From Mansions to Condos, Here’s What You Can Buy in Melrose
You can stretch your dollar relatively far if you’re willing to buy a sizable property in Melrose.
A new report by real estate analytics firm NeighborhoodX laid out the scope of Melrose’s real estate market. It turns out there’s a wide range of prices per square foot in the Greater Boston town.
On one end, a one-bedroom condo on Main Street asks $435 per square foot. On the other, a decent-sized five-bedroom house asks $190 per square foot. Homes on the lower end of the per-square-foot price range skew large, like the two mansions on Melrose’s Bellevue Avenue asking near a reasonable $250 per square foot. That’s about the same as it costs to buy in Dorchester and Hyde Park, according to the report.
Contrastingly, a few smaller homes demand higher prices per square foot. NeighborhoodX co-founder Constantine Valhouli says this can signal how hot a neighborhood is.
“The upper end of the price range is a good indicator of what someone is open to paying to living in an emerging neighborhood,” says Valhouli. “Higher prices per square foot signal that the neighborhood may have some intrinsic qualities that make it an inherently desirable place to live.”
Just last year, Melrose was named one of the nation’s hottest zip codes by Realtor.com. A chief economist with the real estate website said that homes were selling almost as quickly as they were hitting the market there. Melrose was also named one of the best small cities in America in 2016.
With that in mind, it’s important to note prices in Melrose are trending toward those in neighborhoods like Jamaica Plain and Brighton. The upper end of Melrose’s market tops out at $435 per square foot, which is on par with the average prices in both Boston neighborhoods.
Check out the range of properties and price ranges in Melrose below.