The Melrose, Massachusetts, housing market split in July, with single-family home prices and sales surging, while condominiums cooled, according to data compiled by the Massachusetts Association of Realtors (MAR).
Homebuyers purchased 31 single-family homes in Melrose, representing an 82 percent surge from the 17 houses sold the previous year. Pending sales rose 29 percent to 22 from 17 in July 2024.
Already tight inventory, got tighter. The single-family supply dropped 67 percent to eight listings, and the number of months of supply fell to just two weeks from 1.6 months. New listings declined from 21 in July 2024 to 11 in July, so house inventory will likely remain scarce in the coming months.
Home buyers paid well over the listing price in July. Sellers received nearly 107 percent of the original listing price.
From January through July, single-family home pricing and activity remained solid. The median sales price increased 11 percent to $970,000 from $873,500 during the same seven-month period in 2024.
Closed sales rose to 108 from 96 through July, and homebuyers paid nearly 110 percent of the original listing price from January through July, indicating a seriously competitive environment. New listings during those seven months rose slightly to 138 from 126.
The Melrose condominium market told a different story in July, according to MAR.
The median condo price declined 10 percent to $579,000 from $645,000, and closed sales eased from seven in July 2024 to six units sold. Pending sales doubled to eight from four.
Tight supply may support condominium prices in the short term. Inventory decreased by three to eight, and the number of months of supply fell to 1.2 from 2.1 months. New listings were flat at four.
Condo buyers didn't pay over the original listing price in July. Sellers received 98 percent of the original listing price, down from 104 percent in July 2024.
Through July, condominium homebuyers took advantage of improved pricing and a little less competition. The median condo price decreased 12 percent to $499,000 from $565,000 during the same seven months in 2024.
Closed sales increased to 43 from 29 units sold. New listings increased to 54 through July from 48.
Homebuyers paid approximately 100 percent of the original listing price, down from nearly 103 percent the previous year.
Bottom line: In popular Melrose, MA, single-family homes remain highly competitive in July and in 2025, with rising prices, strong sales, and scarce inventory. The condominium market presents an opportunity for home-buying consumers seeking to enter the Melrose real estate market.