Is Melrose Park, IL 60164 a buyer’s or seller’s market?

The Melrose Park housing market right now

In the three months ending August 31, 2026, 66% of homes in Melrose Park, IL 60164 sold above their list price, the typical home went under contract in 40 days and there were 2.2 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 39 home sales.

Compared with the same period a year earlier, the share selling over asking rose from 62%, homes sold faster (49 days then) and the median sale price rose 9% to $344,601. Overall, Melrose Park is more competitive than a year ago, so tougher for buyers.

Within Cook County, homes here sell faster than in 88% of the county’s ZIP codes, and sell more often over asking than in 95%. On our competition score, Melrose Park ranks #49 of 464 IL ZIP codes with enough sales (score 83 out of 100).

Nearby, buyers who want less competition could look at Thornton 60476 (14% sold over asking) or Chicago 60604 (17% sold over asking), while Golf 60029 (100% sold over asking) and Berkeley 60163 (75% sold over asking) are even more competitive.