Melrose, Massachusetts Housing Market Prices
Melrose Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 76% above the Massachusetts median$870,192
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Median rent 12% above the Massachusetts median$1,969
Housing Market Overview
| Metric | Melrose | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $870,192 | $494,523 | $248,835 |
| Price Trend (Annual %) | 14.2% | 6.6% | 7.5% |
| Median Gross Rent | $1,969 | $1,761 | $1,407 |
| Rent Trend (Annual %) | 6.7% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Melrose is about 76% higher than in Massachusetts. Rent is about 12% higher than the Massachusetts average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Melrose, up about 14.2% and 6.7% a year respectively. Home prices are changing faster.
Median rent in Melrose rose about 73.8% between 2015 and 2024, from $1,133 to $1,969. Over the same span, rent in Massachusetts rose about 59.8%.
Affordability
On average, housing unit costs 6.5 yearly household incomes in Melrose.
Buying the median-priced home in Melrose costs roughly 36.8 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Melrose. The price-to-rent ratio in Massachusetts is about 23.4.
| Metric | Melrose | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $870,192 | $494,523 | $248,835 |
| Median Household Income | $133,280 | $104,336 | $80,455 |
| Price-to-Income Ratio | 6.5 | 4.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Melrose rose about 112.7%, while median household income rose about 58.6% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Melrose | Massachusetts Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.2% | 57.5% | 58.5% |
| Rental Rate | 31.9% | 34.4% | 31.2% |
| Vacancy Rate | 2.9% | 8.1% | 10.2% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Melrose has a homeownership rate of 65.2%, higher than the Massachusetts average of 57.5%. Its housing vacancy rate is 2.9%, compared with 8.1% in Massachusetts.
Housing Stock
| Metric | Melrose | Massachusetts Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.36 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1947 | 1963 | 1978 |
| Median Number of Rooms | 6.0 | 5.5 | 5.5 |
The typical housing unit in Melrose was built around 1947. On average, 2.4 people live in a home with about 6.0 rooms, staying for about 16.0 years on average.
Melrose, MA Housing Compared With Nearby Cities
How Melrose, MA compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Melrose, MA | 29,648 | $870,192 #1/3 | $1,969 #3/3 | 67.2% #1/3 |
| Malden, MA | 66,048 | $556,837 | $2,203 | 41.3% |
| Everett, MA | 49,993 | $624,999 | $2,076 | 37.2% |
Frequently Asked Questions
Common questions about the housing market in Melrose, Massachusetts.
What is the median home price in Melrose, Massachusetts?
The median home price in Melrose, Massachusetts is $870,192, higher than the Massachusetts average of $494,523.
What is the average home price in Melrose, Massachusetts?
The typical home price in Melrose, Massachusetts, reported as the median sale price, is $870,192. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Melrose, Massachusetts?
The median gross rent in Melrose, Massachusetts is $1,969 per month, higher than the Massachusetts average of $1,761.
What was the median gross rent in Melrose in 2020?
In 2020, the median gross rent in Melrose, Massachusetts was $1,638 per month.
What is the price-to-rent ratio in Melrose, Massachusetts?
The price-to-rent ratio in Melrose, Massachusetts is about 36.8, meaning it would take roughly 36.8 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Melrose.
Are home prices or rent rising faster in Melrose, Massachusetts?
Both home prices and rent are rising in Melrose, up about 14.2% and 6.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Melrose, Massachusetts?
65.2% of households in Melrose, Massachusetts own their home, higher than the Massachusetts average of 57.5%.
What is the vacancy rate in Melrose, Massachusetts?
The housing vacancy rate in Melrose, Massachusetts is 2.9%, lower than the Massachusetts average of 8.1%.
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