Melrose Park, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Melrose Park, IL Real Estate Data


Melrose Park Housing Market Information

With 25,379 people, 7,693 houses or apartments, and a median cost of homes of $204,966, Melrose Park real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Melrose Park, accounting for 38.82% of the village's housing units. Other types of housing that are prevalent in Melrose Park include duplexes, homes converted to apartments or other small apartment buildings ( 29.66%), large apartment complexes or high rise apartments ( 22.87%), and a few mobile homes or trailers ( 5.11%).

People in Melrose Park primarily live in small (one, two or no bedroom) single-family detached homes. Melrose Park has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Melrose Park's housing was primarily built during this period, from the '40s through the '60s. A full 48.09% of the village's housing hails from this era. Other housing ages represented in Melrose Park include homes built before 1939 ( 28.73%) and housing constructed between 1970-1999 ( 14.45%). There's also some housing in Melrose Park built between 2000 and later ( 8.73%).

Melrose Park Home Appreciation Rates

Homes have actually lost value in Melrose Park over the last then years, as home values have seen a decline of 32.25% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Melrose Park home appreciation rates at 2.24%, which equates to an annual appreciation rate of 9.28%.

Appreciation rates are so strong in Melrose Park that despite a nationwide downturn in the housing market, Melrose Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Melrose Park appreciation rates continue to be some of the highest in America, at 11.31%, which is higher than appreciation rates in 95.74% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Melrose Park. Melrose Park appreciation rates in the latest quarter were at 2.24%, which equates to an annual appreciation rate of 9.28%.

Importantly, this makes Melrose Park one of the highest appreciating communities in the nation for the latest quarter, and may signal the village's near-future real estate investment strength.

Relative to Illinois, our data show that Melrose Park's latest annual appreciation rate is higher than 90% of the other cities and towns in Illinois.

One very important thing to keep in mind is that these are average appreciation rates for the village. Individual neighborhoods within Melrose Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Melrose Park - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Melrose Park real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$204,966

Melrose Park, IL HOME PRICES

Value Range
> $1,227,000 0.0
$920,001 - $1,227,000 0.3
$613,001 - $920,000 0.4
$490,001 - $613,000 0.3
$368,001 - $490,000 6.7
$245,001 - $368,000 31.2
$123,001 - $245,000 42.3
$62,001 - $123,000 8.9
$0 - $62,000 9.4

High for IL
High for Nation

Value Relative to Nation Value Relative to State
30.6691667643267 22.9113924050633

Number Of Homes And Apartments:
7,693

Rent & Ownership

 

Average Market Rent:
$1,101 / per month

Homeownership Rate

Homeownership
Owners 50.47
Renters 49.53
Vacant 8.22

Housing Market Details

 

Age of Homes

AGE OF Melrose Park HOMES
2000 or Newer 8.7
1970 - 1999 14.4
1940 - 1969 48.1
1939 or Older 28.7

Types of Homes

TYPE OF Melrose Park HOMES
Single-Family 38.8
Townhomes 3.5
Small Apt. Buildings 29.7
Apt. Complexes 22.9
Mobile Homes 5.1
Other 0.0

Home Size

SIZE OF Melrose Park HOMES
No Bedroom 3.41
1 Bedroom 17.62
2 Bedrooms 33.19
3 Bedrooms 32.94
4 Bedrooms 8.76
5 or more bedrooms 4.08

Melrose Park Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
14.21% 0.77% 3 2
* 10 is highest