Is Melrose Park, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 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 June 2023
Summary: The median home sold price in Melrose Park was $300,000 in June 2024, up 3.4% from last year, and the median price per square foot was $201.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $189.5K | $196.4K | +3.7% |
2 Bedrooms | $235K | $258.4K | +10.0% |
3 Bedrooms | $290K | $300K | +3.4% |
4 Bedrooms | $315K | $315K | 0.0% |
5+ Bedrooms | $390K | $400K | +2.6% |
Summary: Melrose Park housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.7%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 3.4%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 2.6%.
Median Sold Price Compared To Nearby Cities
Northlake | $249.9K | $285K | +14.0% |
Maywood | $230K | $245K | +6.5% |
River Grove | $260K | $273K | +5.0% |
Melrose Park | $290K | $300K | +3.4% |
Stone Park | $294K | $275.2K | -6.4% |
Housing Supply in Melrose Park, IL
How many homes are available in Melrose Park, IL?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
46 | 51 | +10.9% |
Summary: The Melrose Park real estate market had 51 homes for sale in June 2024, a 10.9% increase compared to May 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 6 | 3 | -50.0% |
3 Bedrooms | 22 | 25 | +13.6% |
4 Bedrooms | 9 | 13 | +44.4% |
5+ Bedrooms | 8 | 9 | +12.5% |
Summary: The Melrose Park housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes increased by 13.6%, 4 bedroom homes increased by 44.4%, and 5+ bedroom homes increased by 12.5%.
Number of Homes Sold
May 2024 | Jun 2024 | CHANGE |
---|---|---|
16 | 6 | -62.5% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 6 homes were sold or pending in Melrose Park in June 2024, down by 62.5% month-over-month. Of the 6 sold homes, 50% were sold under asking, 17% were sold at asking, and 33% 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
Jun 2023 | Jun 2024 | CHANGE |
---|---|---|
12 Days | 22 Days | +80.3% |
Summary: Homes in Melrose Park had an average of 22 days on market in Jun 2024, up by 80.3% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During June 2024, 6 homes were sold in Melrose Park; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.