Kalamazoo-Portage, MI metropolitan area. Home prices and market conditions can vary across the broader metro region.