Melrose, MN—56352
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Melrose, MN
As of Oct '25, the median home price in Melrose, MN is $291,000, with a year-over-year change of 4.4%. This indicates that home prices in Melrose, MN are increasing. According to Zillow, the 1-year price projection is 1.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $291,000 | 4.4% |
| Single Family | $292,000 | 4.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $235,000 | 4.0% |
3 Bed | $282,000 | 4.1% |
4 Bed | $331,000 | 4.7% |
| 5 Bed | $376,000 | 3.6% |
% of Housing Stock
Rental Trends — Melrose, MN
Melrose, MN lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | N/A | N/A |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Melrose, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Melrose, MN is 55. This is a decrease of -23.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $195,000 | -38.0% |
Listing Count | 7 | -42.0% |
| Listings as % of Homes | 0.3% | -42.0% |
Days on Market | 55 | -23.0% |
Demographics — Melrose, MN
As of the latest ACS Survey released in 2023, Melrose, MN has a population of 5,960, which has decreased by -1.1% over the past 5 years. Melrose, MN is a moderately popular place for families, as children make up 24.1% of the population. The area has a poorly educated workforce, with 19.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 5,960 | -1.1% |
% Under 18 | 24.1% | -11.7% |
% Seniors | 19.5% | 15.4% |
% WFH | 12.9% | 46.6% |
% w/ College Degree | 19.4% | 36.6% |
As of the latest ACS Survey released in 2023, Melrose, MN is a predominantly white area, with 86.1% of the population identifying as white. The white population has grown by 0.3% in the last 5 years. The second most common race or ethnicity in Melrose, MN is hispanic, making up 12.0% of the population. Foreign-born residents account for 5.0% of the population in Melrose, MN, and this percentage has decreased by 46.8% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 86.1% | 0.3% |
% Black | 0.4% | ∞% |
% Hispanic | 12.0% | -8.4% |
% Asian | 0.2% | 100.0% |
% Foreign Born | 5.0% | -46.8% |
Mortgage and Risk — Melrose, MN
According to HUD data as of 2023, there were 104 mortgage originations in Melrose, MN, of which 91.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 19.0% above 90% LTV (elevated). This implies medium mortgage risk in Melrose, MN. Investor activity is low, as 4.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 104 |
% Conventional Loans | 91.0% |
% Government Loans | 9.0% |
% Investor Loans | 4.0% |
% Second Loans | 5.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Melrose, MN
Melrose, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 59 |
Total Units Section 8 | 29 |
% Rentals under Section 8 | 6.3% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $890 |
| 2 Bedroom | N/A | N/A | $1,160 |
| 3 Bedroom | N/A | N/A | $1,520 |
| 4 Bedroom | N/A | N/A | $1,810 |
Affordability — Melrose, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.7 |
| Median Home Price | $291,000 |
| Median Household Income | $71,400 |