Market Overview
Home Prices in Melrose Park, IL
The median home value in Melrose Park, IL is $324,615 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 5% compared to a year ago and up 1.7% from two years prior.
Compared to the U.S. national median of $410,000, homes in Melrose Park are priced21% below average. Melrose Park is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Melrose Park home values have risen by approximately23.4%, reflecting strong long-term appreciation in this market.
Price History
Melrose Park Home Price Trend
City Comparison
Melrose Park vs. National Median
At $324,615, homes in Melrose Park cost 21% below the national median of $410,000. This makes Melrose Park a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Melrose Park?
20% Down Payment
$64,923
on $324,615
Monthly P&I
$1,693/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,150/mo
incl. taxes & insurance
Income Needed
$86,000
gross annual (30% rule)
10% Down Option
$32,462
+ PMI applies
Loan Amount (20% dn)
$259,692
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Melrose Park, IL?
The median home value in Melrose Park is $324,615 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 5% year-over-year.
How much have home prices changed in Melrose Park?
Over the past year, home values in Melrose Park have increased by 5%. Over five years, prices have risen approximately 23.4%.
How much do I need to earn to buy a home in Melrose Park?
To comfortably afford the median home price of $324,615 with a 20% down payment ($64,923) at today's rates (6.8%), you'd need a gross annual income of approximately $86,000. This assumes keeping total housing costs at or below 30% of gross income.
How does Melrose Park compare to the national average home price?
The national median home value is approximately $410,000. At $324,615, homes in Melrose Park are 21% below the national average.
What metro area is Melrose Park part of?
Melrose Park is part of the Chicago-Naperville-Elgin, IL-IN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.