Is Melrose, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
Since last year, Melrose has remained a Seller's Market.
Key Takeaway
Melrose is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Melrose, MA
How much do homes in Melrose, MA cost?
Median Sold Price
$850,000
$456/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in Melrose have sold for 11.1% more than they did a year ago.
Summary: The median home sold price in Melrose was $850,000 in June 2024, up 11.1% from last year, and the median price per square foot was $456.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $318.5K | $382K | +19.9% |
| 2 Bedrooms | $555K | $625K | +12.6% |
| 3 Bedrooms | $746.2K | $815K | +9.2% |
| 4 Bedrooms | $859.5K | $988.7K | +15.0% |
| 5+ Bedrooms | $1.0M | $1.1M | +10.0% |
Summary: Melrose housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.9%, 2 bedroom homes increased by 12.6%, 3 bedroom homes increased by 9.2%, 4 bedroom homes increased by 15%, and 5+ bedroom homes increased by 10%.
Housing Supply in Melrose, MA
How many homes are available in Melrose, MA?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 89 | 83 | -6.7% |
Summary: The Melrose real estate market had 83 homes for sale in June 2024, a 6.7% decrease compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 1 | -83.3% |
| 2 Bedrooms | 14 | 11 | -21.4% |
| 3 Bedrooms | 32 | 32 | 0.0% |
| 4 Bedrooms | 23 | 25 | +8.7% |
| 5+ Bedrooms | 14 | 14 | 0.0% |
Summary: The Melrose housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 83.3%, 2 bedroom homes decreased by 21.4%, 3 bedroom homes remained the same, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 26 | 31 | +19.2% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Melrose, you could pay more than the asking price. 74.2% of homes here sold above asking price last month.
Summary: A total of 31 homes were sold or pending in Melrose in June 2024, up by 19.2% month-over-month. Of the 31 sold homes, 19% were sold under asking, 6% were sold at asking, and 74% were sold over asking.
Days on Market for Melrose, MA
How long does it take to sell a home in Melrose, MA?
Average Sale Time
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 16 Days | 16 Days | -0.1% |
Summary: Homes in Melrose had an average of 16 days on market in Jun 2024, down by 0.1% compared to last year.
Breakdown of Home Sale Times
29 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Melrose are selling fast, if you're buying plan to act quickly.
Summary: During June 2024, 31 homes were sold in Melrose; 94% of homes were sold within 30 days, 3% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
