Is Melrose Park, IL 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 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
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Melrose Park was $300,000 in April 2024, up 3.1% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $190K | $193K | +1.6% |
2 Bedrooms | $255.2K | $258.4K | +1.3% |
3 Bedrooms | $300K | $300K | 0.0% |
4 Bedrooms | $315K | $312K | -1.0% |
5+ Bedrooms | $394.5K | $407.5K | +3.3% |
Summary: Melrose Park housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.6%, 2 bedroom homes increased by 1.3%, 3 bedroom homes did not change, 4 bedroom homes decreased by 1%, and 5+ bedroom homes increased by 3.3%.
Median Sold Price Compared To Nearby Cities
Northlake | $253.1K | $285K | +12.6% |
River Grove | $259.5K | $274K | +5.6% |
Melrose Park | $291K | $300K | +3.1% |
Maywood | $240K | $245K | +2.1% |
Stone Park | $291.5K | $291.2K | -0.1% |
Housing Supply in Melrose Park, IL
How many homes are available in Melrose Park, IL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
39 | 51 | +30.8% |
Summary: The Melrose Park real estate market had 51 homes for sale in April 2024, a 30.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 8 | 9 | +12.5% |
3 Bedrooms | 17 | 20 | +17.6% |
4 Bedrooms | 5 | 11 | +120.0% |
5+ Bedrooms | 8 | 10 | +25.0% |
Summary: The Melrose Park housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 12.5%, 3 bedroom homes increased by 17.6%, 4 bedroom homes increased by 120%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
8 | 10 | +25.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 10 homes were sold or pending in Melrose Park in April 2024, up by 25.0% month-over-month. Of the 10 sold homes, 60% were sold under asking, 0% were sold at asking, and 40% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
35 Days | 32 Days | -8.6% |
Summary: Homes in Melrose Park had an average of 32 days on market in Apr 2024, down by 8.6% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During April 2024, 10 homes were sold in Melrose Park; 80% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.