Melrose Park, IL—60160
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Melrose Park, IL
As of Oct '25, the median home price in Melrose Park, IL is $306,000, with a year-over-year change of -0.5%. This indicates that home prices in Melrose Park, IL are flat. According to Zillow, the 1-year price projection is 0.9%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $306,000 | -0.5% |
| Single Family | $314,000 | 3.3% |
| Condos | $258,000 | -24.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $262,000 | 4.4% |
3 Bed | $310,000 | 3.3% |
4 Bed | $358,000 | 7.8% |
| 5 Bed | $359,000 | 1.4% |
% of Housing Stock
Rental Trends — Melrose Park, IL
As of July '25, Rentcast reports the average rent in Melrose Park, IL is $2,000, with a year-over-year rent change of 25.0%. Per bedroom, the median rent as of July '25 in Melrose Park, IL is studios: $1,320, 1-bedrooms: $1,230, 2-bedrooms: $1,470, 3-bedrooms: $2,500, 4-bedrooms: $5,850. The most common rental property sizes in Melrose Park, IL are 2-bedroom and 1-bedroom, accounting for 32.0% and 31.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,500 | $2,000 |
| Studio Rent | $1,020 | $1,320 |
| 1 Bed Rent | $1,200 | $1,230 |
| 2 Bed Rent | $1,450 | $1,470 |
| 3 Bed Rent | $2,000 | $2,500 |
| 4 Bed Rent | $1,900 | $5,850 |
% of Rental Stock
Property Listings — Melrose Park, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Melrose Park, IL is 36. This is a increase of 20.0% 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 14.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $380,000 | 23.0% |
Listing Count | 29 | 52.0% |
| Listings as % of Homes | 0.2% | 52.0% |
Days on Market | 36 | 20.0% |
Demographics — Melrose Park, IL
As of the latest ACS Survey released in 2023, Melrose Park, IL has a population of 24,500, which has decreased by -3.5% over the past 5 years. Melrose Park, IL is a moderately popular place for families, as children make up 24.2% of the population. The area has a poorly educated workforce, with 14.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,500 | -3.5% |
% Under 18 | 24.2% | -16.8% |
% Seniors | 12.0% | 14.3% |
% WFH | 4.9% | 276.9% |
% w/ College Degree | 14.7% | 17.6% |
As of the latest ACS Survey released in 2023, Melrose Park, IL is a predominantly hispanic area, with 77.8% of the population identifying as hispanic. The hispanic population has grown by 4.7% in the last 5 years. The second most common race or ethnicity in Melrose Park, IL is white, making up 16.8% of the population. Foreign-born residents account for 34.1% of the population in Melrose Park, IL, and this percentage has increased by 1.2% 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 | 16.8% | -14.3% |
% Black | 3.8% | -36.7% |
% Hispanic | 77.8% | 4.7% |
% Asian | 0.7% | 0.0% |
% Foreign Born | 34.1% | 1.2% |
Mortgage and Risk — Melrose Park, IL
According to HUD data as of 2023, there were 178 mortgage originations in Melrose Park, IL, of which 65.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 45.0% above 90% LTV (very high). This implies large mortgage risk in Melrose Park, IL. Investor activity is low, as 4.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 178 |
% Conventional Loans | 65.0% |
% Government Loans | 35.0% |
% Investor Loans | 4.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Melrose Park, IL
As of 2024, the percent of homes in Melrose Park, IL under the Section 8 program is 1.7%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Melrose Park, IL, because HUD payments exceed market rent, while 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 64 |
Total Units Section 8 | 64 |
% Rentals under Section 8 | 1.7% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $150 | $1,200 | $1,350 |
| 2 Bedroom | $70 | $1,450 | $1,520 |
| 3 Bedroom | -$50 | $2,000 | $1,950 |
| 4 Bedroom | $390 | $1,900 | $2,290 |
Affordability — Melrose Park, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.4 |
| Median Home Price | $306,000 |
| Median Household Income | $64,700 |