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

Housing Market Conditions



Gauge showing Melrose is a seller'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



Based on all homes sold in the last 12 months.

Difference Since May 2023


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
2 $555K$625.5K
3 $761K$796K
4 $857.5K$999K
5+ $1.0M$1.0M

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


Housing Supply in Melrose, MA

How many homes are available in Melrose, MA?

Number of Homes For Sale

Apr 2024May 2024CHANGE

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
2 416
3 1930
4 1422
5+ 1514

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

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

Newest Listings in Melrose, MA

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