$3,497 Closing Credit*
$294,500
2,570 SqFt
4 Beds
•2 Full Baths
Bryan Johnson, Listing Office: Farlow Real Estate Experts
Is Melrose Township, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Melrose Township has remained a Seller's Market.
Key Takeaway
Melrose Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Melrose Township, IL
How much do homes in Melrose Township, IL cost?
Median Sold Price
$259,950
$109/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$35,050(-11.9%)
Key Takeaway
Homes in Melrose Township have sold for 11.9% less than they did a year ago.
Summary: The median home sold price in Melrose Township was $259,950 in October 2024, down 11.9% from last year, and the median price per square foot was $109.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $196.2K | - | N/A |
| 3 Bedrooms | $251.2K | $225.4K | -10.3% |
| 4 Bedrooms | $350K | $299.2K | -14.5% |
| 5+ Bedrooms | $366K | $569.5K | +55.6% |
Summary: Melrose Township housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes decreased by 10.3%, 4 bedroom homes decreased by 14.5%, and 5+ bedroom homes increased by 55.6%.
Median Sold Price Compared To Nearby Cities
| Riverside Township | $361.2K | $404K | +11.8% |
| Ellington Township | $178.9K | $198.5K | +11.0% |
| Quincy Township | $153.2K | $162.3K | +5.9% |
| Quincy | $153.2K | $162.3K | +5.9% |
| Melrose Township | $295K | $259.9K | -11.9% |
Housing Supply in Melrose Township, IL
How many homes are available in Melrose Township, IL?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 12 | 11 | -8.3% |
Summary: The Melrose Township real estate market had 11 homes for sale in October 2024, a 8.3% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 5 | 5 | 0.0% |
| 4 Bedrooms | 4 | 3 | -25.0% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Melrose Township 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 remained the same, 3 bedroom homes remained the same, 4 bedroom homes decreased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 3 | 2 | -33.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Melrose Township, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Melrose Township in October 2024, down by 33.3% month-over-month. Of the 2 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.
Days on Market for Melrose Township, IL
How long does it take to sell a home in Melrose Township, IL?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 15 Days | 3 Days | -76.7% |
Summary: Homes in Melrose Township had an average of 3 days on market in Oct 2024, down by 76.7% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Melrose Township are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 2 homes were sold in Melrose Township; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Listings courtesy of RMLS Alliance as distributed by MLS GRID.