Melrose, MA 02176 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Melrose, MA—02176

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$941,000

2.7% YoY Growth

Household Income

$127,000

22.3% YoY Growth

Days on Market

48.0% Longer YoY

Home Price Forecast

0.5%

Median Rent

$3,150

0.6% YoY Growth

1-Bed Rent

$2,820

0.7% YoY Growth

2-Bed Rent

$3,530

2.3% YoY Growth

3-Bed Rent

$3,250

9.1% YoY Growth

Home Price Trends — Melrose, MA

As of May '26, the median home price in Melrose, MA is $941,000, with a year-over-year change of 2.7%. This indicates that home prices in Melrose, MA are increasing. According to Zillow, the 1-year price projection is 0.5%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$941,000	2.7%
Single Family	$986,000	2.8%
Condos	$536,000	4.1%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Melrose, MA

As of July '25, Rentcast reports the average rent in Melrose, MA is $3,120, with a year-over-year rent change of -0.6%. Per bedroom, the median rent as of July '25 in Melrose, MA is studios: $2,470, 1-bedrooms: $2,700, 2-bedrooms: $3,380, 3-bedrooms: $3,490, 4-bedrooms: $3,480. The most common rental property sizes in Melrose, MA are 1-bedroom and 2-bedroom, accounting for 48.9% and 36.5% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$3,150	$3,120
Studio Rent	$2,560	$2,470
1 Bed Rent	$2,820	$2,700
2 Bed Rent	$3,530	$3,380
3 Bed Rent	$3,250	$3,490
4 Bed Rent	$3,300	$3,480

Loading chart...

% of Rental Stock

Studio

7.1%

1 Bedroom

48.9%

2 Bedrooms

36.5%

3 Bedrooms

4.0%

4 Bedrooms

2.7%

5+ Bedrooms

0.8%

Property Listings — Melrose, MA

As of May '26, Realtor.com reports that the median days on market for a home in Melrose, MA is 11. This is a increase of 48.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 17.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$882,000	1.0%
Listing Count	70	68.0%
Listings as % of Homes	0.1%	68.0%
Days on Market	11	48.0%

Loading chart...

Demographics — Melrose, MA

As of the latest ACS Survey released in 2023, Melrose, MA has a population of 29,500, which has increased by 4.9% over the past 5 years. Melrose, MA is a moderately popular place for families, as children make up 19.8% of the population. The area has a highly educated workforce, with 62.0% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 25.6% reporting working from home.

Metric	Latest Census	YoY % Change
Population	29,500	4.9%
% Under 18	19.8%	-4.3%
% Seniors	20.7%	27.0%
% WFH	25.6%	524.4%
% w/ College Degree	62.0%	6.2%

Loading chart...

As of the latest ACS Survey released in 2023, Melrose, MA is a predominantly white area, with 76.9% of the population identifying as white. The white population has shrunk by 10.5% in the last 5 years. The second most common race or ethnicity in Melrose, MA is asian, making up 9.7% of the population. Foreign-born residents account for 16.0% of the population in Melrose, MA, and this percentage has increased by 31.1% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

Race and Ethnicity

Metric	Latest Census	5-Year % Change
% White	76.9%	-10.5%
% Black	2.2%	-15.4%
% Hispanic	6.0%	62.2%
% Asian	9.7%	64.4%
% Foreign Born	16.0%	31.1%

Loading chart...

Mortgage and Risk — Melrose, MA

According to HUD data as of 2023, there were 473 mortgage originations in Melrose, MA, of which 96.0% of loans were conventional mortgages. The average loan-to-value was 49.0%, with 7.0% above 90% LTV (normal). This implies small mortgage risk in Melrose, MA. Investor activity is low, as 1.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	473
% Conventional Loans	96.0%
% Government Loans	4.0%
% Investor Loans	1.0%
% Second Loans	0.0%
% Cash Out Refinance	7.0%

Loading chart...

Rentals and Section 8 — Melrose, MA

As of 2024, the percent of homes in Melrose, MA under the Section 8 program is 16.0%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Melrose, MA, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom units do not.

Section 8 Market Size

Total Units under HUD	645
Total Units Section 8	645
% Rentals under Section 8	16.0%
% Occupied Section 8	97.1%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	-$510	$2,820	$2,310
2 Bedroom	-$790	$3,530	$2,740
3 Bedroom	$50	$3,250	$3,300
4 Bedroom	$330	$3,300	$3,630

Melrose, MA—02176

Key Metrics at a Glance

Home Price Trends — Melrose, MA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Melrose, MA

% of Rental Stock

Property Listings — Melrose, MA

Demographics — Melrose, MA

Race and Ethnicity

Mortgage and Risk — Melrose, MA

Mortgages

Rentals and Section 8 — Melrose, MA

Section 8 Market Size

Section 8 Opportunity

Affordability — Melrose, MA

Home Price to Income Ratio

Melrose, MA — ZIP Code Boundary Map

Nearby ZIP Codes

Malden, MA

Stoneham, MA

Saugus, MA

Wakefield, MA

Everett, MA

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	6.3
Median Home Price	$941,000
Median Household Income	$127,000

Melrose, MA—02176

Key Metrics at a Glance

Home Price Trends — Melrose, MA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Melrose, MA

% of Rental Stock

Property Listings — Melrose, MA

Demographics — Melrose, MA

Race and Ethnicity

Mortgage and Risk — Melrose, MA

Mortgages

Rentals and Section 8 — Melrose, MA

Section 8 Market Size

Section 8 Opportunity

Affordability — Melrose, MA

Home Price to Income Ratio

Melrose, MA — ZIP Code Boundary Map

Nearby ZIP Codes

Malden, MA

Stoneham, MA

Saugus, MA

Wakefield, MA

Everett, MA

Frequently Asked Questions

What is the average home price in Melrose, MA 02176?

How have home prices in Melrose, MA 02176 changed over the past year?

What is the home price projection for Melrose, MA 02176?

What are the demographics of Melrose, MA 02176?

How long does it take homes to sell in Melrose, MA 02176?

What is the average rent price in Melrose, MA 02176?