Is Melrose, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$850,000
$448/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Melrose have sold for 9.1% more than they did a year ago.
Summary: The median home sold price in Melrose was $850,000 in April 2024, up 9.1% from last year, and the median price per square foot was $448.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $347.5K | $367.9K | +5.9% |
| 2 Bedrooms | $555K | $628K | +13.2% |
| 3 Bedrooms | $760.5K | $800K | +5.2% |
| 4 Bedrooms | $870K | $976K | +12.2% |
| 5+ Bedrooms | $1.1M | $1.0M | -7.5% |
Summary: Melrose housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.9%, 2 bedroom homes increased by 13.2%, 3 bedroom homes increased by 5.2%, 4 bedroom homes increased by 12.2%, and 5+ bedroom homes decreased by 7.5%.
Housing Supply in Melrose, MA
How many homes are available in Melrose, MA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 40 | 54 | +35.0% |
Summary: The Melrose real estate market had 54 homes for sale in April 2024, a 35.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 6 | +50.0% |
| 2 Bedrooms | 4 | 3 | -25.0% |
| 3 Bedrooms | 10 | 18 | +80.0% |
| 4 Bedrooms | 9 | 12 | +33.3% |
| 5+ Bedrooms | 13 | 15 | +15.4% |
Summary: The Melrose housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes decreased by 25%, 3 bedroom homes increased by 80%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 15.4%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 15 | 11 | -26.7% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Melrose, you could pay more than the asking price. 63.6% of homes here sold above asking price last month.
Summary: A total of 11 homes were sold or pending in Melrose in April 2024, down by 26.7% month-over-month. Of the 11 sold homes, 36% were sold under asking, 0% were sold at asking, and 64% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 15 Days | 13 Days | -15.6% |
Summary: Homes in Melrose had an average of 13 days on market in Apr 2024, down by 15.6% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Melrose are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 11 homes were sold in Melrose; 91% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
