Market Overview
Home Prices in Parma, MI
The median home value in Parma, MI is $263,206 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 4.8% compared to a year ago and up 3.3% from two years prior.
Compared to the U.S. national median of $410,000, homes in Parma are priced36% below average. Parma is part of the Jackson, MI metro area.
Over the past five years, Parma home values have risen by approximately21.8%, reflecting strong long-term appreciation in this market.
Price History
Parma Home Price Trend
2020
$186,196
$186K
—
2021
$216,047
$216K
+16.0%
2022
$233,166
$233K
+7.9%
2023
$226,604
$227K
-2.8%
2024
$243,227
$243K
+7.3%
2025
$251,203
$251K
+3.3%
2026
$263,206
$263K
+4.8%
City Comparison
Parma vs. National Median
🏠 Parma
$263,206
National Median
$410,000
At $263,206, homes in Parma cost 36% below the national median of $410,000. This makes Parma a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Parma?
20% Down Payment
$52,641
on $263,206
Monthly P&I
$1,373/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,744/mo
incl. taxes & insurance
Income Needed
$69,760
gross annual (30% rule)
10% Down Option
$26,321
+ PMI applies
Loan Amount (20% dn)
$210,565
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 Parma, MI?
The median home value in Parma is $263,206 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 4.8% year-over-year.
How much have home prices changed in Parma?
Over the past year, home values in Parma have increased by 4.8%. Over five years, prices have risen approximately 21.8%.
How much do I need to earn to buy a home in Parma?
To comfortably afford the median home price of $263,206 with a 20% down payment ($52,641) at today's rates (6.8%), you'd need a gross annual income of approximately $69,760. This assumes keeping total housing costs at or below 30% of gross income.
How does Parma compare to the national average home price?
The national median home value is approximately $410,000. At $263,206, homes in Parma are 36% below the national average.
What metro area is Parma part of?
Parma is part of the Jackson, MI metropolitan area. Home prices and market conditions can vary across the broader metro region.