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 18 Days Ago

Newest Listings in Melrose Park, IL

Nearby Markets to Melrose Park, IL

What housing markets are near Melrose Park, IL?