Is Melrose, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
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
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
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $347.5K | $378.9K | +9.1% |
| 2 Bedrooms | $555K | $625.5K | +12.7% |
| 3 Bedrooms | $761K | $796K | +4.6% |
| 4 Bedrooms | $857.5K | $999K | +16.5% |
| 5+ Bedrooms | $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%.
Housing Supply in Melrose, MA
How many homes are available in Melrose, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 59 | 87 | +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
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 5 | -28.6% |
| 2 Bedrooms | 4 | 16 | +300.0% |
| 3 Bedrooms | 19 | 30 | +57.9% |
| 4 Bedrooms | 14 | 22 | +57.1% |
| 5+ Bedrooms | 15 | 14 | -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 2024 | May 2024 | CHANGE |
|---|---|---|
| 11 | 22 | +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
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 2023 | May 2024 | CHANGE |
|---|---|---|
| 32 Days | 20 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
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.
