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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 Q2 2024. 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 9,122 people, 4,190 houses or apartments, and a median cost of homes of $147,942, 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

Real estate appreciation rates in Merrill's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.74% during the period.

NeighborhoodScout's data show that during the latest twelve months, Merrill's appreciation rate, at 7.74%, has been at or slightly above the national average. In the latest quarter, Merrill's appreciation rate has been 1.39%, which annualizes to a rate of 5.67%.

Relative to Wisconsin, our data show that Merrill's latest annual appreciation rate is lower than 50% 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

$147,942

Merrill, WI Home Prices
> $1,344,000
$1,008,001 - $1,344,000
$672,001 - $1,008,000
$538,001 - $672,000
$403,001 - $538,000
$269,001 - $403,000
$134,001 - $269,000
$67,001 - $134,000
$0 - $67,000
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:

$1,074 / 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