Is Melrose Park, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Melrose Park is a neutral's market

Buyer's
Market

Difference Since March 2023

At the same time last year, Melrose Park was a Seller's Market.

Key Takeaway

Melrose Park is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Melrose Park, IL

How much do homes in Melrose Park, IL cost?

Median Sold Price

$300,000

$201/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$5,000(+1.7%)

Key Takeaway

Homes in Melrose Park have sold for 1.7% more than they did a year ago.

Summary: The median home sold price in Melrose Park was $300,000 in March 2024, up 1.7% from last year, and the median price per square foot was $201.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $192.5K$191K
-0.8%
2 $260K$256K
-1.5%
3 $295K$300K
+1.7%
4 $315K$312K
-1.0%
5+ $395K$407.4K
+3.2%

Summary: Melrose Park housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.8%, 2 bedroom homes decreased by 1.5%, 3 bedroom homes increased by 1.7%, 4 bedroom homes decreased by 1%, and 5+ bedroom homes increased by 3.2%.

Median Sold Price Compared To Nearby Cities

Northlake
+10.3%
River Grove
+5.0%
Melrose Park
+1.7%
Maywood
0.0%
Stone Park
-2.5%

Housing Supply in Melrose Park, IL

How many homes are available in Melrose Park, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
4043+7.5%

Summary: The Melrose Park real estate market had 43 homes for sale in March 2024, a 7.5% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 21
-50.0%
2 68
+33.3%
3 1618
+12.5%
4 68
+33.3%
5+ 108
-20.0%

Summary: The Melrose Park housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes decreased by 20%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
127-41.7%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Melrose Park, you may be able to get a good deal. 71.4% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in Melrose Park in March 2024, down by 41.7% month-over-month. Of the 7 sold homes, 71% were sold under asking, 14% were sold at asking, and 14% were sold over asking.

Days on Market for Melrose Park, IL

How long does it take to sell a home in Melrose Park, IL?

Average Sale Time

Mar 2023Mar 2024CHANGE
37 Days21 Days-43.2%

Summary: Homes in Melrose Park had an average of 21 days on market in Mar 2024, down by 43.2% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Melrose Park are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 7 homes were sold in Melrose Park; 71% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 22 Days Ago

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