Melrose District, Phoenix, AZ—85013
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Melrose District, Phoenix, AZ
As of Nov '25, the median home price in Melrose District, Phoenix, AZ is $483,000, with a year-over-year change of -3.5%. This indicates that home prices in Melrose District, Phoenix, AZ are decreasing. 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 | $483,000 | -3.5% |
| Single Family | $520,000 | -3.2% |
| Condos | $269,000 | -1.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $247,000 | -2.4% |
2 Bed | $354,000 | -5.1% |
3 Bed | $529,000 | -3.3% |
4 Bed | $729,000 | -2.1% |
| 5 Bed | $1,324,173 | 1.3% |
% of Housing Stock
Rental Trends — Melrose District, Phoenix, AZ
As of July '25, Rentcast reports the average rent in Melrose District, Phoenix, AZ is $1,980, with a year-over-year rent change of -6.6%. Per bedroom, the median rent as of July '25 in Melrose District, Phoenix, AZ is studios: $1,160, 1-bedrooms: $1,410, 2-bedrooms: $2,000, 3-bedrooms: $2,800, 4-bedrooms: $3,780. The most common rental property sizes in Melrose District, Phoenix, AZ are 1-bedroom and 2-bedroom, accounting for 35.8% and 30.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,750 | $1,980 |
| Studio Rent | $1,200 | $1,160 |
| 1 Bed Rent | $1,300 | $1,410 |
| 2 Bed Rent | $1,900 | $2,000 |
| 3 Bed Rent | $2,700 | $2,800 |
| 4 Bed Rent | $3,500 | $3,780 |
% of Rental Stock
Property Listings — Melrose District, Phoenix, AZ
As of Nov '25, Realtor.com reports that the median days on market for a home in Melrose District, Phoenix, AZ is 64. This is a decrease of -2.0% 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 43.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $520,000 | -7.0% |
Listing Count | 103 | 33.0% |
| Listings as % of Homes | 0.6% | 33.0% |
Days on Market | 64 | -2.0% |
Demographics — Melrose District, Phoenix, AZ
As of the latest ACS Survey released in 2023, Melrose District, Phoenix, AZ has a population of 20,900, which has remained stable by 0.2% over the past 5 years. Melrose District, Phoenix, AZ is a moderately popular place for families, as children make up 16.7% of the population. The area has a highly educated workforce, with 46.6% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 26.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 20,900 | 0.2% |
% Under 18 | 16.7% | -2.3% |
% Seniors | 14.4% | 19.0% |
% WFH | 26.6% | 269.4% |
% w/ College Degree | 46.6% | 3.1% |
As of the latest ACS Survey released in 2023, Melrose District, Phoenix, AZ is a predominantly white area, with 55.8% of the population identifying as white. The white population has shrunk by 9.0% in the last 5 years. The second most common race or ethnicity in Melrose District, Phoenix, AZ is hispanic, making up 27.9% of the population. Foreign-born residents account for 8.8% of the population in Melrose District, Phoenix, AZ, and this percentage has decreased by 5.4% 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 | 55.8% | -9.0% |
% Black | 7.9% | 25.4% |
% Hispanic | 27.9% | 28.6% |
% Asian | 3.1% | -16.2% |
% Foreign Born | 8.8% | -5.4% |
Mortgage and Risk — Melrose District, Phoenix, AZ
According to HUD data as of 2023, there were 319 mortgage originations in Melrose District, Phoenix, AZ, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Melrose District, Phoenix, AZ. Investor activity is low, as 2.0% of loans were by investors. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 319 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 2.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 16.0% |
Rentals and Section 8 — Melrose District, Phoenix, AZ
As of 2024, the percent of homes in Melrose District, Phoenix, AZ under the Section 8 program is 2.2%. 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 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Melrose District, Phoenix, AZ, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 146 |
Total Units Section 8 | 144 |
% Rentals under Section 8 | 2.2% |
% Occupied Section 8 | 90.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $510 | $1,300 | $1,810 |
| 2 Bedroom | $200 | $1,900 | $2,100 |
| 3 Bedroom | $130 | $2,700 | $2,830 |
| 4 Bedroom | -$340 | $3,500 | $3,160 |
Affordability — Melrose District, Phoenix, AZ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 7 |
| Median Home Price | $483,000 |
| Median Household Income | $68,900 |