Brokers — List your Company Here
Featured local agent — Melrose Park, IL
Sarah Mitchell
Compass Real Estate · Melrose Park, IL
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
This spot is open. Be the only brokerage featured on this page — one slot, no auction.
Claim this spot* Example only — dummy agent for illustration. Your logo, name, tagline, link, and lead routing replace this content.
Melrose Park, IL Housing Market & Real Estate
Housing market overview · Updated monthly ·
$341,500median sale price
How is the Melrose Park, IL housing market right now?
The median home sale price in Melrose Park, IL is $341,500, down 3.8% year-over-year. Homes sell in an average of 95 days with 21 active listings. The market is currently a balanced market. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is Melrose Park a buyer's or seller's market?
Melrose Park, IL is currently a balanced market, based on 2.1 months of supply and homes selling in about 95 days. How we determine this →
Homes sold
10
Last 12 weeks
Days on market
95
Average pace
Active listings
21
2.1 months supply
Sale-to-list
98.4%
Below asking
What does the Melrose Park housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $341,500 |
| Median list price | $395,000 |
| Year-over-year price change | -3.8% |
| Average days on market | 95 days |
| Active inventory | 21 listings |
| Months of supply | 2.1 months |
| Sale-to-list price ratio | 98.4% |
| Median price per sq ft | $192/sq ft |
| Homes sold (latest month) | 10 |
| New listings (latest month) | 9 |
| Listings with a price cut | 9.5% |
| Market condition | Balanced market |
Source: Redfin · Updated monthly
How much do homes cost in Melrose Park by property type?
How the Melrose Park, IL market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $304,000 | $252/sq ft | 6 | 90 days |
| Condo / Co-op | $285,000 | $207/sq ft | 1 | 84 days |
| Townhouse | $290,750 | $267/sq ft | 2 | 60 days |
Source: Redfin · Updated monthly
The Melrose Park housing market is currently classified as a balanced market with a median sale price of $341,500. Prices have fallen 3.8% compared to last year, with homes spending an average of 95 days on market, indicating 2.1 months of inventory.With limited inventory, homes sell quickly and buyers should be prepared to act decisively and competitively to secure a property.The price-to-income ratio of 4.9x provides context for how home values compare to local earning capacity.
Market trends
Homes for sale in Melrose Park
There are currently 21 homes listed for sale in Melrose Park, Illinois. The median listing price is $395K.
Active listings
21
Homes on market
Median list price
$395K
Avg. days on market
95
Days until sale
New this week
9
Newly listed
Who lives in Melrose Park?
Population
24,513
Median income
$64,740/yr
Median age
35 years
Owner-occupied
57.3%
College grads
14.7%
Avg commute
28.1 min
Source: U.S. Census Bureau ACS
What are homes worth in Melrose Park?
Zillow home value
$318,367
Zillow rent index
$1,408/mo
Price-to-rent ratio
18.8x
Price-to-income
4.9x
Source: Zillow Research
What is it like to live in Melrose Park?
Melrose Park is a community of approximately 25K residents with a median age of 35 years.The median household income is $64,740, which represents a working-class community with solid middle-income opportunities. 14.7% of residents hold a bachelor's degree or higher, showing a mixed educational demographic.
Homeownership rates are at 57.3%, showing a blend of owner and renter-occupied properties. The average commute time is 28.1 minutes, which makes this an excellent choice for those seeking short commutes to employment centers.Overall, Melrose Park offers a balanced lifestyle with accessible home values relative to local income levels.
Which public schools serve Melrose Park?
6 schools tracked · 3,216 students
The largest public schools serving Melrose Park, IL by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Mannheim Middle School
Grades 6-8 · 800 students
Melrose Park Elem School
Grades PK-5 · 634 students
Stevenson Middle School
Grades 6-8 · 633 students
Jane Addams Elem School
Grades PK-6 · 441 students
Scott Elementary School
Grades K-5 · 399 students
Grant Elem School
Grades 1-5 · 309 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Melrose Park, IL?
Want a head-to-head view? Compare Melrose Park side-by-side with any other U.S. city using our market-comparison tool.
Is Melrose Park a good real estate investment market?
For investors evaluating Melrose Park, the price-to-rent ratio of 18.8x indicates higher purchase prices relative to rental income, typical of appreciation-focused markets. The market has softened 3.8% year-over-year, potentially creating entry opportunities for strategic buyers.Use our rent vs. buy calculator to analyze whether owning or renting makes more financial sense based on Melrose Park's current market conditions and your specific situation. Estimate your monthly payment with the mortgage calculator using Melrose Park's median home price.
Frequently asked questions
What is the average home price in Melrose Park?
The median home sale price in Melrose Park is $341,500, down 3.8% from last year.
How long do homes stay on market in Melrose Park?
Homes typically spend 95 days on market before going under contract.
What is the median income in Melrose Park?
The median household income is $64,740 per year.
Is Melrose Park a buyer's or seller's market?
With 2.1 months of supply, Melrose Park is currently a balanced market.
What is the Zillow home value estimate for Melrose Park?
The Zillow Home Value Index (ZHVI) for Melrose Park is $318,367, representing the typical home value in the area.
What is the median condo price in Melrose Park?
The median condo/co-op sale price in Melrose Park, IL is $285,000, compared to $304,000 for a single-family home, based on the latest Redfin data.
How much does a single-family home cost in Melrose Park?
The median single-family home price in Melrose Park, IL is $304,000 (about $252 per square foot).
Be the brokerage on this page
1 slot per pageGet featured on Melrose Park, IL
Your logo, brokerage name, and direct link to your site — featured at the top of this page in front of every visitor researching this whole city. One brokerage, no rotation, no bidding war.
- Goes live in 24 hours
- Cancel anytime
- Do-follow backlink to your site
Get Melrose Park market alerts
Weekly updates on prices, inventory, and trends. Free forever.