Is Melrose, MA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Melrose is a seller's market

Buyer's
Market

Difference Since May 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

$836,265

$450/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$56,765(+7.3%)

Key Takeaway

Homes in Melrose have sold for 7.3% more than they did a year ago.

Summary: The median home sold price in Melrose was $836,265 in May 2024, up 7.3% from last year, and the median price per square foot was $450.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $347.5K$378.9K
+9.1%
2 $555K$625.5K
+12.7%
3 $761K$796K
+4.6%
4 $857.5K$999K
+16.5%
5+ $1.0M$1.0M
-1.0%

Summary: Melrose housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.1%, 2 bedroom homes increased by 12.7%, 3 bedroom homes increased by 4.6%, 4 bedroom homes increased by 16.5%, and 5+ bedroom homes decreased by 1%.

Median Sold Price Compared To Nearby Cities

Malden
+10.0%
Stoneham
+9.9%
Wakefield
+7.4%
Melrose
+7.3%
Saugus
+1.7%

Housing Supply in Melrose, MA

How many homes are available in Melrose, MA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
5987+47.5%

Summary: The Melrose real estate market had 87 homes for sale in May 2024, a 47.5% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 75
-28.6%
2 416
+300.0%
3 1930
+57.9%
4 1422
+57.1%
5+ 1514
-6.7%

Summary: The Melrose housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 28.6%, 2 bedroom homes increased by 300%, 3 bedroom homes increased by 57.9%, 4 bedroom homes increased by 57.1%, and 5+ bedroom homes decreased by 6.7%.

Number of Homes Sold

Apr 2024May 2024CHANGE
1122+100.0%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

17 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Melrose, you could pay more than the asking price. 77.3% of homes here sold above asking price last month.

Summary: A total of 22 homes were sold or pending in Melrose in May 2024, up by 100.0% month-over-month. Of the 22 sold homes, 18% were sold under asking, 5% were sold at asking, and 77% 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

May 2023May 2024CHANGE
32 Days20 Days-37.4%

Summary: Homes in Melrose had an average of 20 days on market in May 2024, down by 37.4% compared to last year.

Breakdown of Home Sale Times

21 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Melrose are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 22 homes were sold in Melrose; 95% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 5% 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 21 Days Ago

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