Is Melrose, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Melrose has remained a Buyer's Market.
Key Takeaway
Melrose is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Melrose, TN
How much do homes in Melrose, TN cost?
Median Sold Price
$336,500
$388/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in Melrose have sold for 28.5% less than they did a month ago.
Summary: The median home sold price in Melrose was $336,500 in March 2024, down 28.5% from last month, and the median price per square foot was $388.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $329.9K | $336.5K | +2.0% |
| 2 Bedrooms | $611.7K | - | N/A |
| 3 Bedrooms | - | - | N/A |
| 4 Bedrooms | - | - | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Melrose housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes increased by 2%, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Housing Supply in Melrose, TN
How many homes are available in Melrose, TN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 17 | 18 | +5.9% |
Summary: The Melrose real estate market had 18 homes for sale in March 2024, a 5.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 10 | 10 | 0.0% |
| 2 Bedrooms | 2 | 1 | -50.0% |
| 3 Bedrooms | 1 | 2 | +100.0% |
| 4 Bedrooms | 3 | 4 | +33.3% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Melrose housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes increased by 100%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 2 | 1 | -50.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Melrose, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 1 homes were sold or pending in Melrose in March 2024, down by 50.0% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Melrose, TN
How long does it take to sell a home in Melrose, TN?
Average Sale Time
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 62 Days | 135 Days | +116.0% |
Summary: Homes in Melrose had an average of 135 days on market in Mar 2024, up by 116% compared to last month.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Most homes in Melrose are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 1 homes were sold in Melrose; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved.