Is Melrose Park, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Melrose Park was a Seller's Market.
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
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
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $192.5K | $191K | -0.8% |
2 Bedrooms | $260K | $256K | -1.5% |
3 Bedrooms | $295K | $300K | +1.7% |
4 Bedrooms | $315K | $312K | -1.0% |
5+ Bedrooms | $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 | $253.7K | $280K | +10.3% |
River Grove | $260K | $273K | +5.0% |
Melrose Park | $295K | $300K | +1.7% |
Maywood | $245K | $245K | 0.0% |
Stone Park | $295K | $287.5K | -2.5% |
Housing Supply in Melrose Park, IL
How many homes are available in Melrose Park, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
40 | 43 | +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
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 1 | -50.0% |
2 Bedrooms | 6 | 8 | +33.3% |
3 Bedrooms | 16 | 18 | +12.5% |
4 Bedrooms | 6 | 8 | +33.3% |
5+ Bedrooms | 10 | 8 | -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 2024 | Mar 2024 | CHANGE |
---|---|---|
12 | 7 | -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
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 2023 | Mar 2024 | CHANGE |
---|---|---|
37 Days | 21 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
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.