$10,000 Closing Credit*
$2,380,000
5,000 SqFt
10 Beds
•8 Full Baths
#73312439, Yuren Chen, Listing Office: S&W Consulting Group LLC
Is Melrose, MA 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 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
$832,100
$462/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$32,100(+4.0%)
Key Takeaway
Homes in Melrose have sold for 4% more than they did a year ago.
Summary: The median home sold price in Melrose was $832,100 in October 2024, up 4% from last year, and the median price per square foot was $462.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $360K | $365K | +1.4% |
| 2 Bedrooms | $618K | $600K | -2.9% |
| 3 Bedrooms | $788.9K | $788.7K | 0% |
| 4 Bedrooms | $952.5K | $1.1M | +15.5% |
| 5+ Bedrooms | $1.0M | $1.1M | +8.4% |
Summary: Melrose housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.4%, 2 bedroom homes decreased by 2.9%, 3 bedroom homes did not change, 4 bedroom homes increased by 15.5%, and 5+ bedroom homes increased by 8.4%.
Housing Supply in Melrose, MA
How many homes are available in Melrose, MA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 67 | 72 | +7.5% |
Summary: The Melrose real estate market had 72 homes for sale in October 2024, a 7.5% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 6 | +200.0% |
| 2 Bedrooms | 17 | 15 | -11.8% |
| 3 Bedrooms | 22 | 23 | +4.5% |
| 4 Bedrooms | 13 | 16 | +23.1% |
| 5+ Bedrooms | 13 | 12 | -7.7% |
Summary: The Melrose housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes decreased by 11.8%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 23.1%, and 5+ bedroom homes decreased by 7.7%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 23 | 20 | -13.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Melrose, you could pay more than the asking price. 60% of homes here sold above asking price last month.
Summary: A total of 20 homes were sold or pending in Melrose in October 2024, down by 13.0% month-over-month. Of the 20 sold homes, 30% were sold under asking, 10% were sold at asking, and 60% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 29 Days | 24 Days | -18.2% |
Summary: Homes in Melrose had an average of 24 days on market in Oct 2024, down by 18.2% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
5 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 October 2024, 20 homes were sold in Melrose; 70% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
