Is Melrose Park, IL 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 Park has remained a Seller's Market.
Housing Prices in Melrose Park, IL
How much do homes in Melrose Park, IL cost?
Median Sold Price
$300,000
$203/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Melrose Park was $300,000 in May 2024, up 3.4% from last year, and the median price per square foot was $203.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $189.5K | $196.4K | +3.7% |
2 Bedrooms | $232.5K | $257.9K | +10.9% |
3 Bedrooms | $290K | $300K | +3.4% |
4 Bedrooms | $310K | $315K | +1.6% |
5+ Bedrooms | $394K | $399.9K | +1.5% |
Summary: Melrose Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.7%, 2 bedroom homes increased by 10.9%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 1.6%, and 5+ bedroom homes increased by 1.5%.
Median Sold Price Compared To Nearby Cities
Northlake | $250K | $289.9K | +16.0% |
River Grove | $260K | $275K | +5.8% |
Maywood | $235K | $245K | +4.3% |
Melrose Park | $290K | $300K | +3.4% |
Stone Park | $290K | $295K | +1.7% |
Housing Supply in Melrose Park, IL
How many homes are available in Melrose Park, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
46 | 53 | +15.2% |
Summary: The Melrose Park real estate market had 53 homes for sale in May 2024, a 15.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 9 | 7 | -22.2% |
3 Bedrooms | 18 | 25 | +38.9% |
4 Bedrooms | 10 | 11 | +10.0% |
5+ Bedrooms | 8 | 9 | +12.5% |
Summary: The Melrose Park housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 22.2%, 3 bedroom homes increased by 38.9%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 12.5%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
11 | 16 | +45.5% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Summary: A total of 16 homes were sold or pending in Melrose Park in May 2024, up by 45.5% month-over-month. Of the 16 sold homes, 50% were sold under asking, 13% were sold at asking, and 38% 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
May 2023 | May 2024 | CHANGE |
---|---|---|
28 Days | 42 Days | +52.7% |
Summary: Homes in Melrose Park had an average of 42 days on market in May 2024, up by 52.7% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During May 2024, 16 homes were sold in Melrose Park; 63% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 19% of homes were sold over 90 days.