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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Merrill, WI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Merrill, WI Housing Market Trends

With a population of 9,122, 4,190 total housing units (homes and apartments), and a median house value of $135,998, house prices in Merrill are some of the most affordable in Wisconsin as well as the nation.

Single-family detached homes are the single most common housing type in Merrill, accounting for 65.04% of the city's housing units. Other types of housing that are prevalent in Merrill include large apartment complexes or high rise apartments ( 19.37%), duplexes, homes converted to apartments or other small apartment buildings ( 13.03%), and a few row houses and other attached homes ( 1.49%).

The most prevalent building size and type in Merrill are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 60.20% owning and 39.80% renting.

The housing in Merrill was primarily built before 1939 ( 37.30%), making the housing stock in Merrill some of the oldest overall in America, although there is a range of ages of homes in Merrill. The next most important housing age is between 1970-1999 ( 26.68%), followed by between 1940-1969 ( 25.41%). There's also some housing in Merrill built between 2000 and later ( 10.62%).

Merrill Home Appreciation Rates

Merrill's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Merrill during the period has been just 4.67%, which is lower than 80% of US communities.

Appreciation rates are so strong in Merrill that despite a nationwide downturn in the housing market, Merrill real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Merrill appreciation rates continue to be some of the highest in America, at 8.89%, which is higher than appreciation rates in 91.02% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Merrill. Merrill appreciation rates in the latest quarter were at 0.12%, which equates to an annual appreciation rate of 0.47%.

Relative to Wisconsin, our data show that Merrill's latest annual appreciation rate is higher than 80% of the other cities and towns in Wisconsin.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Merrill differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Merrill - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Merrill real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$135,998

Merrill, WI Home Prices
> $1,236,000
$927,001 - $1,236,000
$618,001 - $927,000
$494,001 - $618,000
$371,001 - $494,000
$247,001 - $371,000
$124,001 - $247,000
$62,001 - $124,000
$0 - $62,000
0.0%
0.0%
0.0%
0.0%
0.7%
0.7%
1.9%
1.9%
3.7%
3.7%
11.3%
11.3%
35.4%
35.4%
41.0%
41.0%
5.8%
5.8%
0% 100.0%
% of Homes
Very Low

for Wisconsin

Very Low

for nation

Number of Homes And Apartments:

4,190

Merrill Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,076 / per month

Homeownership Rate

Owners
Renters
60.2%
60.2%
39.8%
39.8%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
6.7%
6.7%
93.3%
93.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
10.6%
10.6%
26.7%
26.7%
25.4%
25.4%
37.3%
37.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
65.0%
65.0%
1.5%
1.5%
13.0%
13.0%
19.4%
19.4%
1.1%
1.1%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.7%
0.7%
14.2%
14.2%
30.0%
30.0%
39.8%
39.8%
12.6%
12.6%
2.7%
2.7%
0% 100.0%
% of Homes

Popular Communities Near Merrill, WI

Zip Codes in Merrill, WI