Is Melrose, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$834,176
$449/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Melrose have sold for 8% more than they did a year ago.
Summary: The median home sold price in Melrose was $834,176 in March 2024, up 8% from last year, and the median price per square foot was $449.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $335K | $360K | +7.5% |
| 2 Bedrooms | $555K | $628K | +13.2% |
| 3 Bedrooms | $757.4K | $805K | +6.3% |
| 4 Bedrooms | $859.5K | $976K | +13.6% |
| 5+ Bedrooms | $1.1M | $1.0M | -9.6% |
Summary: Melrose housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.5%, 2 bedroom homes increased by 13.2%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 13.6%, and 5+ bedroom homes decreased by 9.6%.
Housing Supply in Melrose, MA
How many homes are available in Melrose, MA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 41 | 37 | -9.8% |
Summary: The Melrose real estate market had 37 homes for sale in March 2024, a 9.8% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 4 | +100.0% |
| 2 Bedrooms | 3 | 4 | +33.3% |
| 3 Bedrooms | 15 | 12 | -20.0% |
| 4 Bedrooms | 8 | 6 | -25.0% |
| 5+ Bedrooms | 15 | 11 | -26.7% |
Summary: The Melrose housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 33.3%, 3 bedroom homes decreased by 20%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes decreased by 26.7%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 9 | 15 | +66.7% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Melrose, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 15 homes were sold or pending in Melrose in March 2024, up by 66.7% month-over-month. Of the 15 sold homes, 20% were sold under asking, 13% were sold at asking, and 67% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 21 Days | 22 Days | +0.9% |
Summary: Homes in Melrose had an average of 22 days on market in Mar 2024, up by 0.9% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
2 Homes Were 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 March 2024, 15 homes were sold in Melrose; 80% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
