Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 29,155 people, 12,037 houses or apartments, and a median cost of homes of $965,594, Melrose house prices are not only among the most expensive in Massachusetts, Melrose real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Melrose, accounting for 56.42% of the city's housing units. Other types of housing that are prevalent in Melrose include large apartment complexes or high rise apartments ( 26.83%), duplexes, homes converted to apartments or other small apartment buildings ( 11.72%), and a few row houses and other attached homes ( 3.77%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Melrose. Owner-occupied housing accounts for 65.06% of Melrose's homes, and 52.34% have either three or four bedrooms, which is average sized relative to America.
The housing in Melrose was primarily built before 1939 ( 50.55%), making the housing stock in Melrose some of the oldest overall in America, although there is a range of ages of homes in Melrose. The next most important housing age is between 1940-1969 ( 27.55%), followed by between 1970-1999 ( 13.72%). There's also some housing in Melrose built between 2000 and later ( 8.18%).
Appreciation rates for homes in Melrose have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 96.89%, which ranks in the top 40% nationwide. This equates to an annual average Melrose house appreciation rate of 7.01%.
NeighborhoodScout's data show that during the latest twelve months, Melrose's appreciation rate, at 7.72%, has been at or slightly above the national average. In the latest quarter, Melrose's appreciation rate has been 2.38%, which annualizes to a rate of 9.87%.
Relative to Massachusetts, our data show that Melrose's latest annual appreciation rate is lower than 50% of the other cities and towns in Massachusetts.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Melrose differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Melrose - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Melrose real estate investment or home purchase decisions.
$965,594
for Massachusetts
for nation
12,037
$3,629 / per month