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 seller's market

Buyer's
Market

Difference Since November 2021

Since last year, Melrose Park has remained a Seller's Market.

Key Takeaway

Melrose Park is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

How much do homes in Melrose Park, IL cost?

Median Sold Price

$290,000

$196/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2021

+$5,000(+1.8%)

Key Takeaway

Homes in Melrose Park have sold for 1.8% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSNov 2021Nov 2022%
1 $156K$182.7K
+17.1%
2 $230K$259K
+12.6%
3 $288K$290K
+0.7%
4 $300K$320K
+6.7%
5+ $320.5K$385K
+20.1%

Median Sold Price Compared To Nearby Cities

Maywood
+5.3%
Melrose Park
+1.8%
Northlake
+1.3%
River Grove
-0.4%

How many homes are available in Melrose Park, IL?

Number of Homes For Sale

Oct 2022Nov 2022%
3640+11.1%

Homes For Sale By Bedroom Count

# BEDSOct 2022Nov 2022%
1 12
+100.0%
2 1114
+27.3%
3 1711
-35.3%
4 16
+500.0%
5+ 67
+16.7%

Number of Homes Sold

Oct 2022Nov 2022%
68+33.3%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Melrose Park, you could pay more than the asking price. 75% of homes here sold above asking price last month.

Average Sale Time

Nov 2021Nov 2022%
23 Days34 Days+46.2%

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

2 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.

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

About Melrose Park, IL

Melrose Park, IL has 40 homes for sale to choose from. In November 2022 in Melrose Park, IL there were 11.1% more homes for sale than in October 2022. The median list price of listings available in November 2022 was $290,000, while the average time on the real estate market was 34 days. This housing market listing prices have changed between October 2022 and November 2022: the cost of 1 bedroom properties went up by 17.1%, prices of 2 bedrooms properties went up by 12.6%, 3 bedrooms properties prices increased by 0.7%, the cost of 4 bedrooms properties went up by 6.7%, 5 bedrooms properties became 20.1% more expensive. Housing inventory have changed in this real estate market: number of 1 bedroom homes increased by 100%, 2 bedrooms homes inventory increased by 27.3%, 3 bedrooms homes became 35.3% less available, 4 bedrooms homes became 500% more available, 5 bedrooms homes inventory increased by 16.7%. While more than 6 listings in Melrose Park, IL in November 2022 were sold above asking price, there were more than 1 listings sold at asking price, and more than 1 were sold below.

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