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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Melrose Park, IL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Melrose Park, IL Housing Market Trends

With a population of 23,897, 8,104 total housing units (homes and apartments), and a median house value of $309,069, 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 41.25% 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 ( 28.54%), large apartment complexes or high rise apartments ( 19.22%), and a few mobile homes or trailers ( 5.89%).

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 47.88% of the village's housing hails from this era. Other housing ages represented in Melrose Park include homes built between 1970-1999 ( 23.32%) and housing constructed before 1939 ( 22.73%). There's also some housing in Melrose Park built between 2000 and later ( 6.08%).

Melrose Park Home Appreciation Rates

Appreciation rates for homes in Melrose Park have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 99.97%, which ranks in the top 30% nationwide. This equates to an annual average Melrose Park house appreciation rate of 7.18%.

Over the last year, Melrose Park appreciation rates have trailed the rest of the nation. In the last twelve months, Melrose Park's appreciation rate has been 4.77%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Melrose Park were at 0.21%, which equates to an annual appreciation rate of 0.86%.

Relative to Illinois, our data show that Melrose Park's latest annual appreciation rate is higher than 60% 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

$309,069

Melrose Park, IL Home Prices
> $1,238,000
$929,001 - $1,238,000
$619,001 - $929,000
$495,001 - $619,000
$372,001 - $495,000
$248,001 - $372,000
$124,001 - $248,000
$62,001 - $124,000
$0 - $62,000
0.2%
0.2%
0.2%
0.2%
0.0%
0.0%
3.2%
3.2%
23.9%
23.9%
41.9%
41.9%
19.2%
19.2%
2.3%
2.3%
9.1%
9.1%
0% 100.0%
% of Homes
High

for Illinois

High

for nation

Number of Homes And Apartments:

8,104

Melrose Park Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,956 / per month

Homeownership Rate

Owners
Renters
54.8%
54.8%
45.2%
45.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
7.3%
7.3%
92.7%
92.7%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
6.1%
6.1%
23.3%
23.3%
47.9%
47.9%
22.7%
22.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
41.3%
41.3%
5.1%
5.1%
28.5%
28.5%
19.2%
19.2%
5.9%
5.9%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.5%
1.5%
17.5%
17.5%
29.6%
29.6%
38.7%
38.7%
8.5%
8.5%
4.2%
4.2%
0% 100.0%
% of Homes