Melrose, MA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Melrose, MA Real Estate Data

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 Q1 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Melrose Housing Market Information

With a population of 27,928, 11,385 total housing units (homes and apartments), and a median house value of $571,703, Melrose house prices are not only among the most expensive in Massachusetts, Melrose real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Melrose, accounting for 53.53% of the city's housing units. Other types of housing that are prevalent in Melrose include large apartment complexes or high rise apartments ( 25.62%), duplexes, homes converted to apartments or other small apartment buildings ( 16.62%), and a few row houses and other attached homes ( 3.81%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Melrose. Owner-occupied housing accounts for 66.03% of Melrose's homes, and 51.18% have either three or four bedrooms, which is average sized relative to America.

The housing in Melrose was primarily built before 1939 ( 54.90%), making the housing stock in Melrose some of the oldest overall in America, although there is a range of ages of homes in Melrose. The next most important housing age is between 1940-1969 ( 24.34%), followed by between 1970-1999 ( 14.04%). There's also some housing in Melrose built between 2000 and later ( 6.72%).

Melrose Home Appreciation Rates

In the last 10 years, Melrose has experienced some of the highest home appreciation rates of any community in the nation. Melrose real estate appreciated 38.18% over the last ten years, which is an average annual home appreciation rate of 3.29%, putting Melrose in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Melrose definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Melrose that despite a nationwide downturn in the housing market, Melrose real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Melrose appreciation rates continue to be some of the highest in America, at 9.71%, which is higher than appreciation rates in 88.64% 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. Melrose appreciation rates in the latest quarter were at 1.28%, which equates to an annual appreciation rate of 5.22%.

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

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Melrose differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Melrose - 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 real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$571,703

Melrose, MA HOME PRICES

Value Range
> $1,291,052 1.2
$968,227 - $1,291,052 3.8
$645,589 - $968,226 26.8
$516,523 - $645,588 27.3
$387,142 - $516,522 24.0
$258,076 - $387,141 10.8
$129,381 - $258,075 3.1
$64,401 - $129,380 0.6
$0 - $64,400 2.3

Very High for MA
Very High for Nation

Value Relative to Nation Value Relative to State
4.94598540145985 17.9487179487179

Number Of Homes And Apartments:
11,385

Melrose Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2017 Q4 - 2018 Q1
Last 12 Months:
2017 Q1 - 2018 Q1
Last 2 Years:
2016 Q1 - 2018 Q1
Last 5 Years:
2013 Q1 - 2018 Q1
Last 10 Years:
2008 Q1 - 2018 Q1
Since 2000:
2000 Q1 - 2018 Q1
90.56% 3.60%
10
9
* 10 is highest


Rent & Ownership

 

Average Market Rent:
$2,057 / per month

Homeownership Rate

Homeownership
Owners 66.03
Renters 33.97
Vacant 3.73

Housing Market Details

 

Age of Homes

AGE OF Melrose HOMES
2000 or Newer 6.7
1970 - 1999 14.0
1940 - 1969 24.3
1939 or Older 54.9

Types of Homes

TYPE OF Melrose HOMES
Single-Family 53.5
Townhomes 3.8
Small Apt. Buildings 16.6
Apt. Complexes 25.6
Mobile Homes 0.0
Other 0.4

Home Size

SIZE OF Melrose HOMES
No Bedroom 2.79
1 Bedroom 18.16
2 Bedrooms 21.57
3 Bedrooms 35.16
4 Bedrooms 16.02
5 or more bedrooms 6.30