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 buyer's market

Buyer's
Market

Difference Since October 2023

At the same time last year, Melrose Park was a Seller's Market.

Key Takeaway

Melrose Park is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Melrose Park, IL

How much do homes in Melrose Park, IL cost?

Median Sold Price

$314,500

$202/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$22,500(+7.7%)

Key Takeaway

Homes in Melrose Park have sold for 7.7% more than they did a year ago.

Summary: The median home sold price in Melrose Park was $314,500 in October 2024, up 7.7% from last year, and the median price per square foot was $202.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $190K$193K
+1.6%
2 $255K$256.9K
+0.8%
3 $296K$305K
+3.0%
4 $310K$405K
+30.6%
5+ $390K$400K
+2.6%

Summary: Melrose Park housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.6%, 2 bedroom homes increased by 0.8%, 3 bedroom homes increased by 3%, 4 bedroom homes increased by 30.6%, and 5+ bedroom homes increased by 2.6%.

Median Sold Price Compared To Nearby Cities

Melrose Park
+7.7%
River Grove
+6.8%
Northlake
+5.5%
Maywood
+4.6%

Housing Supply in Melrose Park, IL

How many homes are available in Melrose Park, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
4867+39.6%

Summary: The Melrose Park real estate market had 67 homes for sale in October 2024, a 39.6% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 79
+28.6%
3 2438
+58.3%
4 109
-10.0%
5+ 711
+57.1%

Summary: The Melrose Park housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 28.6%, 3 bedroom homes increased by 58.3%, 4 bedroom homes decreased by 10%, and 5+ bedroom homes increased by 57.1%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
990.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

3 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. 55.6% of homes here sold below asking price last month.

Summary: A total of 9 homes were sold or pending in Melrose Park in October 2024, the same as the previous month. Of the 9 sold homes, 56% were sold under asking, 11% were sold at asking, and 33% 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

Oct 2023Oct 2024CHANGE
21 Days39 Days+80.7%

Summary: Homes in Melrose Park had an average of 39 days on market in Oct 2024, up by 80.7% compared to last year.

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was 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 October 2024, 9 homes were sold in Melrose Park; 78% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 11% 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

Newest Listings in Melrose Park, IL

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