Is Melrose Park, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Melrose Park is a seller's market

Buyer's
Market

Difference Since November 2023

Since last year, Melrose Park has remained a Seller's Market.

Key Takeaway

Melrose Park is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Melrose Park, IL

How much do homes in Melrose Park, IL cost?

Median Sold Price

$315,000

$203/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$19,000(+6.4%)

Key Takeaway

Homes in Melrose Park have sold for 6.4% more than they did a year ago.

Summary: The median home sold price in Melrose Park was $315,000 in November 2024, up 6.4% from last year, and the median price per square foot was $203.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $189.5K$193K
+1.8%
2 $255.5K$259.5K
+1.6%
3 $300K$314.5K
+4.8%
4 $307.5K$395K
+28.5%
5+ $390K$407.5K
+4.5%

Summary: Melrose Park housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.8%, 2 bedroom homes increased by 1.6%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 28.5%, and 5+ bedroom homes increased by 4.5%.

Median Sold Price Compared To Nearby Cities

River Grove
+15.8%
Melrose Park
+6.4%
Northlake
0.2%
Maywood
-0.2%
Stone Park
-19.1%

Housing Supply in Melrose Park, IL

How many homes are available in Melrose Park, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
67670.0%

Summary: The Melrose Park real estate market had 67 homes for sale in November 2024, the same as October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 11
0.0%
2 98
-11.1%
3 3636
0.0%
4 118
-27.3%
5+ 1014
+40.0%

Summary: The Melrose Park housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 11.1%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 27.3%, and 5+ bedroom homes increased by 40%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
14140.0%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Melrose Park, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.

Summary: A total of 14 homes were sold or pending in Melrose Park in November 2024, the same as the previous month. Of the 14 sold homes, 57% were sold under asking, 29% were sold at asking, and 14% were sold over asking.

Days on Market for Melrose Park, IL

How long does it take to sell a home in Melrose Park, IL?

Average Sale Time

Nov 2023Nov 2024CHANGE
26 Days19 Days-24.7%

Summary: Homes in Melrose Park had an average of 19 days on market in Nov 2024, down by 24.7% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 14 homes were sold in Melrose Park; 79% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 0% 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 20 Days Ago

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