Melrose, MA—02176
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Melrose, MA
As of Oct '25, the median home price in Melrose, MA is $878,000, with a year-over-year change of 0.2%. This indicates that home prices in Melrose, MA are flat. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $878,000 | 0.2% |
| Single Family | $919,000 | 0.7% |
| Condos | $519,000 | 3.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $367,000 | 4.0% |
2 Bed | $639,000 | 2.1% |
3 Bed | $874,000 | 0.6% |
4 Bed | $1,026,000 | 1.0% |
| 5 Bed | $1,146,000 | 2.7% |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Melrose, MA
As of Oct '25, Realtor.com reports that the median days on market for a home in Melrose, MA is 20. This is a decrease of -5.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 15.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $801,000 | 0.0% |
Listing Count | 26 | -24.0% |
| Listings as % of Homes | 0.1% | -24.0% |
Days on Market | 20 | -5.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Melrose, MA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6 |
| Median Home Price | $878,000 |
| Median Household Income | $127,000 |